Material Handling Equipment Tire Market Size

Material Handling Equipment Tire Market Size

Material Handling Equipment Tire Market size was valued at USD 6.8 billion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032. The market is rising owing to technological advancements in tire design and materials. The rising trend of automation in material handling equipment further accentuates the demand for high-performance tires. As industries prioritize efficiency and innovation, the integration of advanced tire technologies to meet evolving automation needs drives the expansion of the market.

To get key market trends

  Download Free Sample

Companies are incorporating technological advancements into tires for high-intensity operations, introducing state-of-the-art products with the latest upgrades for enhanced performance, thereby fueling significant market growth. For instance, in 2022, Trelleborg introduced the XP1000 material-handling tire, specifically designed for high-intensity applications. This tire is well-suited for operations in ports, warehouses, and shop floors, aiming to provide optimal traction and reduced vibration. By enhancing comfort and safety, lowering fuel consumption, and extending tire life, the XP1000 contributes to more cost-effective and sustainable operations in various industrial settings.

A substantial increase in infrastructure projects and ongoing introductions of new products accelerated the growth of the material handling equipment tires market. Increasing investments in the construction and logistics sectors worldwide propel demand for efficient material handling equipment, necessitating durable and high-performing tires. The industry's growth is further catalyzed by ongoing innovation, with frequent launches of new products catering to evolving market needs, establishing a dynamic and competitive landscape within the m market.

The rise in infrastructure projects spurred tire manufacturers to incorporate new features and introduce enhanced versions of their products. This proactive approach strengthens the market size by aligning tire offerings with evolving infrastructural needs, fostering increased demand and market expansion. For instance, in 2021, Mitas, a division of the Trelleborg Group, introduced the newly developed EX-01 tire. This model represents the initial radial tire designed for wheeled excavators, showcasing the unique non-directional EX-01 tread pattern and reinforced sidewall construction specifically crafted for dual mounting systems.

However, escalating raw material costs and global trade fluctuations pose challenges to the growth of the material handling equipment tire market. Companies are navigating these obstacles through strategic cost management and innovative approaches to maintain competitiveness. Moreover, these challenges are driving a focus on sustainable practices and exploring alternative materials, fostering a culture of adaptability and forward-thinking within the sector. This proactive response positions the industry to overcome hurdles and thrive in a dynamic global economic landscape.