Booming vehicle production, evolving safety regulations, and changing consumer preferences are fueling the tire rack storage market. Advanced technology like RFID tracking is further driving demand for efficient and innovative storage solutions.
NEWARK, Del., Dec. 13, 2023 /PRNewswire/ -- Thetire storage rack market is estimated to be worth US$ 871.9 million in 2024 and is projected to be valued at US$ 1,218.10 million in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 3.80%.
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Growth in vehicle production, sales, and technological advancements in the automotive industry are expected to drive the tire rack storage market growth during the forecast period. With the expanding automotive sector, the need for efficient storage solutions for tires in warehouses, distribution centers, and retail spaces is increasing.
Stringent safety regulations regarding tire storage influence the design and features of storage racks. Racks are designed to prevent accidents, ensure stability, and comply with safety standards, impacting the demand for compliant storage solutions. The expansion of global trade and logistics activities increases the movement of goods, including tires, fueling the market's growth.
Changes in consumer preferences, such as the demand for specific tire sizes due to vehicle trends (e.g., SUVs, electric vehicles), influence the market for tire storage racks designed to accommodate these specific tire sizes. The growing technological advances and integration of technology such as RFID tagging for inventory management and automated retrieval systems improve tire storage racks' efficiency and tracking capabilities, driving market demand for advanced solutions.
"The increase in logistics activities and rapid expansion of the automotive industry is anticipated to drive the market growth during the forecast period." says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study
- From 2019 to 2023, the tire storage rack market was valued at a CAGR of 3.40%
- Based on material, the steel segment is expected to account for a share of 65% in 2024.
- Global tire storage rack demand in China is predicted to account for a CAGR of 4.30% in 2024.
- In the United States, the tire storage rack industry is expected to account for a CAGR of 3.40% in 2024.
- Germany is projected to expand by a value CAGR of 3.20% between 2024 and 2034.
- Tire storage rack market in India is anticipated to record a CAGR of 4.50% in 2024.
Competitive Landscape
The market players operating in the tire storage rack market focus on organic growth strategies like product launches and approval. Collaborations and partnerships with key players and acquiring niche players are critical strategies followed by leading players in the tire storage rack market.
Some of the leading players operating in the global tire storage rack market are
- Martins Industries
- SUMMIT STORAGE
- DONRACKS
- METSTO
- Ajooni
- MEK Engineering
- JINAN CHUANGMEI WAREHOUSING EQUIPMENT
- Slotking India Storage System Pvt. Ltd.
- Craftmech Global Solutions S.p.c
- Samishti Industries
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Some of the developments in the tire storage rack market are
- Bastian Solutions specializes in material handling systems and offers customized tire storage racks tailored to specific customer needs. Their solutions often integrate automation for optimized warehouse operations.
- Rousseau Metal Inc. designs and manufactures storage solutions, including tire racks, known for their durability and flexibility. Their racks are designed to maximize space while ensuring safety and easy access.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global tire storage rack market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the tire storage rack industry, the industry is segmented based on holding capacity (Up to 300 lbs, 5.3.2. 300 lbs - 500 lbs, 5.3.3. More than 600 lb) type (Standing Rack, Rolling Rack, Wall Mount Rack) Material (Steel, Aluminum) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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