PUBLISHER: Acute Market Reports | PRODUCT CODE: 1615252
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1615252
The forklift tire market encompasses the segment of the automotive industry that specializes in the production and distribution of tires designed specifically for forklifts. Forklift tires are essential components that support the performance, safety, and efficiency of forklifts, which are widely used in warehouses, construction sites, and various industrial settings for material handling tasks. The market includes various types of forklift tires, such as pneumatic, solid, and polyurethane, each suited for different operating environments and conditions.The forklift tire market is estimated to grow at a CAGR of 3.1% from 2023 to 2032.The forklift tire market is a crucial part of the broader material handling equipment industry. Its growth is driven by the global demand for efficient and safe material handling in various sectors, including manufacturing, logistics, retail, and construction. The type of tire chosen for a forklift depends on factors like the nature of the work environment, load capacity, and the type of surface the forklift operates on.
Driver: Expansion of Warehousing and Logistic Sectors
The expansion of the warehousing and logistics sectors serves as a key driver for the forklift tire market. This growth is primarily due to the global surge in e-commerce, which has significantly increased the demand for efficient warehouse operations and, consequently, for forklifts and their tires. As online shopping becomes more prevalent, warehouses are expanding in size and number to accommodate the growing volume of goods being stored and transported. This expansion directly correlates with the increased use of forklifts, thereby driving the demand for durable and efficient forklift tires. The forklift tire market is further propelled by the need for specialized tires in different warehouse environments, whether they are for indoor, outdoor, or hybrid use, each requiring specific tire characteristics to optimize performance and safety.
Opportunity: Technological Innovations in Tire Manufacturing
An emerging opportunity in the forklift tire market lies in technological innovations in tire manufacturing. Advances in tire technology, such as improved tread patterns, enhanced rubber compounds, and development of non-marking tires, offer new growth avenues. These innovations are aimed at increasing the efficiency, durability, and safety of forklift tires, making them more appealing to industries with intensive material handling needs. The shift towards tires that can withstand longer hours of operation and offer better traction and stability is a trend that presents significant opportunities for market growth.
Restraint: Fluctuating Raw Material Prices
A major restraint in the market is the fluctuation in raw material prices. Forklift tires, particularly those made from rubber and polyurethane, are subject to the volatility of raw material costs. The price of natural and synthetic rubber, which forms a significant component of tire manufacturing, can fluctuate due to various factors such as changes in crude oil prices, geopolitical events, and supply chain disruptions. This volatility poses a challenge in maintaining consistent pricing and profitability in the forklift tire market.
Challenge: Environmental Regulations and Sustainability
A critical challenge facing the forklift tire market is adapting to environmental regulations and sustainability concerns. As the focus on reducing carbon footprints intensifies globally, the tire industry faces pressure to produce more eco-friendly products. This includes developing tires with longer lifespans, recyclability, and reduced environmental impact during manufacturing and disposal. Balancing the need for durable and high-performance tires with environmental sustainability is a complex challenge that requires continuous innovation and adaptation by tire manufacturers.
Market Segmentation by Tire Type
In the forklift tire market, segmentation by tire type includes Pneumatic Tires, Solid Tires, Cushion Tires, and Polyurethane Tires. The Solid Tires segment is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) from 2023 to 2032. This growth can be attributed to the durability and puncture resistance offered by solid tires, making them suitable for rough and uneven surfaces often found in industrial and outdoor settings. Their low maintenance and long life compared to pneumatic tires also contribute to their growing popularity. Despite the rapid growth of the Solid Tires segment, the highest revenue in 2022 was generated by Pneumatic Tires. This dominance is due to their widespread use in various applications, particularly in outdoor environments. Pneumatic tires provide cushioning and are preferred for applications where ride quality is a priority, such as in transport and logistics operations.
Market Segmentation by Application
Regarding market segmentation by application, the categories include Retail/Wholesale, Food/Pharma, Transport/Logistics, Manufacturing, Automotive, Ports/Terminals, Mining & Construction, Chemical/Energy, Forestry/Wood, among Others. The Transport/Logistics segment is expected to witness the highest CAGR from 2023 to 2032, driven by the global expansion of the logistics sector, fueled by the growth in e-commerce and the need for efficient material handling in warehouses and distribution centers. However, in 2022, the highest revenue was observed in the Manufacturing sector. The extensive use of forklifts in the manufacturing industry for material handling, coupled with the need for specialized tires to suit different manufacturing environments, contributes to this segment's high revenue share.
Market Segmentation by Region
In the forklift tire market, geographic analysis highlights diverse trends and potential growth across regions. The Asia-Pacific region is projected to exhibit the highest Compound Annual Growth Rate (CAGR) from 2023 to 2032, driven by rapid industrialization, growth in warehousing and logistics sectors, and increasing investments in infrastructure development in countries like China, India, and Japan. The region's expanding manufacturing base, coupled with a growing focus on efficient material handling in industries, positions it as a key area for market growth. In 2022, however, North America accounted for the highest revenue in the forklift tire market. This was largely due to the well-established warehousing and logistics infrastructure, the presence of a significant number of industries that rely heavily on material handling equipment, and a strong focus on workplace safety and efficiency in the United States and Canada.
Competitive Trends
Regarding competitive trends and key players in the market, 2022 saw companies like Yokohama Off-Highway Tires, Balkrishna Industries Limited, Bridgestone, Camso, China National Tire & Rubber Co., Ltd., Continental AG, Hankook Tire & Technology, IRC Tyre Industrial Rubber Company, Magna Tyres, Maxam Tires, Michelin, Nokian Tyres plc, Sumitomo Rubber Industries, Ltd., The Advance Tire Inc., Trelleborg AB, and TVH leading the market. These companies have established their market dominance through innovation, quality, and a broad range of product offerings. Camso, known for its specialized tires for off-the-road vehicles, focused on expanding its product portfolio to meet diverse industrial needs. Trelleborg AB concentrated on developing high-performance and durable tires, while Continental AG leveraged its strong R&D capabilities to innovate in tire technology. Bridgestone Corporation, a globally recognized brand, emphasized producing reliable and efficient tires for various material handling applications. From 2023 to 2032, these players are expected to continue their focus on technological advancements, sustainability, and expanding their global presence. Their strategies will likely include further investments in research and development, exploring new markets, and adapting to the evolving demands of the industrial and logistics sectors. The combined revenue of these companies in 2022 reflects their significant role in the market, and their ongoing strategies are anticipated to significantly shape the market dynamics over the forecast period. This competitive landscape underscores a market driven by technological innovation, the need for efficient and safe material handling solutions, and the adaptation to a rapidly evolving industrial environment.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Forklift Tire market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Forklift Tire market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Tire Type
Sales Channel
Class
Application
Tire Size
6"
8"
9"
10"
12"
13"
15"
20"
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Forklift Tire market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Forklift Tire market?
Which is the largest regional market for Forklift Tire market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Forklift Tire market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Forklift Tire market worldwide?
FIG. 12Market Positioning of Key Forklift Tire Market Players, 2023
FIG. 13Global Forklift Tire Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032