The global forklift tire market is estimated to expand at a CAGR of ~5% and surpass US$ 3.3 Bn by 2030, driven by the increase in adoption of forklifts across industries to improve productivity and safety of workers. The forklift tire market is largely concentrated in East Asia, Europe, and North America, owing to the presence of large industries in the region. Increasing industrialization in Latin America and Middle East & Africa is anticipated to boost the adoption of forklifts in these regions and subsequently, drive the global forklift tire market during the forecast period.
Expansion of Forklift Tire Market
The advent of e-Commerce and rising digitalization have fueled the logistics sector boosting the demand for forklifts in warehouses. The expansion of retail and online shopping ventures is expected to drive the forklift tire market. Rise of industries in developing countries, owing to the availability of inexpensive land and labor is boosting the adoption of forklifts and in turn driving the forklift tire market. The adoption of forklifts is increasing across industries to improve productivity and reduce accidents and injuries on shop floors. Increased adoption of forklifts in manufacturing and logistics sectors is anticipated to drive the forklift tire market during the forecast period.
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Based on forklift type, the electric segment held a major share of the global forklift tire market in 2019. Electric forklifts have dominant presence in the market in North America and Europe, and the segment held a significant share in East Asia and South APAC. Electric forklifts are being widely preferred in indoor applications, as they are noiseless and do not cause pollution. Consequently, they are suitable for warehouses and shop floors.
In terms of sales channel, the aftermarket segment held a leading share of the global forklift tire market during 2019, owing to the wear & tear nature of tires. Forklift tires are replaced periodically to optimize the working of forklifts and achieve higher work productivity. The OEM segment is projected to expand at a high growth rate, owing to the increase in adoption of forklifts across industries.
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Regional Analysis of Forklift Tire Market
In terms of region, the global forklift tire market has been segregated into North America, Europe, East Asia, South APAC, Middle East & Africa, and Latin America. In terms of volume, East Asia held a leading share of the global forklift tire market, owing to high usage of forklifts in China, Japan, and South Korea. The forklift tire market is projected to expand significantly in Latin America during the forecast period. Increase in trade at ports, particularly in Mexico and Brazil, owing to increased value of exports is driving the usage of the forklifts and in turn boosting the forklift tire market. The market in East Asia, Latin America, and Middle East & Africa is anticipated to expand at a high growth rate, owing to the entry of foreign manufacturers and expansion of the logistics network in these regions.
Prominent players operating in the global forklift tire market include Bridgestone Corporation, MICHELIN, Continental AG, BKT, China National Tire Rubber & Co., and Yokohoma Corporation.
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