Port & Industrial Tire Market Poised to Reach USD 13.8 Billion by 2031, Driven by Automation and Sustainability Initiatives

The global port and industrial tire market is projected to grow from USD 8.6 billion in 2022 to USD 13.8 billion by 2031, registering a CAGR of 5.3% during the forecast period. This growth is fueled by increasing automation in material handling, expansion of port infrastructure, and a rising demand for durable, high-performance tires.​

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Competitive Landscape

The market is characterized by the presence of several key players focusing on innovation and sustainability. Notable companies include Bridgestone Corporation, Continental AG, Michelin, Nokian Tyres Plc., The Goodyear Tire & Rubber Company, CEAT Ltd., Yokohama Tire Corporation, Rovince Tire, Xuzhou Armour Rubber Company Ltd., Cheng Shin Rubber Industry Co. Ltd., Cooper Tire & Rubber Company, Camso, GRL Tire, Maxxis, and Sumitomo Rubber Industries, Ltd. ​

Regional Demand Highlights

The Asia-Pacific region is expected to account for the largest market share during the forecast period, driven by rapid economic growth, increasing international trade, and significant port infrastructure development in countries like China, Japan, South Korea, and Singapore. ​

Country-Specific Insights

Growth Opportunities in Vietnam

Vietnam's rapid industrialization and expansion of port facilities are creating significant opportunities for the port and industrial tire market. The government's focus on improving logistics infrastructure is expected to drive demand for high-performance tires suitable for heavy-duty applications.​

Consolidation Trends in Thailand

Thailand is witnessing consolidation in its port and industrial tire market, with companies focusing on mergers and acquisitions to strengthen their market position. The increasing demand for efficient material handling solutions is prompting businesses to invest in advanced tire technologies.​

Technological Growth in Japan

Japan's industrial sector is experiencing growth due to the adoption of automation and advanced material-handling technologies. The demand for specialized tires that offer precise handling and extended service life is on the rise, contributing to the growth of the port and industrial tire market.​

Automation Trends in South Korea

South Korea is embracing automation in its industrial operations, leading to increased demand for tires that can support automated guided vehicles (AGVs) and other robotic material handlers. This trend is expected to drive the growth of the port and industrial tire market in the country.

Opportunity Expansion in Singapore

Singapore's strategic location and advanced infrastructure make it a hub for automation in material handling. The adoption of automated guided vehicles (AGVs) is enhancing operational efficiency in warehouses and distribution centers, thereby increasing the demand for specialized industrial tires.​

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Market Expansion in the United States

The United States is investing in smart waste management systems, leading to increased demand for automated and energy-efficient garbage trucks. Government initiatives promoting sustainability and carbon emission reduction are further fueling the transition toward electric and hybrid garbage collection vehicles in the region.​

Sustainability Trends in China

China is leading the shift towards liquefied natural gas (LNG)-fueled trucking, with over 108,000 LNG trucks sold in the first half of 2024. This transition is supported by government subsidies and stricter emission standards, contributing to a decline in diesel demand.​

Innovation Updation in Europe

Europe is experiencing a surge in the adoption of electric trucks, with 7.8% of heavy trucks sold in Norway and 6.5% in Sweden being all-electric in 2024. This trend underscores the region's commitment to sustainable transportation solutions.​

Key Recent Developments

In March 2022, The Yokohama Rubber Co., Ltd. announced the acquisition of Trelleborg AB’s Wheel Systems business, aiming to expand its off-highway tire (OHT) business and strengthen its position in the commercial tire market. ​
In December 2023, Continental AG announced the integration of sustainable circular economy practices into tire manufacturing, using carbon black from recycled racing tires in the production of solid tires for various applications such as forklifts.
In November 2023, Goodyear introduced its new EV-Ready logo, featured on the sidewall of all new replacement tires starting in 2024, signaling the tire’s compatibility with electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and traditional internal combustion engine (ICE) vehicles.
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Market Segmentation: In-Depth Analysis:

by Types

Radial Tire
Super Elastic Tires
Treadless Tires
Multilayer Tires

The global market is divided into four segments based on type: multilayer tires, treadles, super elastic tires, and radial tires. The global market for radial tires is expanding significantly. The market for multilayer tires is expanding at a CAGR of xxx% due to the rise in industrial applications. The food and beverage, pharmaceutical, healthcare, and hygiene sectors are seeing an increase in demand for treadle tires. The benefits of treadle tires, which prevent tire marking and help maintain the floor dust- and stain-free, are what propel the global market.

by Application

Port
Terminal
Airport

The global market is divided into four segments based on application: port, terminal, industry, and airport. In the global market, the port sectors are expanding significantly. Industrial applications, such as using vehicles to eliminate labor-intensive tasks and transferring goods quickly, are driving the growth of the industrial tire market globally.

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Market Key Players : In-Depth Analysis:

1. Nokian
2. Goodyear Tire and Rubber
3. Armour
4. Cooper Tire and Rubber
5. Camso
6. Bridgestone
7. Rovince Tire
8. Michelin
9. Balkrishna Industries
10. Cheng Shin Rubber

Note:

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