Industrial Tires Market Overview, Growth Challenges Survey & Forecast

New York, United States, 2022-May-20 — /EPR Network/ —

Industrial Tires Market: Introduction

Industrial Tire are integral part of industrial vehicles such as forklifts, tractors, excavators, road rollers, and bucket loaders, which are used on smooth surfaces have a smooth tread, similarly soft surfaces typically have large tread features. Some industrial tires are designed to resist damage from chemicals, oils, and other materials that can destroy the tires. Industrial Tires are widely used in application of industrial vehicles to carry out the day to day operations, which envisages the flexible movement of raw materials, labour, machinery and other equipment’s used in the process of manufacturing, construction and logistic industries for loading or excavating, lifting or material handling. Industrial Tire are considered to be used in off road vehicles for free and easy movement on uneven terrains.

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Industrial Tires Market: Dynamics

Demand for vehicles from the mining, construction and logistics sectors owing to surge the demand for the industrial tires markets. Also with tires being a replacement item will result in replacement or retrofit sales thus sustaining the growth of industrial tires market.

In developing countries, industrial tires are considerably attracting global markets in the growth of industries, mining, construction, defense sectors which is expected to drive the demand for industrial tires market in the upcoming years.

However, the industrial tires market facing major challenges due to limited quantum of off road vehicles sales and slowdown from end use sectors such as mining and industrial utilities in last 3 years.

Industrial Tires Market: Segmentation

Based on the tire ply	Cross ply Radial ply Belted-bias ply
Based on the tire type	Pneumatic tires Solid tires
Based on the design	Lug tires Off the Road (OTR) tires
Based on the application	Industrial Agriculture Construction Mining

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Industrial Tires Market: Regional Outlook

Asia-Pacific has been a prominent regional market contributing the high number of industrial tires manufacturers in the region, which has contributed to a significant share of the global industrial tires market.

Countries like India, China, Japan and South Korea are considerably increased the usage of industrial tires in the industrial, agriculture, construction and mining sectors has surged the sales in the region compared to other regions.

North America is the second key demand market for industrial tires, with significant demand. Also, large number of industrial tires manufacturers are based in USA, which makes it a supply hub for industrial tires in North America region.

The significant foreign direct investments of the industrial tires across Asia Pacific region aims to increase the market size across the region over the forecast period.

In Europe countries like Germany, France are anticipated to have prominent growth of industrial tires market owing to its application in various sectors.

Industrial Tires Market: Key Players

List of some of the prominent market participants in industrial tires market are:

• Balkrishna Industries Limited
• MRF Limited
• Cooper Tire & Rubber Company
• Continental AG
• Bridgestone Corporation
• Michelin
• Pirelli & C. S.p.A.
• Goodyear Tire and Rubber Company
• Nokian Tyres Plc
• Shandong Double Stone Tyre Co Ltd
• Sumitomo Rubber Industries
• Trelleborg AB

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