Forklift Tire Market 2023 Industry Status and Outlook, Competitive Landscape and Growth by 2030

Virtual Events on Forklift Safety Prevent Damages to Facilities amidst COVID-19 Crisis

The impact and challenges of COVID-19 (coronavirus) are being experienced in various end markets. As discussed at the recent National Forklift Safety Day (NFSD), a virtual event held on June 9, 2023, which emphasized on the importance of safe use of forklifts and the need for operator training amidst the ongoing COVID-19 pandemic. Thus, companies in the forklift tire market should take cues from such virtual events to educate its customers and clients about the safe use of forklift trucks. As manufacturers are increasing their services in repairs and maintenance work for its customers, they should educate their customers about operator training programs to avoid risks of injuries, fires, and damage to facilities.

Manufacturers in the forklift tire market should take opinions from government representatives, safety experts and industry representatives in order to deliver a safe working environment for operators amidst the COVID-19 outbreak.

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Anti-static Tire Technology Protects Safety of Operators and Enterprises

The anti-static tire technology is being highly publicized in the forklift tire market. For instance, Camso – a manufacturer of material handling tires and construction tires revealed its anti-static tire technology to prevent the incidence of static shocks to operators. Static shocks of up to several thousand volts can pose as a safety issue for forklift fleet managers in various end markets. Hence, companies in the market for forklift tires are increasing their R&D muscle in the anti-static tire technology to solve this safety issue for forklift operators.

Companies are using silica as a reinforcing filler in non-marking tires as an insulator in order to store the static electricity generated and prevent its dissipation. Since fleer managers are becoming increasingly aware about the risks of fires, injuries and damage to facilities, forklift tire manufacturers are increasing their efficacy in anti-static tire technology.

Fiberglass Forklift Tires Deploy Cost Efficiency by Extending Lifecycle of Tires

A variety of new forklift tires is generating incremental opportunities for manufacturers. For instance, automotive equipment distributor Wayco has acquired proficiency in the development of fiberglass forklift tires that deploy high resistance to heat. Since conventional forklift tires are susceptible to increased friction caused by heat build-up in the rubber, manufacturers in the forklift tire market are using fiberglass to increase the durability of tires.

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On the other hand, manufacturers in the forklift tire market are increasing their capabilities in services to deploy faster response time to its customers. They are extending their arms in maintenance services for forklifts in order to extend the lifecycle of forklift tires. Automotive equipment distributors are extending their services to provide top-quality repair work for all types of forklift models. Manufacturers are experimenting with the production of combination solid and air pneumatic tires.

Cushion Forklift Tires Versus Solid Pneumatic Forklift Tires: Which is better?

Exceptional maneuverability is one of the USPs of cushion forklift tires. Hence, companies in the forklift tire market are increasing their production capacities to expand the applicability of cushion forklift tires in indoor applications such as warehousing. However, a small turning radius of cushion tires is not suitable for uneven surfaces found outside. Since cushion tires have a low clearance than pneumatic forklift tires, companies in the forklift tire market are recommending cushion tires for indoor applications and only light outdoor use.

On the other hand, solid pneumatic tires are puncture-resistant and suitable at construction sites. However, solid pneumatic tires lack the comfortable ride, which is primarily found in cushion tires. As such, excellent durability of solid pneumatic tires offset the lack of comfortable ride experienced by the forklift operator. Owing to the durability of solid pneumatic tires, end users are increasingly investing in these tires to gain value for money.

Agile Manufacturing Processes Overcome Issues of Flat Spotting in Polyurethane Tires

A plethora of innovations is bolstering the growth for the forklift tire market. Polyurethane forklift tires are gaining increased popularity, owing to its chemical-resistant attributes. However, profile irregularities caused due to flat spotting incidence are likely to impede growth of the market for forklift tires. Hence, manufacturers are increasing efforts to become more agile in their production practices to avoid the incidence of flat spotting in polyurethane forklift tires.

Companies in the forklift tire market are improving their machining capabilities to modify existing tooling according to different hub designs. For instance, Stellana AB – a provider of polyurethane, rubber, and nylon tire solutions has adopted flexibility in its manufacturing processes in order to accommodate different hub designs in polyurethane forklift tires. Flexibility in manufacturing processes is playing a key role in accommodating last-minutes design changes.

Solid Forklift Tires Meet End User Expectations for Energy Savings and Safety

Strategic partnerships between companies in the forklift tire market are leading to the maturity of the landscape. For instance, in February 2023, KION Group – a German manufacturer of forklift trucks and warehouse equipment has selected Trelleborg Wheel Systems – a supplier or wheels and tires for agriculture machines, as it is preferred supplier for non-marking tires in Europe. Solid forklift tires are gauging high demand in indoor environments where floor care is essential. Hence, companies in the forklift tire market are boosting their production capabilities to meet demanding needs of end users.

There is a growing demand for forklift tires that meet end user expectations of energy consumption, productivity, and safety. Manufacturers are introducing innovative features, along with solid forklift tires such as unmissable visual indicators to alert the operator in case the tires are worn out and need maintenance.

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Forklift Tire Market: Overview

  • The global forklift tire market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to the rise in adoption of forklifts on production floors and warehouses
  • East Europe and North America, together, held a dominant share of the global forklift tire market, as these regions contribute to a majority of industrial output and have a large number of forklifts in operation

Forklift Tire Market: Drivers

  • Expansion of e-Commerce and retail businesses across the globe is boosting the demand for warehouses that require forklifts in order to store products correctly. Rise in demand for forklifts from e-Commerce and retail industries is significantly boosting the forklift tire market.
  • Increase in the number of warehouses across the globe is increasing the utilization of forklifts across the globe and driving the global forklift tire market
  • Rising trend of online shopping has increased the demand for advanced material handling equipment in warehouses. e-Commerce and third-party logistics companies in the market are increasingly adopting forklifts in warehouses and distribution centers to provide rapid delivery of products to customers, which in turn is boosting the forklift tire market.

Forklift Tire Market: Challenges

  • In large industries, cranes are used for lifting heavy loads instead of forklifts, thereby lowering the sales of forklifts and hampering the forklift tire market. Automated cranes lower accident risk, optimize storage, and lower the capital expense associated with ownership of multiple types of forklifts.

Forklift Tire: Market Segmentation

  • Based on tire type, the global forklift tire market has been classified into solid tire, pneumatic tire, cushion tire, and polyurethane tire. The solid tire segment held a leading share of the global forklift tire market in 2019 due to its high load carrying capacity making it a preferred choice for forklift operators. Polyurethane tires are expected to record high demand due to their increased preference on forklifts used in indoor applications and warehouses.
  • Based on forklift type, the global forklift tire market has been segregated into electric and IC engine. The electric segment held a leading share of the global forklift tire market in 2019. Electric forklifts have low operating cost, demand less maintenance, are environment-friendly, and suitable for indoor applications. Thus, they have gained high preference. Regions with highly developed industrial sector such as Europe, North America, and East Asia witness high share of electric forklifts. Developing regions such as South APAC, Latin America, and Middle East & Africa have significant share of IC engine forklifts; however, they are expected to be rapidly replaced by electric forklifts during the forecast period.
  • Based on sales channel, the global forklift tire market has been split into OEM and aftermarket. The aftermarket share held a major share of the global forklift tire market, owing to the wear & tear nature of the tire, which demands periodic replacement. The OEM segment of the forklift tire market is anticipated to expand at a high growth rate due to the increase in the demand for forklifts, owing to the expansion of manufacturing & trade & logistics sectors.

Forklift Tire Market: Regional Analysis

  • Based on region, the global forklift tire market has been segregated into North America, East Asia, South APAC, Europe, Latin America, and Middle East & Africa
  • East Asia held a notable share of the global forklift tire market, owing to high usage of forklifts in China, Japan, and South Korea. East Asia is followed by Europe and North America due to the presence of developed industrial sector in these regions. North America is an economically developed region with strong a manufacturing sector. Forklifts are extensively utilized in the region and hence, North America is a key market for forklift tires globally. The COVID19 pandemic has severely impacted the U.S. with production cuts across the country. Post COVID19 recession tailwinds, the forklift tire market is anticipated to expand at a steady pace in North America.
  • South APAC has presence of countries with rapidly expanding economies, which promise higher adoption of forklifts

Forklift Tire Market: Competition Landscape

  • Key players operating in the global forklift tire market include
  • Bridgestone Corporation
  • Continental AG
  • BKT
  • China National Tire Rubber & Co.
  • Yokohoma Corporation

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