Market Trends of Forklift Tires Industry
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.
