Material Handling Equipment Tires Market: Overview

The market for material handling equipment tires witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.

Leading corporations including Artic Investments S.A. (CAMSO), Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd. and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for material handling equipment tires with largest market share.

For instance, in April 2021, Continental AG announced that it is investing in a new dynamic driving simulator so as to develop premium tires for its equipment business. The company is now focusing more on efficiency, sustainability and is working in line with customer requirements. The testing of tires is a complex process and Continental is making efficient use of the new dynamic driving simulator for the entire processing. The company is a pioneer in using hybrid test technology and has been innovating its products.

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COVID-19’s Impact on the Global Material Handling Equipment Tires Market

The unprecedented effect of novel coronavirus on social as well as commercial aspects of the world is being intensified with the extending lockdowns in most of the countries. The pandemic has presented critical challenges in front of material handling equipment tires industry players such as insufficient raw material supply, shortage of work force and hampered supply chain etc. China, which is the leading material handling equipment tires manufacturing country is facing trouble for exports as most of the shipping ports in the country are currently not operational.

Due to such impacts of COVID-19, alongside lockdowns in most of the countries and the retail operations shutdown have impacted the sale of the material handling equipment tires globally, which has substantially impacted the demand. Therefore, the global material handling equipment tires market is expected to remain stagnant for next couple of financial quarters. However, after the pandemic is brought under control, the market is poised to regain the traction to create enormous opportunities through the forecast period.

Asia – Pacific is Likely to Lead the Global Material Handling Equipment Tires Market

Developing countries in the Asia – Pacific such as China, India and ASEAN Countries are likely to accumulate majority chunk of the revenue pie of the global material handling equipment tires market through the forecast period. This is attributed to rapid growth in the number of warehouses due to increased retail operations in the region.

Also, China and ASEAN Countries have become manufacturing hub of the world which has created significant demand for the material handling equipment in the region. High degree of exports operations from the region has given boost to the goods transportation industry which has created substantial demand for material handling equipment. Therefore, Asia – Pacific has become the most suitable market for the manufacturers of the material handling equipment tires.

The Material Handling Equipment Tires Market Competitive Landscape

The global material handling equipment tires market is highly consolidated in nature. Leading players industry have focus on introducing new products through continuous the research and development. For instance, in July 2019, one of the leading material handling equipment tires manufacturing company LAUGFS Rubber announced launch of a new line of pneumatic tires for forklift and skid steer. Some of the other leading players in the global material handling equipment tires market are

• Artic Investments S.A. (CAMSO)
• Continental AG
• Trellborg AB
• The Yokohama Rubber Co., Ltd.
• Hankook Tire & Technology Co., Ltd. etc.

Material Handling Equipment Tires Market: Market Segmentation

For a better understanding, global material handling equipment tires market is being studied under product, sales channel & Region.

Based on the product, the material handling equipment tires market can be segmented as:

• Pneumatic Tires
• Solid Tires
• Polyurethane Tires

Based on the sales channel, the material handling equipment tires market can be segmented as:

• OEM
• Aftermarket

Based on the Region, the material handling equipment tires market can be segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa (MEA)