Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global forklift tire market stood at US$ 1.72 Bn in 2021. It is projected to expand at a CAGR of 3.39% during the forecast period from 2022 to 2031. Growth of the e-commerce and logistics industries post COVID-19 pandemic is fueling the forklift tire market.
Shift in preference for online shopping due to the convenience of doorstep delivery is attracting freight companies to expand their fleet, which in turn is fueling market expansion. Array of advantages of class 5: internal combustion engine trucks with pneumatic tires, including suitability for any weather condition is fueling adoption of the segment.
Forklift tires are an integral component of forklift trucks, as they connect the vehicle body with the path. Forklift tires are designed to be used on paved and indoor surfaces, and they offer high load-carrying capacity.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.72 Bn | |
| Estimated Value | US$ 2.44 Bn | |
| Growth Rate - CAGR | 3.39% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 197 Pages | |
| Market Segmentation | By Tire Type, By Sales Channel, By Class, By Application, By Tire Size | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Alliance Tire Company Ltd., Balkrishna Industries Limited, Bridgestone Corporation, Camso, China National Tire & Rubber Co., Ltd., Continental AG, Hankook Tire & Technology, Industrial Rubber Company, Magna Tyres Group, Maxam Tires, Michelin Group, Nokian Tyres plc, Sumitomo Rubber Industries, Ltd., Advance Tire Inc., The Yokohama Rubber Co., Ltd., Trelleborg AB, TVH, Others | |
Key Findings of Study
Growth of Ecommerce and Logistics Industries Fuel Forklift Tire Market – Exponential growth of the e-commerce sector in the last decade, has offered lucrative opportunities for the logistics industry to expand operations. Increase in switch to online shopping for convenience is attracting logistics companies to expand their operations and focus on single warehouse locations instead of multiple storage centers to cater to the one-day delivery preference of consumers.
Freight companies are also integrating modern technology into their fleet, resulting in increase in number of forklift trucks for operations. This fuels market demand for forklift tires.
Expansion of Shipping Industry Boosts Demand – Economic and mechanical advantages are boosting the demand for shipping container forklifts at ports. Port forklifts are easy to maneuver in confined spaces of a ship. Hence they are useful for moving freight inside the vessel. Additionally, big tires of port forklifts are anti-skid, which is necessary for moving freight in inclement weather. This, in turn, boosts the market size of forklift tires.
Multidimensional Benefits of Pneumatic Tires Fueling Market – Based on tire type, the pneumatic tires segment held leading share of the global market in 2021. Pneumatic tires offer multidimensional benefits, such as shock absorption ability and improved resilience, which minimizes wear and tear during operation, and thus ensure high performance and longevity of forklift tires.
The compressed air provides a cushioning effect to pneumatic tires. Demand for industrial equipment tires is likely to increase consistently, as they offer a much smoother ride, reduced risk of accidents, and less fatigue in rough terrain conditions.
Demand for Class 5: Internal Combustion Engine Trucks Due to All-weather Compatibility Drives Segment – In terms of class, the class 5: internal combustion engine trucks segment held the leading market share in 2021. Growth of the segment is ascribed to their suitability for any weather conditions, indoors as well as outdoors, and their higher load-bearing capacity in comparison to any other forklift truck. The cost of these trucks, which is nearly 15% less than electric forklifts, and faster refueling, which takes only 5 minutes, are some of the key attributes of class 5: internal combustion engine trucks.
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Growth Drivers
- Rapid shift to online mode of shopping post COVID-19 is fueling the demand for forklift trucks and consequently propelling the global market
- Mechanical and economic advantages of adoption of forklifts at ports offer immense growth opportunities in the shipping industry
Regional Landscape
According to the forklift tire market analysis, Asia Pacific is anticipated to lead the global market, in terms of revenue and volume. Rapid expansion of forklift trucks segment in the automotive industry in countries such as China, South Korea, India, and Japan, and stringent regulations in place for workplace health and safety of personnel are opening business opportunities in the region. China is anticipated to be the key contributor to forklift tire market in the region, due to rise in demand for forklifts in the country.
Europe and North America are anticipated to follow Asia Pacific, in terms of market growth, during the forecast period. Rapid increase in adoption of advanced tires, growth of autonomous forklift market, extensive use of solid tires, and rapid industrialization are some of the key factors boosting market development in these regions. Need to address concerns about carbon emissions is fueling the demand for electric forklifts in Europe and North America.
Competitive Analysis
The business landscape in the forklift tire market is fragmented, with the presence of large number of well-entrenched players. Key players are engaging in comprehensive R&D, primarily to develop next-gen products. Expansion of product portfolios and M&As are key strategies adopted by players to increase their market share.
Key players in the forklift tire market include Alliance Tire Company Ltd., Bridgestone Corporation, China National Tire & rubber Co. Ltd., Hankook Tire & technology, Magna Tyres Group, Noklan Tyres plc., Advance Tire Inc., Trelleborg AB, Balkrishna Industries Limited, Camso China National Tire & Rubber Co. Ltd., and Industrial Rubber Company.
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The forklift tire market is segmented as follows;
Global Forklift Tire Market, by Tire Type
- Pneumatic Tires
- Solid Tires
- Cushion Tires
- Polyurethane Tires
Global Forklift Tire Market, by Sales Channel
- OEM
- Aftermarket
Global Forklift Tire Market, by Tire Size
- Less than 4”
- 6”
- 8”
- 9”
- 10”
- 12”
- 13”
- 15”20”
- More than 21”
Global Forklift Tire Market, by Class
- Class 1: Electric Motor Rider Trucks
- Class 2: Electric Motor Narrow Aisle Trucks
- Class 3: Electric Motor Hand Trucks or Hand/Rider Trucks
- Class 4: Internal Combustion Engine Trucks (Solid/Cushion Tires)
- Class 5: Internal Combustion Engine Trucks (Pneumatic Tires)
Global Forklift Tire Market, by Application
- Retail/Wholesale
- Food/Pharma
- Transport/Logistics
- Manufacturing
- Automotive
- Ports/Terminals
- Mining & Construction
- Chemical/Energy
- Forestry/Wood
- Others
Global Forklift Tire Market, by Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East
- Africa
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