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Forklift Truck Tire Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027

Format: PDF | Pages: 290 | Report ID: MRS1137


Report Description

The global Forklift Truck Tire market size is estimated at USD 70,400.8 million in 2020, expanding at a CAGR of 6.6% from 2021-2027 to reach 78,006.6 million USD in 2027.

Market Dynamics

Tires are an essential component of a forklift; many types of tires, such as pneumatic tires, cushion tires, solid tires, and polyurethane tires, are utilized in forklifts. Increase the industry's utilization of cutting-edge technologies and new methods for the handling of materials, supply chain, warehousing, and transportation. A forklift is among the most prevalent types of material-handling equipment used in industry across the world. As a result, increased demand for forklifts in businesses is propelling the forklift tire market forward.

The anti-static tire technology is receiving a lot of attention in the forklift tire industry. Camso, a maker of material handling and construction tires, for example, presented its anti-static tire technology to reduce the occurrence of static shocks to users. The static shock of up to many thousand volts are dangerous for forklift fleet managers in a variety of end industries. As a result, players in the forklift tire industry are boosting their R&D strength in anti-static tire technology in order to overcome this safety concern for forklift operators.

The global expansion of e-Commerce and retailing firms is increasing the demand for warehouses that need forklifts to properly store merchandise. The increase in supply for forklifts from the e-Commerce and retail industries is increasing the forklift tire industry substantially. The growing number of warehouses throughout the world is boosting the use of forklifts and boosting the worldwide forklift tire industry.

The growing popularity of online shopping has boosted the demand for sophisticated material handling technology in warehouses. Forklifts are rapidly being used in warehouses and distribution centers by e-commerce and third-party logistics organizations in the market to enable speedy delivery of items to clients, which is driving the forklift tire market.

Regional Insights

Due to the widespread use of forklifts in Japan, China, and South Korea, Asia Pacific accounted for a sizable portion of the worldwide forklift tire market. North America is a developed economic area with a strong industrial sector. Because forklifts are widely used in the region, North America is a significant global market for forklift tires. The COVID19 epidemic has had a significant influence on the United States, resulting in widespread output cutbacks. Following the COVID19 economic tailwinds, the North American forklift tire industry is expected to increase at a steady rate.

Segment Insights

The market for Forklift Truck Tires is segmented into three segments: Type, Applications, and Others. In 2019, the electric category dominated the worldwide forklift tire market. Electric forklifts offer minimal running costs, need little maintenance, are environmentally benign, and can be used indoors. As a result, they have earned a lot of popularity. Electric forklifts are popular in regions with a developed industrial sector, such as North America, Europe, and the Asia Pacific. Developing areas such as South Asia, Latin America, the Middle East, and Africa have a large proportion of IC engine forklifts; nevertheless, they are likely to be quickly displaced by electric forklifts throughout the projection period.

Competitive Insights

Major market players are constantly involved in various strategies such as mergers, acquisitions, partnerships, and others. For example, Toyota Material Handling stated in March 2020 that it will offer short-term leases of its Toyota forklift to tackle extraordinary issues encountered by end customers. As a result, players in the forklift tire industry are capitalizing on this trend and expanding their production capacity to ensure tire supply.

The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses the market size and forecast of Forklift trucks by type, application, and region. In addition, this report introduces the market competition situation among the vendors, and the company profile, besides, market price analysis and value chain features are covered in this report.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):

  • Camso
  • Advance
  • Trelleborg
  • Titan
  • Mitas
  • Continental
  • Aichi
  • Michelin
  • Hankook
  • The Yokohama Rubber Co. Ltd
  • CEAT Ltd.
  • NEXEN TIRE Corporation
  • TVS Srichakra Ltd.
  • Toyota Group

Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Pneumatic Forklift Tires
  • Solid Forklift Tires
  • Polyurethane Forklift Tires

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Electric Forklift
  • Internal Combustion (IC) Forklift

Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain, etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina, etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)

Frequently Asked Questions

The global Forklift Truck Tire market size is estimated at USD 70,400.8 million in 2020, expanding at a CAGR 6.6% from 2021-2027 to reach 78,006.6 million USD in 2027.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global Forklift Truck Tire market size is expanding at a CAGR 6.6% from 2021-2027 to reach 78,006.6 million USD in 2027.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
Major market players are constantly involved in various strategies such as merger, acquisition, partnership, and others. For example, Toyota Material Handling stated in March 2020 that it will offer short-term leases of its Toyota forklift to tackle extraordinary issues encountered by end customers. As a result, players in the forklift tire industry are capitalizing on this trend and expanding their production capacity to ensure tire supply.

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