Forklift Tire Market: Global Industry Analysis and Forecast 2024-2030

Forklift Tire Market is anticipated to reach US$ 3.81 Bn by 2030 from US$ 2.42 Bn in 2023 at a CAGR of 6.7 % during a forecast period.

Forklift tires come in various shapes and sizes, including pneumatic tires, solid tires, cushion tires, and polyurethane tires. Increase industry use of cutting-edge technologies and new methods to material handling, supply chain, warehousing, and logistics. A forklift is one of the most prevalent pieces of material-handling equipment in use across the world. As a result, there is a growing need for forklifts in various sectors, propelling the forklift tire market forward.To know about the Research Methodology :- Request Free Sample Report
Forklift Tire Market Dynamics
The global expansion of e-Commerce and retail firms is driving up demand for warehouses that require forklifts to properly store merchandise. The forklift tire market is seeing substantial growth due to increased demand for forklifts from the e-commerce and retail industries. The worldwide forklift tire market is being driven by an increase in the number of warehouses throughout the world, which is boosting the use of forklifts and driving the global forklift tire market. The expanding usage of modern material handling equipment in warehouses has been fuelled by the growing popularity of online shopping. In order to ensure speedy delivery of items to clients, e-Commerce and third-party logistics organizations are increasingly using forklifts in warehouses and distribution centers, which is driving the forklift tire market.

Cranes are employed instead of forklifts in major enterprises to handle high loads, limiting forklift sales and hindering the forklift tire market. Automated cranes reduce the danger of accidents, improve storage, and reduce the capital cost of owning a variety of forklifts.
Forklift Tire Market Segmentation Analysis

By Type, The market for forklift tires is booming because of a slew of new products. Because of their chemical resistance, polyurethane forklift tires are becoming more popular. Profile abnormalities induced by flat spotting occurrence, on the other hand, are anticipated to have an influence on market growth. Forklift tire manufacturers are upgrading their machining capabilities in order to adapt existing machinery to alternative hub designs.

Increased R&D efforts are expected to increase the forklift tire market, as new production techniques and technologies are in high demand. Manufacturers are experimenting with making tires that are both solid and pneumatic. As a result, in the forklift tire market, manufacturing process flexibility is critical in enabling last-minute design modifications.

By Forklift Type, in 2023, the electric segment held the largest proportion of the global market. Electric forklifts are low-cost to operate, need minimal maintenance, are environmentally benign, and can be used indoors. As a result, they have earned a lot of popularity. Electric forklifts are prevalent in regions with a well-developed industrial sector, such as Europe, North America, and East Asia. IC engine forklifts are prevalent in developing countries such as South Asia, Latin America, the Middle East, and Africa; nevertheless, they are likely to be swiftly displaced by electric forklifts throughout the forecast period.
Forklift Tire Market Regional Insight
Asia-Pacific is expected to dominate the market, followed by North America and Europe. Because of the tremendous expansion of the automobile sector in India, South Korea, Japan, and China, the Asia-Pacific area is the most profitable forklift tire market. Additionally, regional governments are enacting rigorous workplace security and safety standards, resulting in the rapid deployment of such vehicles.

Due to growing demand, China is likely to play a vital role in the development of forklift tires, as industrialization and fast urbanization are fuelling the market's growth. The worldwide forklift tire market is being driven by rising demand for improved forklift machinery. Thus, throughout the forecast period, all of the aforementioned factors are likely to contribute to market growth in the Asia-Pacific region.

Because of the rapid industrialization and acceptance of non-marking solid tires, North America and Europe will experience the largest growth in the adoption of forklift trucks in the next years. Due to its increasing use for material handling applications, the electric forklift sector is expected to grow rapidly in the area throughout the forecast period.

Report Objectives:

• Landscape analysis of the Forklift Tire Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• The potential impact of micro-economic factors on the market
• External and Internal factors affecting the market have been analyzed

The report also helps in understanding the market dynamics, structure by analysing the market segments project the Forklift Tire Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
Forklift Tire Market Scope: Inquiry Before Buying



Forklift Tire Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 2.42 Bn.


Forecast Period 2024 to 2030 CAGR:
6.7 %
Market Size in 2030:
US $ 3.81 Bn.


 Segments Covered:
by Type
Pneumatic Forklift Tires
Solid Forklift Tires
Polyurethane Forklift Tires


by Forklift Type
Electric
IC Engine


by Sales Channel
OEM
Aftermarket



Forklift Tire Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America).
Forklift Tire Market, Key Players are:
Bridgestone Corporation
MICHELIN
Continental AG
BKT
China National Tire Rubber & Co.
Yokohoma Corporation
Camso
Trelleborg AB
The Yokohama Rubber Co. Ltd.
Hankook
Other

Frequently Asked Questions

1. What is the projected market size & growth rate of the market?
Ans- market was valued at USD 2.42 billion in 2023 and is projected to reach USD 3.81 billion by 2030, growing at a CAGR of 6.7 % during the forecast period.

2. What is the key driving factor for the growth of the market?
Ans- The market is seeing substantial growth due to increased demand for forklifts from the e-commerce and retail industries.

3. Which Region accounted for the largest market share?
Ans- Asia-Pacific is expected to dominate the market, followed by North America and Europe.

4. What makes Asia Pacific a Lucrative Market for market?
Ans- regional governments are enacting rigorous workplace security and safety standards, resulting in the rapid deployment of such vehicles.

5. What are the top players operating in market?
Ans- Bridgestone Corporation, MICHELIN, Continental AG, BKT, China National Tire Rubber & Co., Yokohoma Corporation, Camso, Trelleborg AB, and The Yokohama Rubber Co. Ltd.