This market research report includes a detailed segmentation of the port and industrial tire market in APAC by application (AGV, empty container handler, forklift, reach stacker, rubber tired gantry, terminal tractor and trailer, towbar airplane tractor, towbarless airplane tractor and airport fire tender). The key vendors analyzed in this report are ATG, Balkrishna Industries, Continental, Michelin and Nokian Tyres.
Technavio’s market research analysts estimate the port and industrial tire market in APAC, to grow at a CAGR of 8% between 2016 and 2020. Industrial and port tires are among the fastest growing segments in off-the-road (OTR) applications. The inherent drivers of the container industry and expanding airport infrastructure in APAC are fuelling growth in the port and industrial tires market. Ports in China, Japan, India, South Korea, and Singapore operate the highest number of port handling equipment in unit terms. Vendors in the global specialty tire market are moving their base to Asian countries as they have access to labor, raw materials, and other facilities at low costs.
The new market research report from Technavio provides a breakdown and analysis of the port and industrial tire segments by technology.
“Tire manufacturers are focusing to improve the robustness of tires designed for use in port and airport handling equipment. For instance Michelin has come up with the B2 technology, which enhances the robustness of the bead zone and extends tire life. The Michelin Stabil’x XZM radial tire has tubeless bead seals which offer better resistance to road hazards and punctures. Several vendors are also coming up with other technological advances in enhancing the durability of tires,” says Siddarth Jaiswal
Port handling equipment tire segment is the largest segment in this market, occupying around 95% of the overall market share. The purchase of new equipment by port terminal operators across APAC, along with tire replacements as maintenance checks have become stringent to keep operating costs low, is spurring growth in the tire market for ports. Terminal tractors and trailers vehicles are the highest contributors to the tire market for port handling equipment in APAC
Tire market for port handling equipment in APAC (units)
Source: Technavio, 2016
The key vendors in the port and industrial tire market in APAC are ATG, Balkrishna Industries, Continental, Michelin and Nokian Tyres. Expansions in the container shipment business and growing airport traffic have helped tire manufacturers to identify sea and air transport as chief niche segments for their business. All major players in the market are upgrading to a new range of products designed for sea and airport handling equipment.
A more detailed analysis is available in the Technavio report, Port and Industrial Tire Market in APAC 2016-2020.
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