Market Outlook:

The anticipated global forklift tire market size is poised to reach USD 2.76 Billion by 2024, with a projected escalation to USD 3.45 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.1% during the forecast period. 

Forklift tires are specially made to fulfil the needs of forklifts, which are vigorous machines used for moving materials in a diversity of commercial and industrial contexts. Forklift tires are designed to support large loads, offer outstanding stability, and provide the best traction possible, in contrast to tires for regular cars. These characteristics are vital for forklifts to carry out actions like lifting, moving, and stacking objects successfully and safely, often in difficult settings like factories, warehouses, building sites, and shipping ports. Load capacity, terrain type, and operating conditions are all taken into attention during the design and production of forklift tires. They are planned to function well in a diversity of settings, from smooth indoor floors to rough outdoor terrain, while enduring severe tension and continuous use. Forklift tires increase operator safety by dropping the chance of tipping or skidding, in addition to growing the vehicle's capacity to move big loads, by providing suitable support and stability. Forklift tires are vital for ensuring smooth workflows in material handling sectors as they have a significant influence on the overall efficiency and safety of forklift operations.

Market Dynamics:

Driver:

The growing e-commerce and warehousing activities fuel the growth of the forklift tire market. One of the main factors driving the growth of the forklift tire market is the increasing need for warehousing and e-commerce. As more people purchase online, there is a greater need for warehouse facilities that can efficiently store and handle inventory. This increase in demand requires the use of forklifts and other material-handling equipment to simplify efficient operations at warehouses and distribution facilities. As a result, there is a higher need for high-performance forklift tires as they are essential to keep forklifts reliable and mobile. Forklift tires need to be robust, able to carry heavy loads, and unaffected by normal wear and tear. The expansion of forklift tires that improve constancy, traction, and load-bearing capacity is one example of the technology-driven results that logistics organizations are choosing as they work to streamline their operations. One example of how improvements in tire manufacturing have assisted in market expansion is the creation of modified tires for a range of operating situations and surface conditions. The market for forklift tires is eventually driven forward by this dynamic environment, which increases demand for a range of forklift tires that accommodate various warehouse circumstances. 

Restraint:

The rising stacker crane demand hampers the growth of the forklift tire market. Pallet storage and retrieval in rack systems is accomplished by stacker cranes, which provide several operational benefits. Due to the space needed for moving, forklifts cannot fit into tight aisles, however they can. Stacker cranes are excellent at making it easier to store and retrieve items at higher vertical heights, even if forklifts are frequently employed for the same purpose. Compared to forklifts, they can work in short lanes and reach higher storage levels, making them especially well-suited for warehouses with limited floor area but great vertical clearance. Stacker cranes can be supported by warehouse racks without the need for extra support, and the crane installed on the racks naturally offers a secure structure that reduces the possibility of toppling over. 

Opportunity:

The up-growing technological advancements create a lucrative opportunity for the growth of the forklift tire market. The market for forklift tires is expressively influenced by technological developments in the forklift sector. The corresponding tire requirements alter as forklifts become more automated and electrified. Modern forklifts with advanced technologies require tires that are built for efficiency, safety, and performance. As a result of these advancements, tires with enhanced slip resistance and longer wear characteristics are needed to function in particular environments. This change pushes producers to concentrate on creating cutting-edge tire solutions that support the newest forklift technology, which in turn accelerates market expansion. 

Challenge:

Gas and diesel-powered LPG forklifts have been in extensive use for many years and have greatly enlarged productivity and performance. Though, electric forklifts have appeared as a more practical choice due to increasing worries about noise levels, pollutants, and exclusive gasoline. Electric forklifts are a more useful option as they save money and are well for the environment. Regardless of this, small and medium-sized businesses (SMEs) in specific face a major difficulty due to the high initial cost of electric forklifts, which is over 20% advanced than that of traditional internal combustion models. 

Key Players:

• Continental Tyres (UK)
• Trelleborg (Sweden)
• Maxam (Spain)
• IRC Industrial Rubber Company (India)
• Kragos Tires (India)
• Rhino Tyres (US)
• Starco (Denmark)
• Whitelink (UK)
• Hankook Tire & Technology (South Korea)
• The Yokohama Rubber Co. Ltd (Japan)
• The Goodyear Tire & Rubber Company (US)
• Hangcha Forklift (China)
• Others

Recent Development:

• In February 2022, Goodyear Tire & Rubber announced the acquisition of Cooper Tire & Rubber Company for a transaction value of USD 2.5 billion (including liabilities). This acquisition will strengthen Goodyear's product portfolio and potentially create a stronger presence in distribution and retail.

• In July 2022, Hangcha Forklift launched the new XH series of 2.0t-3.5t high-voltage lithium-ion electric stacker batteries. The trucks feature advanced lithium batteries that can be fully charged in one hour and last up to 12 hours. In addition, thanks to its fast charging feature, it can be charged during normal operation and can work all day long without the need to change the battery.

Segment Insights:

By Tire Type

In competitive marketplaces, stackers with tires are highly sought after for their dependability and longevity in outdoor settings. Tires are perfect for heavy-duty situations where typical pneumatic tires are likely to wear and tear as they are long-lasting and need no maintenance. Forklifts that can handle rough territory and large loads, as well as tires that work best in challenging conditions, are important for industries comprising construction, forestry, mining, and agriculture. Furthermore, as companies look to increase productivity and limit operational disruptions, tires' lower wear and tear and maintenance expenditures only serve to make them more attractive. In addition, the need for greater safety and efficiency throughout the industry is increasing the demand for forklifts equipped with quality tires as these tires provide a competitive advantage and are constant, thus confirming the well-being and performance of the equipment. Tire materials are typically the first choice for heavy equipment use due to their longevity, low maintenance requirements, and appropriateness for demanding work settings.

By Forklift Class

The demand for Class 1 forklifts is generally due to their adaptability and indoor use. Due to their minimal noise and zero emissions, Category 1 forklifts which include electric counterbalance heavy-duty forklifts are most appropriate for closed warehouse and distribution settings. The shift to electric forklifts is being driven by the requirement for clean and quiet operations, particularly in confined locations, as companies place a greater emphasis on worker safety and sustainability. The performance and runtime of electronic equipment have also been enhanced by advancements in battery technology, making them suitable for continuous usage in home field applications. These factors, combined with lower operating and maintenance costs compared to internal combustion engines, have led to increased demand for Class 1 forklifts across all commercial products.

Regional Insights:

The Asia-Pacific region holds the dominating position for the forklift tire market due to the rapid growth of the automotive industry in India, South Korea, Japan, and China. In addition, the local government strictly enforced workplace safety and security, resulting in the rapid deployment of trucks. China must play a significant role in the production of forklift tires due to the rising demand. The increasing need for advanced forklift equipment is driving the global forklift tire market. Hence, these factors are likely to support the growth of the Asia Pacific market during the forecast period. Due to the increased demand for low-quality tires, North America and Europe will see the fastest growth in forklift adoption over the coming years. The electric forklift market in this region is also expected to grow rapidly during the forecast period due to the increasing preference for electric forklifts in utility applications.

Segmentation:

By Forklift Class

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5

By Tire Type

• Cushion Tire
• Pneumatic Tire
• Solid Tire
• Polyurethane Tire
• Foam-Filled Tire

By Category

• Standard Tire
• Non-Marking Tire

By Application

• Retail & e-Commerce
• Food & Beverages
• Transport & Logistics
• Manufacturing
• Automotive
• Textile
• Other Applications

By Sales Channel

• OEM’s
• Aftermarket

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Forklift Tire market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Forklift Tire market.

3. Leading company profiles reveal details of key Forklift Tire market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Forklift Tire market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Forklift Tire Market?

• The growing e-commerce and warehousing activities fuel the growth of the forklift tire market. 

2) What would be the CAGR of the Global Forklift Tire Market over the forecast period?

• The Global Forklift Tire Market is poised to grow at a CAGR of 5.1% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Forklift Tire Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Forklift Tire Market?

• Continental Tyres (UK), Trelleborg (Sweden), Maxam (Spain), IRC Industrial Rubber Company (India), Kragos Tires (India), Rhino Tyres (US), Starco (Denmark), Whitelink (UK), Hankook Tire & Technology (South Korea), The Yokohama Rubber Co. Ltd (Japan), The Goodyear Tire & Rubber Company (US), Hangcha Forklift (China), Others.

5) What are the segments in the Global Forklift Tire Market?

• By Forklift Class, By Tire Type, By Category, By Application, By Sales Channel are the industry key segments considered for research study.

6) What is the estimated market revenue for Global Forklift Tire Market in 2032?

The estimated revenue for the Global Forklift Tire Market in 2032 is USD 3.45 billion.