The tire storage rack market is projected to reach USD 871.9 million in 2024 and grow to USD 1,218.10 million by 2034, with an expected compound annual growth rate (CAGR) of 3.80% over the forecast period.
The market’s growth is driven by increased vehicle production, sales, and advancements in automotive technology. As the automotive sector expands, there is a growing need for efficient tire storage solutions in warehouses, distribution centers, and retail spaces.
Strict safety regulations surrounding tire storage influence the design and functionality of storage racks, which are engineered to prevent accidents, ensure stability, and meet safety standards. Additionally, the expansion of global trade and logistics activities boosts the movement of goods, including tires, further fueling market growth.
Shifts in consumer preferences, such as demand for specific tire sizes due to vehicle trends (e.g., SUVs and electric vehicles), also impact the design of tire storage racks. Technological advancements, including RFID tagging for inventory management and automated retrieval systems, are enhancing the efficiency and tracking capabilities of tire storage solutions, driving demand for more advanced systems.
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
Tire Storage Rack Market Key Segments
By Holding Capacity:
- Up to 300 lbs
- 5.3.2. 300 lbs – 500 lbs
- 5.3.3. More than 600 lb
By Type:
- Standing Rack
- Rolling Rack
- Wall Mount Rack
By Material:
- Steel
- Aluminium
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/tire-storage-rack-market
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