Albany, NY -- (SBWire) -- 04/02/2019 --Tires are an integral part of industrial vehicles such as forklifts, tractors, excavators, road rollers, and bucket loaders. Industrial tires are specially designed to withstand working conditions encountered by vehicles such as forklifts. These tires have a smooth profile and excavators and tractors generally have a heavy tread profile. Some industrial tires are designed to resist damage from chemicals, oils, and other materials that can destroy the tire.
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Demand for industrial tires is anticipated to expand during the forecast period owing to rising industrialization, specifically in developing countries such as China and India. Rise in per capita income, globally, has boosted the production of industries. Industrial vehicles such as tractors and forklifts are utilized for loading, unloading, and smooth transportation of products. Therefore, increasing production of industries is likely to boost the demand for industrial tires. Retreading of the tire is likely to hamper the industrial tire market, as retreading of tires enhances the life of older tires and reduces the demand for new tires.
The industrial tire market can be segmented based on tire ply, tire type, belt, design, vehicle, and region. In terms of tire ply, cross ply is likely to be a leading segment of the industrial tire market owing to the heavy load carrying capacity of cross ply tires. Popularity of radial tires has risen in the last few years; however, cross ply tires are preferred over radial tires for industrial applications.
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Based on tire type, pneumatic tire is expected to be a prominent segment, as it enhances fuel economy and boosts the speed of the vehicle. Solid tires are mostly preferred for their application in material handling equipment such as forklifts, as they are less prone to wear and tear, and these vehicles are not speed-oriented vehicles. The pneumatic tire segment is anticipated to expand during the forecast period owing to its application in almost all types of industrial vehicles.
Industrial Tire Market: Tire Industry Is Evolving and Adjusting to Global Trends
Industrial Tire Market growing rapidly as increasing production of industries is likely to boost the demand for industrial vehicles tires such as forklifts, tractors, excavators, road rollers, and bucket loaders.