Forklift Tires Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Forklift Tires Market Analysis
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.
Forklift Tires Market Trends
This section covers the major market trends shaping the Forklift Tires Market according to our research experts:
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.
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 Industry Overview
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.
Forklift Tires Market Leaders
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Camso
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Continental AG
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Trelleborg AB
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The Yokohama Rubber Co. Ltd.
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Hankook
*Disclaimer: Major Players sorted in no particular order
Forklift Tires Market News
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.
Forklift Tires Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Pneumatic Forklift Tires
5.1.2 Solid Forklift Tires
5.1.3 Polyurethane Forklift Tires
5.2 By Sales Channel
5.2.1 OEM
5.2.2 Aftermarket
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Continental AG
6.2.2 Trelleborg AB
6.2.3 Michelin
6.2.4 The Yokohama Rubber Co. Ltd
6.2.5 Advance Tire Inc.
6.2.6 Hankook Tire & Technology
6.2.7 Maxam Tire
6.2.8 Bridgestone Corporation
6.2.9 Balkrishna Industries Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Forklift Tires Industry Segmentation
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 | |||||||
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Forklift Tires Market Research FAQs
What is the current Forklift Tires Market size?
The Forklift Tires Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Forklift Tires Market?
Camso, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd. and Hankook are the major companies operating in the Forklift Tires Market.
Which is the fastest growing region in Forklift Tires Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Forklift Tires Market?
In 2024, the Asia-Pacific accounts for the largest market share in Forklift Tires Market.
What years does this Forklift Tires Market cover?
The report covers the Forklift Tires Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Forklift Tires Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Forklift Tires Industry Report
Statistics for the 2024 Forklift Tires market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Forklift Tires analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
