Industrial Tire Ic Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032
- Report ID: ME_0075366
- Format: Electronic (PDF)
- Publish Type: Publish
- Number of Pages: 250
Market Snapshot
Source: Market Expertz
| Study Period | 2019-2032 |
| Base Year | 2023 |
| Forcast Year | 2023-2032 |
| CAGR | 7.04 |
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Industrial Tire (IC) Market Analysis Report 2023-2032:
The Industrial Tire (IC) Market size is projected to experience a Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2032. This growth is expected to result in an increase of approximately USD 4,982.73 million in market size. Several factors are anticipated to drive this expansion, including the rising demand for industrial vehicles, the growth of logistics and transportation industries, and the need for durable and high-performance tires in various industrial applications. Industrial tires, often referred to as IC tires, are a critical component for vehicles used in industrial settings, providing the necessary traction, load-bearing capacity, and durability required for heavy-duty operations.
Industrial Tire (IC) Market Overview
Drivers
The increasing demand for industrial vehicles is a primary driver behind the growth of the industrial tire market. Industries such as construction, mining, agriculture, and logistics rely heavily on various types of industrial vehicles, including forklifts, loaders, tractors, and dump trucks. These vehicles require specialized tires to withstand the demanding conditions of industrial operations, which is boosting the market for industrial tires.
Furthermore, the expansion of logistics and transportation industries is contributing to the growth of the industrial tire market. The efficient movement of goods and materials relies on a well-maintained fleet of trucks, trailers, and other industrial vehicles, all of which depend on reliable and durable tires for optimal performance.
Trends
An emerging trend in the industrial tire market is the development of smart and IoT-enabled tires. These next-generation industrial tires are equipped with sensors and connectivity features that allow real-time monitoring of tire condition, pressure, and temperature. Such smart tires provide valuable data for predictive maintenance, enhancing safety, reducing downtime, and improving overall operational efficiency in industrial settings.
Additionally, the adoption of sustainable and eco-friendly tire manufacturing practices is gaining traction. Manufacturers are increasingly focusing on producing industrial tires with lower carbon footprints, using recycled materials, and implementing environmentally responsible production processes.
Restraints
One of the key challenges facing the industrial tire market is the increasing cost of raw materials, particularly rubber. Fluctuations in rubber prices can impact the production costs of tires, potentially leading to higher prices for consumers. Manufacturers need to find cost-effective solutions and explore alternative materials to mitigate these challenges.
Another restraint is the competitive nature of the market, with numerous manufacturers vying for market share. This competition can result in price wars and margin pressure for companies in the industrial tire industry.
Industrial Tire (IC) Market Segmentation By Application
Construction and Mining: The construction and mining segment is expected to witness significant growth during the forecast period. These industries rely heavily on heavy machinery and equipment, which demand robust and durable tires for operation in challenging terrains. Industrial tires play a crucial role in ensuring the efficiency and safety of construction and mining operations.
Agriculture: Agriculture is another key application segment for industrial tires. Tractors and other agricultural machinery require specialized tires to navigate diverse agricultural landscapes. The demand for high-traction and low-impact tires in agriculture is expected to drive growth in this segment.
Logistics and Material Handling: The logistics and material handling segment is poised for growth due to the expansion of e-commerce and warehousing activities. Forklifts, pallet jacks, and other material handling equipment require industrial tires optimized for indoor and outdoor use.
Industrial Tire (IC) Market Segmentation By Type
Solid Tires: Solid tires are gaining popularity due to their puncture-resistant and long-lasting properties. They are commonly used in forklifts, construction equipment, and industrial vehicles operating in rough terrains.
Pneumatic Tires: Pneumatic tires offer a cushioning effect, making them suitable for heavy-duty applications. They are often found on trucks, loaders, and agricultural machinery.
Polyurethane Tires: Polyurethane tires are lightweight and ideal for indoor material handling equipment like forklifts. They provide a balance between durability and traction.
Regional Overview
North America: The North American industrial tire market is anticipated to experience significant growth, driven by the expansion of the construction and logistics industries. The United States and Canada are key contributors to this region's market growth.
Europe: Europe is expected to see steady growth in the industrial tire market, with countries like the UK, Germany, and France leading the way. The region's focus on sustainability and eco-friendly practices may drive innovation in tire manufacturing.
APAC: The Asia-Pacific (APAC) region is poised to be a major player in the global industrial tire market. Rapid industrialization in countries like China and India is increasing the demand for industrial vehicles and, subsequently, industrial tires.
South America: South America, particularly countries like Brazil and Argentina, is experiencing growth in the construction and agriculture sectors, which is boosting the demand for industrial tires.
Middle East & Africa: The Middle East & Africa region is witnessing increased infrastructure development, driving the need for industrial vehicles and tires. Saudi Arabia and South Africa are among the key markets in this region.
Industrial Tire (IC) Market Customer Landscape
The industrial tire market report includes an analysis of the customer adoption lifecycle, from early innovators to late adopters. It also delves into regional variations in adoption rates and provides insights into key purchase criteria and price sensitivity, assisting companies in shaping their growth strategies.
Major Industrial Tire (IC) Market Companies
Companies in the industrial tire market are employing various strategies to strengthen their market presence. These strategies include strategic partnerships, mergers and acquisitions, geographic expansion, and the launch of innovative products.
Sample Companies:
- Bridgestone Corporation: Offers a range of industrial tires, including those for construction, mining, and agricultural equipment.
- Michelin Group: Known for its innovative tire solutions, Michelin produces industrial tires for various applications, emphasizing durability and performance.
- Continental AG: Continental manufactures industrial tires with a focus on safety and efficiency, catering to the construction and logistics sectors.
The research report also provides detailed analyses of the competitive landscape, featuring information about key players in the market, their strengths and weaknesses, and their strategic positioning. The aim is to assist clients in gaining a comprehensive understanding of the business environment and the competitive dynamics in the industrial tire industry.
Segment Overview
The industrial tire market report forecasts revenue growth at global, regional, and country levels, providing an analysis of trends and growth opportunities from 2019 to 2032.
- Application Outlook (USD Million, 2019 - 2032):
- Construction and Mining
- Agriculture
- Logistics and Material Handling
- Others
- Type Outlook (USD Million, 2019 - 2032):
- Solid Tires
- Pneumatic Tires
- Polyurethane Tires
- Geography Outlook (USD Million, 2019 - 2032):
- North America
- The U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Table of Content
Part 1 Market Overview
1.1 Market Definition
1.2 Market Development
1.3 By Type
1.4 By Application
1.5 By Region
Part 2 Key Companies
2.1 Bridgestone
2.1.1 Company Profile
2.1.2 Products & Services Overview
2.1.3 Sales Data List
2.2 Michelin
2.3 Goodyear
2.4 Continental
2.5 Pirelli
2.6 Hankook
2.7 Sumitomo
2.8 Yokohama
2.9 Maxxis
2.10 Zhongce
2.11 GITI Tire
2.12 Cooper Tire
2.13 Kumho Tire
2.14 Toyo Tire
2.15 Apollo Tyres
2.16 Triangle Group
2.17 Nexen Tire
2.18 Hengfeng Rubber
2.19 Nokian Tyres
Part 3 Global Market Status and Future Forecast
3.1 Global Market by Region
3.2 Global Market by Company
3.3 Global Market by Type
3.4 Global Market by Application
3.5 Global Market by Forecast
Part 4 Asia-Pacific Market Status and Future Forecast
4.1 Asia-Pacific Market by Type
4.2 Asia-Pacific Market by Application
4.3 Asia-Pacific Market by Geography
4.3.1 China Market Status and Future Forecast
4.3.2 Southeast Asia Market Status and Future Forecast
4.3.3 India Market Status and Future Forecast
4.3.4 Japan Market Status and Future Forecast
4.3.5 Korea Market Status and Future Forecast
4.3.6 Oceania Market Status and Future Forecast
4.4 Asia-Pacific Market by Forecast
Part 5 Europe Market Status and Future Forecast
5.1 Europe Market by Type
5.2 Europe Market by Application
5.3 Europe Market by Geography
5.3.1 Germany Market Status and Future Forecast
5.3.2 UK Market Status and Future Forecast
5.3.3 France Market Status and Future Forecast
5.3.4 Italy Market Status and Future Forecast
5.3.5 Russia Market Status and Future Forecast
5.3.6 Spain Market Status and Future Forecast
5.3.6 Netherlands Market Status and Future Forecast
5.3.7 Turkey Market Status and Future Forecast
5.3.6 Switzerland Market Status and Future Forecast
5.4 Europe Market by Forecast
Part 6 North America Market Status and Future Forecast
6.1 North America Market by Type
6.2 North America Market by Application
6.3 North America Market by Geography
6.3.1 United States Market Status and Future Forecast
6.3.2 Canada Market Status and Future Forecast
6.3.3 Mexico Market Status and Future Forecast
6.4 North America Market by Forecast
Part 7 South America Market Status and Future Forecast
7.1 South America Market by Type
7.2 South America Market by Application
7.3 South America Market by Geography
7.3.1 Brazil Market Status and Future Forecast
7.3.2 Argentina Market Status and Future Forecast
7.3.3 Columbia Market Status and Future Forecast
7.3.4 Chile Market Status and Future Forecast
7.3.5 Peru Market Status and Future Forecast
7.4 South America Market by Forecast
Part 8 Middle East & Africa Market Status and Future Forecast
8.1 Middle East & Africa Market by Type
8.2 Middle East & Africa Market by Application
8.3 Middle East & Africa Market by Geography
8.3.1 GCC Market Status and Future Forecast
8.3.2 North Africa Market Status and Future Forecast
8.3.3 South Africa Market Status and Future Forecast
8.4 Middle East & Africa Market by Forecast
Part 9 Market Features
9.1 Product Features
9.2 Price Features
9.3 Channel Features
9.4 Purchasing Features
Part 10 Investment Opportunity
10.1 Regional Investment Opportunity
10.2 Industry Investment Opportunity
Part 11 Conclusion
Table Type of Industrial Tire (IC)
Table Application of Industrial Tire (IC)
Table Bridgestone Overview List
Table Industrial Tire (IC) Business Operation of Bridgestone (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Michelin Overview List
Table Industrial Tire (IC) Business Operation of Michelin (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Goodyear Overview List
Table Industrial Tire (IC) Business Operation of Goodyear (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Continental Overview List
Table Industrial Tire (IC) Business Operation of Continental (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Pirelli Overview List
Table Industrial Tire (IC) Business Operation of Pirelli (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Hankook Overview List
Table Industrial Tire (IC) Business Operation of Hankook (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Sumitomo Overview List
Table Industrial Tire (IC) Business Operation of Sumitomo (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Yokohama Overview List
Table Industrial Tire (IC) Business Operation of Yokohama (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Maxxis Overview List
Table Industrial Tire (IC) Business Operation of Maxxis (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Zhongce Overview List
Table Industrial Tire (IC) Business Operation of Zhongce (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table GITI Tire Overview List
Table Industrial Tire (IC) Business Operation of GITI Tire (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Cooper Tire Overview List
Table Industrial Tire (IC) Business Operation of Cooper Tire (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Kumho Tire Overview List
Table Industrial Tire (IC) Business Operation of Kumho Tire (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Toyo Tire Overview List
Table Industrial Tire (IC) Business Operation of Toyo Tire (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Apollo Tyres Overview List
Table Industrial Tire (IC) Business Operation of Apollo Tyres (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Triangle Group Overview List
Table Industrial Tire (IC) Business Operation of Triangle Group (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Nexen Tire Overview List
Table Industrial Tire (IC) Business Operation of Nexen Tire (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Hengfeng Rubber Overview List
Table Industrial Tire (IC) Business Operation of Hengfeng Rubber (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Nokian Tyres Overview List
Table Industrial Tire (IC) Business Operation of Nokian Tyres (Sales Revenue, Sales Volume, Price, Cost, Gross Margin)
Table Global Industrial Tire (IC) Market by Region, 2015-2019 (Million USD)
Table Global Industrial Tire (IC) Market by Region, 2015-2019 (Volume)
Table Price List by Region, 2015-2019
Table Global Industrial Tire (IC) Market by Company, 2015-2019 (Million USD)
Table Global Industrial Tire (IC) Market by Company, 2015-2019 (Volume)
Table Price List by Company, 2015-2019
Table Global Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table Global Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table Global Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table Global Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
Table Asia-Pacific Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table Asia-Pacific Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table Asia-Pacific Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table Asia-Pacific Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
Table Europe Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table Europe Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table Europe Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table Europe Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
Table North America Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table North America Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table North America Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table North America Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
Table South America Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table South America Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table South America Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table South America Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
Table Middle East & Africa Industrial Tire (IC) Market by Type, 2015-2019 (Million USD)
Table Middle East & Africa Industrial Tire (IC) Market by Type, 2015-2019 (Volume)
Table Price List by Type, 2015-2019
Table Middle East & Africa Industrial Tire (IC) Market by Application, 2015-2019 (Million USD)
Table Middle East & Africa Industrial Tire (IC) Market by Application, 2015-2019 (Volume)
Table Price List by Application, 2015-2019
RESEARCH METHODOLOGY
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Primary Insights
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
Market Estimation
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
Final Presentation
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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