The forklift tires market was valued at USD 2.1 billion in 2021, and it is expected to reach USD 3.15 billion in 2027, registering a CAGR of above 5% during the Forecasts period (2021 - 2027).
The COVID-19 pandemic has hindered the growth of the forklift tires industry as forklifts are widely used in various industries owing to their wide range of applications. However, the market is expected to grow at a steady rate due to the rapid expansion of retail and e-commerce industries in developing economies such as India, Brazil, Singapore, and Mexico.
Further, the growing demand for non-marking tires to maintain hygiene in workplaces is one of the latest trends fueling the forklift tire market growth. In addition, the European Union has enacted regulations on tire manufacturers to control carbon emissions, which is fueling the demand for non-marking type forklift tires.
Moreover, the electric forklift segment is anticipated to expand at a high growth rate during the Forecasts period owing to their rising preference in material handling applications. Asia-Pacific leads the forklift tire market owing to the presence of a large number of forklifts in China, followed by Europe and North America.
A plethora of innovations is bolstering the growth of the forklift tires market. Polyurethane forklift tires are gaining increased popularity due to their chemical-resistant attributes. However, profile irregularities caused due to flat spotting incidence are likely to impact the market growth. Companies in the forklift tires market are improving their machining capabilities to modify existing tooling according to different hub designs.
For instance, Stellana AB, a provider of polyurethane, rubber, and nylon tire solutions, has adopted flexibility in its manufacturing processes to accommodate different hub designs in polyurethane forklift tires. Hence, manufacturers are increasing efforts to become more agile in their production practices to avoid the incidence of flat spotting in polyurethane forklift tires.
Increased R&D activities are likely to boost the forklift tires market as innovations and new manufacturing processes are occupying positive demand in the market. Manufacturers are experimenting with the production of a combination of solid and pneumatic tires. So, flexibility in manufacturing processes is playing a key role in accommodating last-minute design changes in the forklift tires market.
The forklift tires market is likely to be dominated by Asia-Pacific, followed by North America and Europe, respectively. The Asia-Pacific region is the most lucrative forklift tires market due to the rapid growth in the automotive industry in India, South Korea, Japan, and China. In addition, regional governments are implementing strict mandates for security and safety at the workplace, which is leading to the quick deployment of such trucks.
China is expected to play a significant role in the development of forklift tires due to the increased demand, as industrialization and rapid urbanization are boosting the growth of the forklift tires market. The growing demand for advanced forklift machinery is driving the forklift tires market globally. Thus, all these aforementioned factors are likely to contribute to the market growth in the Asia-Pacific region during the Forecasts period.
In the years to come, the fastest rise in the adoption of forklift vehicles would be seen in North America and Europe on account of the swift industrialization and popularity of non-marking solid tires. The electric forklift segment is also anticipated to expand at a high growth rate in the region during the Forecasts period owing to their rising preference for material handling applications.
The forklift tires market is moderately fragmented due to the presence of numerous major and local players. Moving forward, acquisitions and collaborations of large companies with different material handling and supply chain management companies are expected, which are focused on product expansion and innovation. For instance:
This product will be delivered within 2 business days.
The COVID-19 pandemic has hindered the growth of the forklift tires industry as forklifts are widely used in various industries owing to their wide range of applications. However, the market is expected to grow at a steady rate due to the rapid expansion of retail and e-commerce industries in developing economies such as India, Brazil, Singapore, and Mexico.
Further, the growing demand for non-marking tires to maintain hygiene in workplaces is one of the latest trends fueling the forklift tire market growth. In addition, the European Union has enacted regulations on tire manufacturers to control carbon emissions, which is fueling the demand for non-marking type forklift tires.
Moreover, the electric forklift segment is anticipated to expand at a high growth rate during the Forecasts period owing to their rising preference in material handling applications. Asia-Pacific leads the forklift tire market owing to the presence of a large number of forklifts in China, followed by Europe and North America.
Key Market Trends
Innovations to Drive the Polyurethane Forklift Tires Market
A plethora of innovations is bolstering the growth of the forklift tires market. Polyurethane forklift tires are gaining increased popularity due to their chemical-resistant attributes. However, profile irregularities caused due to flat spotting incidence are likely to impact the market growth. Companies in the forklift tires market are improving their machining capabilities to modify existing tooling according to different hub designs.
For instance, Stellana AB, a provider of polyurethane, rubber, and nylon tire solutions, has adopted flexibility in its manufacturing processes to accommodate different hub designs in polyurethane forklift tires. Hence, manufacturers are increasing efforts to become more agile in their production practices to avoid the incidence of flat spotting in polyurethane forklift tires.
Increased R&D activities are likely to boost the forklift tires market as innovations and new manufacturing processes are occupying positive demand in the market. Manufacturers are experimenting with the production of a combination of solid and pneumatic tires. So, flexibility in manufacturing processes is playing a key role in accommodating last-minute design changes in the forklift tires market.
Asia-Pacific Likely to Lead the Forklift Tires Market
The forklift tires market is likely to be dominated by Asia-Pacific, followed by North America and Europe, respectively. The Asia-Pacific region is the most lucrative forklift tires market due to the rapid growth in the automotive industry in India, South Korea, Japan, and China. In addition, regional governments are implementing strict mandates for security and safety at the workplace, which is leading to the quick deployment of such trucks.
China is expected to play a significant role in the development of forklift tires due to the increased demand, as industrialization and rapid urbanization are boosting the growth of the forklift tires market. The growing demand for advanced forklift machinery is driving the forklift tires market globally. Thus, all these aforementioned factors are likely to contribute to the market growth in the Asia-Pacific region during the Forecasts period.
In the years to come, the fastest rise in the adoption of forklift vehicles would be seen in North America and Europe on account of the swift industrialization and popularity of non-marking solid tires. The electric forklift segment is also anticipated to expand at a high growth rate in the region during the Forecasts period owing to their rising preference for material handling applications.
Competitive Landscape
The forklift tires market is moderately fragmented due to the presence of numerous major and local players. Moving forward, acquisitions and collaborations of large companies with different material handling and supply chain management companies are expected, which are focused on product expansion and innovation. For instance:
- In February 2020, KION Group, a German manufacturer of forklift trucks and warehouse equipment, selected Trelleborg Wheel Systems, a supplier of wheels and tires for agriculture machines, as its preferred supplier for non-marking tires in Europe.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Continental AG
- Trelleborg AB
- Michelin
- The Yokohama Rubber Co. Ltd
- Advance Tire Inc.
- Hankook Tire & Technology
- Maxam Tire
- Bridgestone Corporation
- Balkrishna Industries Limited
Methodology
LOADING...
