Market overview of the port and industrial tire market in APAC
Technavio’s market research analyst predicts the port and industrial tire market in APAC to grow at a CAGR of more than 8% during the forecast period. The rising inflow of investments for port infrastructure development by terminal operators in APAC is a key growth driver for this market. Several large terminal operators in APAC have announced huge investments in port infrastructure developments in 2015, signifying a good news for port and industrial tires market. For instance, China's One Belt, One Road initiative is expected be the key long-term growth driver for APAC. This initiative will be actuated by the recently launched Asian Infrastructure Investment Bank, the Silk Road Fund, and a number of Chinese bilateral infrastructure financing commitments. The initiative also includes a network of planned ports and other coastal infrastructure projects in South and Southeast Asia, East Africa, and the northern Mediterranean region.
The technological advances being made to enhance the durability of tires is also anticipated to aid market growth over the forecast period. Tire manufacturers have been working aggressively to improve the robustness of tires designed for use in port and airport handling equipment. For instance, the B2 technology, offered exclusively by Michelin, enhances the robustness of the bead zone and extends tire life, and therefore, helps reduce operating costs, optimize machine performance, and improve productivity. Tires need to offer good cost-per-hour advantages and fulfill the functional demands of an application. Though radial tires are capable of offering this, vehicle stability becomes a priority focus for equipment used in ports. Radial tires suit vehicles that need to be driven at fast speeds, and so, are not intended for a majority of port equipment.
Segmentation by application and analysis of the port and industrial tire market in APAC
- Port handling equipment
- Airport ground support equipment
The port handling equipment segment accounted for more than 95% of the market share during 2015 and is expected to retain its market leadership until the end of 2020. 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.
Competitive landscape and key vendors
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. Almost all major players in the market are upgrading to a new range of products designed for sea and airport handling equipment, in a bid to tap potential market opportunity. Tire manufacturers are working to reduce the quantity of raw materials and solvents used in the manufacturing process in a bid to reduce emissions of volatile organic compounds (VOCs). These sustainability solutions help vendors build brand reputation and remain competitive in the open market.
The key vendors in the market are -
- Alliance Tire Group (ATG)
- Balkrishna Industries
- Continental
- Michelin
- Nokian Tyres
Other prominent vendors in the market include Armour, Bridgestone, Camso, Cheng Shin Rubber, Cooper Tire & Rubber, Goodyear Tire & Rubber, Rovince Tire, Toyo Tires, and Yokohama Rubber.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the port and industrial tire market in APAC?
- What are the key market trends impacting the growth of the port and industrial tire market in APAC?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the port and industrial tire market in APAC?
- What are the key outcomes of the five forces analysis of the port and industrial tire market in APAC?
Technavio also offers customization on reports based on specific client requirement.
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Port and industrial tires are a type of tire that are primarily used in container handling equipment like reach stackers, straddle carriers, gantry cranes, and other similar vehicles. Vehicles that operate in and around ports, harbors, and other industrial sites need sturdy tires to overcome harsh working conditions. The market prospects for port and industrial tires are largely dependent on the trading activity across the globe. Therefore, with the rise in trading activities, the number of ports will increase. This recent increase in the number of ports will bolster the demand for container handling equipment and tires over the next few years.
The port and industrial tire market in Asia-Pacific is part of Technavio’s automotive research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as auto accessories, automotive components, automotive electronics, automotive manufacturing, automotive services, powertrain, and wheels and tires. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions that would have an impact on the market during the assessment years.