Canada Solid Tire Market to be dominated by Forklifts through 2027
High sales of commercial vehicles and rise in demand for
all-terrain vehicles are driving the growth of Canada Solid Tire Market in the
forecast period, 2023-2027.
According
to TechSci Research report, “Canada Solid Tire Market By Type (Curled on
Solid Tire and Pressed on Solid Tire), By Demand Category (OEM, Replacement),
By Vehicle Type (Forklifts, Lawn Mowers, Golf Carts, Baby Carriages,
Wheelbarrows, Others), By Application (Mining Vehicle, Construction Vehicle,
Others), By Region, Competition Forecast & Opportunities, 2027”,
the Canada solid tire market is anticipated to grow at a rate of steady CAGR
for the forecast period, 2023-2027.
Solid tires are majorly used for robust
applications. The main function of the solid tire is to protect the wheel rim
while providing the tractive force between the road surface and the automobile.
A solid tire can support a heavy load of the vehicle. These are made of
sustainable, recyclable materials and are specifically engineered to provide
drivers with improved comfort and excellent handling. Increased demand for
vehicle production and the high demand for long-lasting, low-maintenance tires
make solid tire manufacturers invest in advanced technologies. The use of 3-D
printing technology to provide tread designs according to consumer requirements
is expected to influence the market demand.
Rapid
urbanization and industrialization boost the demand for heavy commercial
vehicles and heavy construction equipment. Properties of solid tires such as
durability, low maintenance, puncture-resistant across scrap yards, waste
handling, and other tough applications play a crucial role in accelerating the
demand for solid tires across the country.
The
advent of connected tire technology to access and monitor the real-time working
condition of tires and provide information about the current working condition,
tire pressure, and life of tires and the growing popularity of autonomous
vehicles is expected to create huge growth potential for Canada solid tire
market.
However,
the high purchasing cost of solid tires may restrain the Canada Solid Tires
market growth for the forecast period.
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The Canada Solid Tire market is
segmented based on type, vehicle type, demand category, application, company,
and regional distribution.
Based on type, the market is divided
into curled on solid tire and pressed on solid tire.
Curled on solid tire are used mainly for
forklifts and short-distance transportation vehicles. These consist of wear
resistance compounds and have low rolling resistance and generate less temperature
while driving the vehicle. Press on solid tires has great stability, high
load-carrying capacity, and minimal maintenance operations. These tires are
made of a rubber tread layer bonded to a cylindrical steel band and are mounted
on a steel hub using a press.
Based on the demand category, the market
is bifurcated into OEM and replacement. The OEM segment is expected to hold the
largest market share in the forecast period. Increasing consumer preference for
superior performance solid tires that can drive smoothly rugged terrains is
driving the country's demand for solid tires. Manufacturers are investing in
growing solid tires production to normalize the production cost and attract
more customers. Solid tire requires the need to replacement less often, which
is one of the major reasons for making them a cost-effective option for
consumers.
Based on vehicle type, the market is
divided into forklifts, lawn mowers, golf carts, baby carriages, wheelbarrows,
and others. Forklifts are expected to witness significant growth opportunities
in the forecast period. The forklift is the most common material handling
equipment used in industries. Various types of tires are used in forklifts,
such as cushion tires, solid tires, pneumatic tires, and polyurethane tires.
Major market players operating in the
Canada solid tire market are:
- Goodyear Canada Inc.
- Michelin North America (Canada) Inc.
- Bridgestone Canada Inc.
- Hankook Canada Corp.
- Continental Tire Canada, Inc
- Kumho Tire Canada, Inc
- Yokohama Tire (Canada) Inc
- Toyo Tire Canada Inc.
- Pirelli Tire Inc.
- Hangzhou Zhongce Rubber Co., Ltd (Westlake Tire)
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“High deployment of solid tires in
military applications, increased demand for heavy commercial and off-road
vehicles, and growing vehicle production are driving the need for Canada solid
tire market. Stringent emission norms have made the manufacturers manufacture
eco-friendly solid tires and adopt novel technologies in tire production to
stay ahead in the market. Safety driving concerns, high vehicle ownership, and
the introduction of advanced solid tires by key market players are expected to
propel the growth of Canada solid tire market till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Canada Solid Tire Market By Type (Curled on Solid
Tire and Pressed on Solid Tire), By Demand Category (OEM, Replacement), By
Vehicle Type (Forklifts, Lawn Mowers, Golf Carts, Baby Carriages, Wheelbarrows,
Others), By Application (Mining Vehicle, Construction Vehicle, Others), By Region,
Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Canada Solid 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 Canada Solid Tire market.
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