Key Highlights

• A number of innovations are driving the growth of the forklift tire industry. Polyurethane forklift tires are becoming increasingly popular due to their chemical resistance. However, contour irregularities resulting from the appearance of flat surfaces may hinder the growth of the work. Companies in the tire stacking industry have increased their ability to adapt existing molds to different tire models. For example, Stellan AB, a solution provider of polyurethane, rubber and nylon tires, has simplified its production process to accommodate different models of polyurethane forklift tires. Therefore, manufacturers have increased their efforts to simplify production to prevent tire deflation on polyurethane forklifts. Increased R&D activities are likely to stimulate the forklift tire market as new innovations and new production processes capture the positive demand in the market. Manufacturers are trying to create composite and pneumatic tires. Therefore, changes in the manufacturing process play an important role in adapting to the latest production changes in the forklift tire industry.

• The market size of the worldwide Forklift Tire Industry surpassed USD XX Billion in 2023, and by 2032, it is projected to reach USD XX billion, boosting at a CAGR of XX%.

• 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.

• The Mountain Bicycle helmet market is expected to expand due to the popularity of cycling as a form of exercise to reduce obesity and improve health. The growth of the industry is blamed on the lack of strict government regulations and guidelines requiring the use of safety equipment while cycling. The growth focus on sustainability is also recognized for its role in increasing cycling worldwide. Other factors such as increased disposable income, increased purchasing power, increased use of Mountain Bicycles and increased sales of Mountain Bicycles are also expected to increase the sales of Forklift tire during the forecast period and lead to the proliferation of Forklift tire. Additionally, product development and innovation, as well as improved safety and improved product quality, are also supporting the current market expansion. Many cyclists consider a Mountain Bicycle helmet to be an important piece of safety equipment. Additionally, many Mountain Bicycle helmet manufacturers have developed high-end features to attract customers to their helmets. Several companies have helmets that can display GPS maps and gauges on the glasses using augmented reality (AR). Consumers' growing interest in technology has led to many entrepreneurs entering the cycling market and offering cutting-edge products. The emergence of fake hats continues to limit business growth. Helmets that are fake and sold at very low prices are considered fake. An analysis by the World Health Organization estimates that poor-quality car parts, materials and glass cause 360,000 deaths and 1.5 million injuries each year. Considering that these products are often made of poor quality materials, these helmets will not provide sufficient comfort and protection to the user. The presence of counterfeit products affects the consumer's brand perception. The circulation of fake hats is common in Asian markets, especially in China, Pakistan and India. Additionally, due to the increasing demand for various types of helmets, tens of thousands of fake helmets have been made for the Asian market, including crash helmets, sports helmets, designer helmets and sports caps. According to the United States Department of Labor, 88.0% of counterfeit goods in the United States come from China or Hong Kong. In times of need, the helmet market will not grow as fast as expected because fake products can be easily detected. Therefore, it increases the revenue of the Mountain Bicycle helmet industry.

Scope of the Industry Profile

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)

Segmentation

By Tire Type

• Cushion Tire

• Pneumatic Tire

• Solid Tire

• Polyurethane Tire

• Foam-Filled Tire

By Category

• Standard Tire

• Non-Marking Tire

By Sales Channel

• OEM’s

• Aftermarket

By Forklift Class

• Class 1

• Class 2

• Class 3

• Class 4

• Class 5

By Application

• Retail & e-Commerce

• Food & Beverages

• Transport & Logistics

• Manufacturing

• Automotive

• Textile

• Other Applications

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 the 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 & their recent developments.

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

Recent Development

• In July 2022, Hangcha 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.

• In July 2022, KION Group launched a new car. The facility will produce heavy-duty trucks for all brands of KION Industrial Trucks and Services..

Segment Insights

By Tire Type

The demand for stackers equipped with tires is significant in competitive markets and for their durability and reliability in outdoor environments. Tires are durable and maintenance-free; This makes them ideal for heavy-duty applications where traditional pneumatic tires are prone to wear and tear. Industries such as construction, timber, mining and agriculture need forklifts that can withstand harsh terrain and heavy loads, and tires that perform best in challenging areas. In addition, the reduced wear and tear and maintenance costs of tires continue to increase the attractiveness of tires as businesses seek to increase productivity and minimize operational disruptions. In addition, the need for greater safety and efficiency throughout the industry is increasing the demand for forklifts equipped with quality tires because these tires provide a competitive advantage and are stable, thus ensuring the safety and performance of the equipment. In general, the demand for tire products is driven by their durability, low maintenance and suitability for harsh work environments, making them the first choice for the use of heavy equipment.

By Forklift Class

The demand for Class 1 forklifts is mainly due to their versatility and indoor use. Category 1 forklifts, which include electric counterbalance heavy-duty forklifts, are best suited for closed warehouse and distribution environments due to their zero emissions and low noise. As businesses increasingly focus on sustainability and worker safety, the need for clean and quiet operation is driving the transition to electric forklifts, especially in confined spaces. Additionally, advances in battery technology have improved the runtime and performance of electronic devices, making them useful for continuous use 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 forklift tire market is expected to be Asia Pacific, followed by North America and Europe. The Asia-Pacific region is the most profitable 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. Due to increasing demand, China needs to play an important role in forklift tire production. Increasing demand for advanced forklift machinery 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. Over the next few years, the fastest growing regions for forklift adoption will be North America and Europe due to the rapid and popular market for low-quality tires. The electric forklift market in this region is also expected to grow rapidly during the forecast period due to the increasing preference of electric forklifts in utility applications.