Forklift Tire Market to Grow with a CAGR of 5.12% through 2028
Rise in the adoption of the E-commerce and logistic
industry, advancement in the tire technology and safety compliance and
productivity enhancement are factors driving the Global Forklift Tire Market in
the forecast period 2024-2028.
According to TechSci Research report, “Forklift
Tire Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Forklift Tire Market stood at USD 2
billion in 2022 and is anticipated to grow with a CAGR of 5.12% in the forecast
period, 2024-2028.
The global forklift tire market is witnessing
substantial growth, driven by the burgeoning material handling industry.
Forklift tires are essential components for ensuring smooth and efficient
operations in sectors such as manufacturing, construction, logistics, and
warehouses. The increasing demand for goods, accelerated by e-commerce and
globalization, has amplified the need for robust supply chains, thereby
boosting the requirement for reliable forklifts and their associated tires.
Moreover, advancements in tire technology, including the development of
puncture-resistant and long-lasting variants, are enhancing market prospects.
As workplace safety regulations become more stringent, enterprises are focusing
on maintaining optimal tire conditions to prevent accidents and ensure
productivity. While the market faces challenges such as volatile raw material
prices, the consistent drive toward automation and industrialization will
likely sustain the upward trajectory of the global forklift tire market in the
foreseeable future.
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The global forklift tire market has emerged as a
pivotal sector within the wider landscape of industrial and material handling
equipment. Forklifts, which serve as indispensable workhorses in diverse
industries such as warehousing, manufacturing, construction, and logistics,
rely heavily on their tires for optimal performance and operational safety.
These unassuming yet crucial components play a fundamental role in dictating
key factors like load-bearing capacity, maneuverability, stability, and overall
efficiency of the forklifts, thus exerting a profound impact on the industries
they serve.
Several interrelated factors have coalesced to propel
the growth and evolution of the global forklift tire market. Chief among these
drivers is the escalating global demand for goods and materials across
industries. This surge, driven by the twin forces of globalization and
e-commerce, has spurred a corresponding uptick in material handling activities.
As supply chains extend and diversify across borders, the reliance on
well-maintained forklifts, equipped with the right tires, has become paramount
to ensuring seamless logistics operations and the timely delivery of products.
Concurrently, the realm of tire technology has been
subject to significant innovation, underscoring another key driver of the
market's expansion. Tire manufacturers are intensifying their efforts to craft
forklift tires that boast advanced features and capabilities. These include
attributes such as enhanced traction, resistance to punctures, extended longevity,
and even eco-friendliness. By integrating cutting-edge materials, designs, and
manufacturing techniques, these tires not only bolster operational efficiency
but also promise long-term cost savings through reduced maintenance
requirements.
Furthermore, a growing global emphasis on sustainable
practices is prompting the development of environmentally conscious tire
solutions. This reflects a broader shift toward greener manufacturing and
operational practices across industries, driven by concerns about carbon
footprints and resource conservation. The introduction of energy-efficient and
environmentally friendly tire options resonates strongly with companies aiming
to align their operations with these eco-centric trends.
The market for forklift tires can be aptly dissected
through various lenses, including tire type, sales channels, end-use
industries, and regional dynamics. Different types of forklift tires cater to
distinct operational needs. Pneumatic tires, for instance, filled with air and
designed for outdoor and uneven terrain applications, deliver robust shock
absorption and high load-bearing capabilities. In contrast, solid tires, often
composed of rubber or solid materials, excel in puncture resistance, making
them well-suited for indoor and smoother surface operations. Additionally,
polyurethane tires stand out for their low rolling resistance and durability,
rendering them a popular choice for electric forklifts and light-duty tasks.
The sales channels through which forklift tires are
acquired contribute to market dynamics. Original Equipment Manufacturers (OEMs)
offer tires directly as part of new equipment, while the aftermarket
encompasses the sales of replacement tires through third-party suppliers. This
aftermarket sector has gained prominence as companies seek to replace worn-out
or damaged tires on their existing forklift fleets.
End-use industries, spanning manufacturing, logistics,
construction, retail, and more, significantly influence the demand for forklift
tires. Each sector's specific requirements, such as load capacities, operating
conditions, indoor versus outdoor use, and specialized applications, influence
the tire selection process. Forklifts used in construction might require rugged
tires to navigate rough terrains, while indoor warehousing operations demand
tires optimized for smooth, clean surfaces.
The regional context also significantly impacts the
trajectory of the global forklift tire market. Economic development,
industrialization rates, and trade activities vary across regions, leading to
differing levels of demand. Developing regions, like Asia-Pacific and Latin
America, are undergoing rapid industrial expansion, propelling demand for
material handling equipment like forklifts and their associated tires.
Meanwhile, mature markets in North America and Europe continue to contribute
substantially due to the need for ongoing tire replacements and upgrades within
established industries.
Major companies operating in Global Forklift Tire
Market are:
- Continental AG
- Trelleborg AB
- Michelin
- The Yokohama Rubber Co. Ltd
- Advance Tire Inc.
- Hankook Tire & Technology
- Maxam Tire
- Bridgestone Corporation
- Balkrishna Industries Limited
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“The global
forklift tire market is experiencing steady growth due to increasing
industrialization and logistics activities. Forklift tires play a critical role
in ensuring efficient material handling and productivity across various
sectors, including manufacturing, warehousing, and distribution. Factors such
as expanding e-commerce, the need for optimized supply chains, and advancements
in tire technology are driving market demand. Additionally, the emphasis on
workplace safety and reducing operational costs further fuels the adoption of
high-quality and durable forklift tires. Manufacturers are focusing on
developing innovative tire solutions that offer better traction, longer
lifespan, and reduced maintenance. As industries continue to evolve, the
forklift tire market is expected to witness sustained expansion, driven by the
ongoing evolution of global trade and industrial practices.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Global
Forklift Tire Market Segmented By Tire Type (Pneumatic Tires, Solid Tire,
Cushion Tires, Polyurethane Tire), By Sales Channel (OEM, Aftermarket), By
Application Type (Manufacturing, Mining & Construction, Automotive,
Agriculture and Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Forklift Tire Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Forklift Tire Market.
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