Forklift Tires Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Forklift Tires Market is Segmented by Type (Pneumatic Forklift Tires, Solid Forklift Tires, and Polyurethane Forklift Tires), Sales Channel (OEM and Aftermarket), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market sizes and forecasts in value (USD billion) for all the above segments.

Market Snapshot

forklift tires market_overview
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >5 %

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Market Overview

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 forecast 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 steadily 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, 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 forecast period owing to their rising preference for material handling applications. Asia-Pacific leads the forklift tire market due to the presence of many forklifts in China, followed by Europe and North America.

Scope of the Report

A forklift is one of the most common material-handling equipment used in industries across the globe, and tires are an integral part of forklifts. Various types of tires are used in forklifts, such as pneumatic, solid, cushion, and polyurethane. The forklift tires market report covers the latest trends, COVID-19 impact, and technological developments in the market.

The forklift tires market is segmented by type (pneumatic forklift tires, solid forklift tires, and polyurethane forklift tires), sales channel (OEM and aftermarket), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market sizes and forecasts in value (USD billion) for all the above segments.

By Type
Pneumatic Forklift Tires
Solid Forklift Tires
Polyurethane Forklift Tires
By Sales Channel
OEM
Aftermarket
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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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, Stellan AB, a polyurethane, rubber, and nylon tire solution provider, 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 occupy positive demand in the market. Manufacturers are experimenting with producing a combination of solid and pneumatic tires. So, flexibility in manufacturing processes plays a key role in accommodating last-minute design changes in the forklift tires market.

Forklift Tires Market_key market trend 1

Asia-Pacific Likely to Lead the Forklift Tires Market

The forklift tires market will likely be dominated by Asia-Pacific, followed by North America and Europe. 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, leading to the quick deployment of such trucks.

Due to the increased demand, China is expected to play a significant role in developing forklift tires. The growing demand for advanced forklift machinery is driving the forklift tires market globally. Thus, these factors will likely contribute to the market’s growth in the Asia-Pacific during the forecast period.

In the years to come, the fastest rise in the adoption of forklift vehicles would be seen in North America and Europe because 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 forecast period owing to their rising preference for material handling applications.

Forklift Tires Market_geography

Competitive Landscape

The forklift tires market is moderately fragmented due to numerous major and local players. Moving forward, acquisitions and collaborations of large companies with different material handling and supply chain management companies are expected, focusing 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.

Some key players in the forklift tires market are Camso, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd, Hankook, and many more.

Major Players

  1. Camso

  2. Continental AG

  3. Trelleborg AB

  4. The Yokohama Rubber Co. Ltd.

  5. Hankook

fork lift tires.PNG

Recent Developments

· In February 2021, Good Year Tire & Rubber announced the acquisition of Cooper Tire & Rubber Company in a deal worth USD 2.5 billion, including debts. This acquisition will strengthen Goodyear's product offerings and likely create a stronger presence in distribution and retail channels.

· In July 2021, Hangcha launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. These trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.

· In July 2021, KION Group AG set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Pneumatic Forklift Tires

      2. 5.1.2 Solid Forklift Tires

      3. 5.1.3 Polyurethane Forklift Tires

    2. 5.2 By Sales Channel

      1. 5.2.1 OEM

      2. 5.2.2 Aftermarket

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Continental AG

      2. 6.2.2 Trelleborg AB

      3. 6.2.3 Michelin

      4. 6.2.4 The Yokohama Rubber Co. Ltd

      5. 6.2.5 Advance Tire Inc.

      6. 6.2.6 Hankook Tire & Technology

      7. 6.2.7 Maxam Tire

      8. 6.2.8 Bridgestone Corporation

      9. 6.2.9 Balkrishna Industries Limited

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Forklift Tires Market market is studied from 2018 - 2027.

The Forklift Tires Market is growing at a CAGR of >5% over the next 5 years.

The Forklift Tires Market is valued at 2 Billion USD in 2018.

The Forklift Tires Market is valued at 3 Billion USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Camso, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd., Hankook are the major companies operating in Forklift Tires Market.

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