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The forklift tires market is projected to grow by USD 731.56 million from 2021 to 2026, with a robust CAGR of 5.99%.
This market research report offers crucial insights into the post-COVID-19 impact on the forklift tires industry, helping companies adjust their strategies accordingly. The report also highlights key market players, including Advance Tire Inc., Balkrishna Industries Ltd., Bridgestone Corp., CEAT Ltd., Continental AG, Hankook Tire and Technology Co. Ltd., HEXPOL AB, Michelin Group, NEXEN TIRE Corp., The Goodyear Tire and Rubber Co., Titan International Inc., Toyota Motor Corp., Trelleborg AB, TVS Srichakra Ltd., Velox Tyres Pvt. Ltd., Yokohama Rubber Co. Ltd., and Nokian Tyres Plc, among others.
The report covers comprehensive forklift tires market segmentation across:
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The forklift tires market is evolving with new innovations aimed at improving performance metrics and ensuring durability in demanding industrial environments. As retailers and distributors face increasing pressure to meet the growing needs of logistics growth, premium tires are becoming a preferred choice for improving material handling efficiency and industrial equipment uptime.
Forklift tire replacement is a common challenge in warehouses and distribution centers. Replacement costs can add up, so focusing on tire maintenance and establishing a maintenance schedule is crucial for reducing operating costs. Pressure management and pressure monitoring technologies play a vital role in maintaining tire longevity and preventing premature wear. Temperature monitoring is another valuable tool for enhancing construction tire durability and overall safety regulations compliance.
The increasing demand and production for commercial vehicles is notably driving the forklift tires market growth, although factors such as the price fluctuations of rubber may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the forklift tires industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.The rise of eco-friendly tires and recycling solutions reflects the industry's shift toward sustainable logistics and reduced operating costs. Warehouse safety solutions and optimized logistics operations are increasingly incorporating wear monitoring and tire pressure monitoring to ensure that industrial tire technology continues to evolve with market demands.
Forklift tires come in various sizes and larger treads to meet the needs of diverse applications, from paved surfaces to rough construction sites. Wear monitoring and industrial tire longevity are essential factors for cost reduction and improving overall warehouse efficiency. As businesses focus on warehouse automation solutions and distribution center optimization, understanding tire selection through size guides, maintenance tips, and selection guides is more important than ever.With warehouse management software integrating pressure monitoring and logistics cost optimization, businesses are optimizing their tire fleets for performance and sustainability. As the market continues to grow, tire repair services and maintenance remain key to extending tire life, reducing replacement frequency, and supporting inventory management strategies in the logistics and construction sectors.
One of the key factors driving growth in the forklift tires market is the increasing demand and production for commercial vehicles. Sales of commercial cars are on a positive trajectory and seeing strong support from emerging markets. Sales of commercial cars have gone up substantially in emerging economies such as India, Brazil, and Mexico. The demand for sports utility vehicles (SUVs) is increasing in both developed markets such as the US and emerging ones, including China. This has surged demand for forklifts for material handling applications in manufacturing units of the automotive industry. The effective use of these advanced safety systems in manufacturing units of commercial vehicles to perform efficiently, with performance levels also depending on the quality of tires fitted. Commercial vehicle manufacturers focus strongly on forklifts for machine handling activities in automotive manufacturing units, and this is driving the sale of forklift tires. Thus, the growth in demand for commercial vehicles will drive growth in the global forklift tires market.
The use of 3-dimensional (3D) printing is a forklift tires market trend that is expected to have a positive impact in the coming years. Automakers and component manufacturers are developing 3D printing techniques to reduce manufacturing costs and curb pollution levels ensuing from the production process. In October 2021, MICHELIN developed Unique Puncture-proof Tire System (Uptis) Airless Tire with 3D printing technology using biodegradable materials. The company is planning to launch this 3D tire by 2024 in the market. The Goodyear Tire & Rubber Company also announced to test tire manufacturing using 3D printing technology on an autonomous truck in Florida, the US. The growing adoption of 3D printing technology for manufacturing tires will have a positive impact on the global forklift tires market.
The price fluctuations of rubber will be a major challenge for the forklift tires market during the forecast period. Rubber constitutes one of the primary raw materials in many industries globally. The consumption of rubber in the automotive industry is significant as it is mainly used to manufacture tires. However, fluctuations in rubber prices can create volatility in the prices of associated raw materials and adversely impact industry stakeholders across the value chain. Market dynamics and price fluctuations in the global rubber industry have implications on the global forklift tires market as well. The major natural rubber-producing countries have been required to reduce their production capacity due to the fluctuations in rubber prices. A reduction in exports along with changing regulations in major natural rubber-producing countries is expected to affect the tires industry negatively and challenge the growth of the global forklift tires market during the forecast period.
This forklift tires market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global forklift tires market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forklift tires market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the forklift tires market encompasses successful business strategies deployed by the key vendors. The forklift tires market is fragmented and the vendors are deploying growth strategies such as expanding their product lines and strengthening their manufacturing capacities to compete in the market.
advancetires.com - The company offers forklift tires such as Sunbear solid tires.
advancetires.com - Under the unified segment, the company offers products such as cushion tires, solid loader tires, and solid skid steer tires, and mini loader tires.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The forklift tires market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the forklift tires market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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66% of the market's growth will originate from APAC during the forecast period. India, Japan, and China are the key markets for forklift tires in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing industrialization and rapid urbanization in China, India, South Korea, Japan, Malaysia, and Australia will facilitate the forklift tires market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic slowed down the growth of the various manufacturing industries in the region in 2020, which negatively impacted the regional forklift tires market. However, in the fourth quarter of 2020, owing to the initiation of COVID-19 vaccination drives, business activities were resumed, with social distancing guidelines and sanitization rules in place, which supported the growth of the regional forklift tires market in 2021. Further, the regional forklift tires market is anticipated to grow at a steady rate due to the rapid expansion of retail and e-commerce industries in developing economies such as India, Thailand, Singapore, and China.
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The forklift tires market share growth by the class 4 and 5 segment will be significant during the forecast period. The class 4 segment of the global forklift tires market comprises forklift trucks that have internal combustion engines (ICEs) and use either solid or cushion tires. The loading capacity of the class 4 forklift trucks is in the range of 1-10 tons, while specialty models with a loading capacity of 50 tons are also available in the market. The class 5 forklift is similar to a class 4 forklift but with different tires. A class 5 lift truck uses pneumatic tires designed for rough surfaces and outdoor use. The loading capacity of class 5 forklift trucks is in the range of 1-27.5 tons, thus making them capable of handling a wide range of material weights. Therefore, the segment is expected to witness high growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the forklift tires market size and actionable market insights on post COVID-19 impact on each segment.
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Forklift Tires Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.99% |
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Market growth 2022-2026 |
USD 731.56 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.75 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 66% |
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Key consumer countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Advance Tire Inc., Balkrishna Industries Ltd., Bridgestone Corp., CEAT Ltd., Continental AG, Hankook Tire and Technology Co. Ltd., HEXPOL AB, Michelin Group, NEXEN TIRE Corp., The Goodyear Tire and Rubber Co., Titan International Inc., Toyota Motor Corp., Trelleborg AB, TVS Srichakra Ltd., Velox Tyres Pvt. Ltd., Yokohama Rubber Co. Ltd., and Nokian Tyres Plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Class Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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