Material handling equipment are small vehicles used for small distance movement of goods within the confines of a building or between building and a transportation vehicle. Material handling equipment commonly find applications in the warehouses and manufacturing facilities where large sized goods are required to move. These material handling equipment require good conditioned tires for proper functioning of the vehicle as these vehicles may required to carry large weight goods and therefore these tires are obligatory for periodic replacement.
Growing retail industry especially after the introduction of the e-commerce and growing number of the supermarkets especially in developing countries, has created huge demand for the warehousing equipment such as material handling vehicles which subsequently has grown demand for material handling equipment tires.
Apart from this, introduction of electrically and natural gas powered material handling vehicles has significantly lowered the material handling operational cost which has boosted the demand for material handling equipment from the small and medium scale businesses. However, expected near term latency in the end use industries due to the financial impacts of the global outbreak of COVID-19 to the business world is set to hamper the growth of the material handling equipment tires market in near future.
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.
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:
Based on the Region, the material handling equipment tires market can be segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
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., and Hankook Tire & Technology Co., Ltd. etc.
The research report presents a comprehensive assessment of the material handling equipment tires market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to material handling equipment tires market segments such as by material handling equipment tires unit, power source, end use & region.
The Material Handling Equipment Tires Market report covers exhaustive analysis on:
- Material Handling Equipment Tires Market Segments
- Material Handling Equipment Tires Market Dynamics
- Material Handling Equipment Tires Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Material Handling Equipment tires Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of Latin America)
- Europe (EU-4, BENELUX, Nordic, U.K., Eastern Europe, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Malaysia, Thailand, Indonesia & rest of South Asia)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on material handling equipment tires market segments and geographies.
- Detailed overview of parent market
- Changing material handling equipment tires market dynamics in the industry
- In-depth material handling equipment tires market segmentation
- Historical, current and projected material handling equipment tires market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key material handling equipment tires players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on material handling equipment tires market performance
- Must-have information for material handling equipment tires market players to sustain and enhance their market footprint.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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