Forklift Tire Market Size worth $ 2.44 Billion by 2031 | CAGR: 3.39% - TMR Study
- Durability and several performance benefits of pneumatic tires spurring their adoption in forklift tire market, especially used for internal combustion engine trucks; rise in number of shipping container forklifts to propel sales
- Growing use of forklift trucks in warehouses propelling commercialization of forklift tires; Asia Pacific found to be enormously lucrative, fueled by rising demand in China
WILMINGTON, Del., Oct. 12, 2022 /PRNewswire/ -- Massive applications of forklift trucks in warehousing and transportation have steered commercialization of various types of forklift tires. The value of the forklift tire market was pegged at US$ 1.72 Bn in 2021 An evaluation of sales forecast for forklift tire found that pneumatic tires held a major share of the forklift tire market in 2021, with their increased preference in various applications attributed to numerous performance benefits.
The TMR study concurs that the trend of wide adoption of electric forklifts will broaden the revenue streams for players. Stridently, emphasis on reducing the dependence on fossil fuels will shape the future market demand for forklift tires. Furthermore, the demand for tires that can be used in all weather conditions will open up new prospects for firms in forklift tire market. This is fueled by industry initiatives on incorporating novel raw materials in the tires, and thus will boost the growth frontiers for forklift tire market.
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Key Findings of Forklift Tire Market Study
- Massive Demand in Logistics and Ports Underpins Abundant Opportunities: An ebullient e-commerce sector has fueled rapid strides in the logistics and transportation, especially in recent years after the COVID-19 pandemic hit the globe and constrained the supply chain in 2020. E-commerce is expected to continue on the path of an explosive growth. This will spur the growth of the shipping industry as well, thereby propelling the prospects of forklift tires used in the transportation vehicles.
- Rising Adoption of Pneumatic Tires Propels Rapid Revenues Expansion: Pneumatic tires are widely preferred due to their high-performance product attributes, notably including cushioning properties. These tires have emerged as a durable category for use in difficult terrain, such as coarse outdoor terrain. The study observed that pneumatic forklift tires have been widely used in internal combustion engine trucks. Of note, internal combustion engine trucks (pneumatic tires) held the major market share in 2021. Need for durable and high-performance tires for range of forklift trucks is expanding avenues. Rise in adoption of compact and ergonomic forklifts at port has opened an incredible avenue for leading players in the forklift tire market.
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Forklift Tire Market: Key Drivers
- Rising number of forklifts trucks to keep pace with rapidly expanding supply chain and logistics has spurred the sales of forklift trucks. Thus, a continuously expanding ecommerce industry is a key driver of the forklift tire market. Rise in use of forklift trucks in warehousing operations will propel the revenue generation.
- A burgeoning shipping industry in several developing and developed regions is a key driver of the forklift tire market. Widespread use of port forklifts at ports is accelerating the growth prospects.
Forklift Tire Market: Regional Growth Dynamics
- Europe and North America are expected to witness substantial profitable avenues. The expansion of these regional markets is propelled by rising commercialization of technologically advanced products. Growth adoption of electric forklifts have unlocked new revenue streams in recent years.
- Asia Pacific has been estimated to be remarkably lucrative market. Rise in demand for the tires in the automotive industry especially in South Korea, Japan, India, and China has created sizable revenue potential over the years. Furthermore, rising number of forklifts in China has spurred the market prospects in Asia Pacific.
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Forklift Tire Market: Competition Landscape
The competitive landscape of forklift tire market is increasingly consolidated.
Some of the key players are TVH, Trelleborg AB, Advance Tire Inc., Nokian Tyres plc., Michelin Group, Maxam Tires, Magna Tyres Group, Hankook Tire & Technology, Continental AG, Camso, Bridgestone Corporation, and Alliance Tire Company Ltd.
Forklift Tire Market Segmentation
- By Tire Type
- Pneumatic Tires
- Solid Tires
- Cushion Tires
- Polyurethane Tires
- By Sales Channel
- OEM
- Aftermarket
- 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)
- By Application
- Retail/Wholesale
- Food/Pharma
- Transport/Logistics
- Manufacturing
- Automotive
- Ports/Terminals
- Mining & Construction
- Chemical/Energy
- Forestry/Wood
- Others
- By Tire Size
- Less than 4"
- 6"
- 8"
- 9"
- 10"
- 12"
- 13"
- 15"
- 20"
- More than 21"
Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East
- Africa
Countries
- U.S.
- Canada
- Mexico
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Japan
- China
- India
- South Korea
- ASEAN Countries
- ANZ
- Brazil
- Argentina
- GCC
- Turkey
- South Africa
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