Forklift Tire Trends and Forecast
The future of the global forklift tire market looks promising with opportunities in the retail/ wholesale, food/ pharma, transport/ logistics, manufacturing, automotive, ports/ terminal, mining & construction, chemical/ energy, and forestry/ wood markets. The global forklift tire market is expected to reach an estimated $2 billion by 2030 with a CAGR of 3.0% from 2024 to 2030. The major drivers for this market are an increase in e-commerce and large-scale storage, growth of infrastructure and building projects, as well as, technological advancements enhancing tire durability, and a focus on safety and efficiency in material handling processes.
• Lucintel forecasts that, within the tire type category, polyurethane tire is expected to witness the highest growth over the forecast period because the tires are significantly more durable and resistant to punctures than other types of forklift tires.
• In terms of regions, APAC is expected to witness highest growth over the forecast period due to the rapid rise in the automotive industry in nations like China, South Korea, India, and Japan, as well as the strict regulations governing employee health and safety at work.
Gain valuable insights for your business desions with our comprehensive 150+ page report.
Emerging Trends in the Forklift Tire Market
The market for forklift tires is currently experiencing a number of changing factors, including technological advancements, the pursuit of sustainability, and evolving industrial needs. Furthermore, these trends are driving the efficiency of forklift tires in terms of design, performance, and usage.
• Shift to Solid and Non-Pneumatic Tires: The shift towards solid and non-pneumatic tires is a significant trend. It will take time for the industry to fully embrace these tires. Nevertheless, their current usage offers notable benefits in terms of performance, reduced maintenance, and increased durability. This phenomenon arises from the necessity to develop and use tires that can carry heavy weights and function optimally in severe conditions without the risk of failure.
• Integration of Intellectual Tire Systems in the Market: The integration of smart tire technologies is gaining traction. Smart tires incorporate sensors and IoT, which help in monitoring parameters related to the tire’s performance, wear and tear, and pressure over time and in real-time. This trend enables effective fleet management, increases safety, and reduces maintenance costs through advanced repair techniques and equipment.
• Focus on Developing Eco-Friendly Materials: There is growing concern about the use of eco-friendly and sustainable materials for the manufacturing of forklift tires. Manufacturers are using recycled materials and assessing natural rubbers for reduced product waste. This trend aligns with the general sustainability movement and regulatory measures aimed at cleaner solutions across industries.
• Improvements in Tire Durability and Performance: Enhancing tire durability and performance is of great importance today. Developments in rubber materials and tread design are improving tire durability, grip, and resistance to erosion and thermal damage. This trend is driven by the need for tires that can handle the high demands of industrial use while reducing operational costs.
• Individualization and Wholesale of Specific Tire Models: There is a growing demand for customization and specialized tire solutions. Businesses are now offering customized tire solutions for specific purposes, such as various tread patterns for different surfaces and load sizes. This trend enables improved performance and effectiveness across diverse industry environments.
Notable changes in the forklift tire market are driven by emerging trends such as the shift from traditional tires to solid ones, the embedding of smart technologies, the adoption of eco-friendly designs, and improvements in durability and performance. These trends enhance safety, sustainability, and efficiency in tire design and application.
Recent Developments in the Forklift Tire Market
Recent trends observed in the forklift tire market indicate significant advancements in technology, science, and operational efficiency over the past few years. These developments focus on tire performance, lifespan, and sustainability according to industrial sector needs.
• Market Progression Towards Solid and Non-Pneumatic Tires: Adoption of solid and non-pneumatic tires is on the rise, as these tire types offer more reliable operation and require less maintenance. These tires are designed to provide protection under heavy loads and negative pressure, which is far superior to closed pneumatic tires.
• Smart Tire Technology Integration: The use of onboard tire technologies, including various sensor systems, has enhanced fleet management. Predictive maintenance capabilities improve safety and reduce downtime by providing valuable data about tire conditions and performance.
• Enhanced Durability and Performance: New developments in rubber compounds and tread designs are increasing both longevity and performance. Advances in materials science are leading to tires with better grip, longer endurance, and improved anti-abrasion properties.
• Customization and Specialized Solutions: Customized and specialized tire solutions are increasingly popular. Tire manufacturers are designing tire beads with variations to meet specific industry needs, such as different bead designs for various floor types.
The ongoing changes in the forklift tire market, including the adoption of solid tires, smart technologies, and enhanced performance solutions, are helping to revolutionize the industrial sector. These improvements respond to the growing demands for performance, safety, and environmentally friendly solutions.
Strategic Growth Opportunities for Forklift Tire Market
The forklift tire market presents multiple strategic growth opportunities due to technological progress, increasing industrial needs, and new regulations. These opportunities can greatly enhance competitiveness and drive market growth if leveraged properly.
• Expansion into New Geographies: Emerging markets present excellent opportunities for forklift tire manufacturers, as they are experiencing rapid industrialization and increased demand for logistics solutions. Expanding into these regions can help capture new market segments and meet the growing need for tailored material-handling products.
• Research and Production of Green Tires: Researching and producing environmentally friendly tires is a strategic opportunity. As regulations tighten and environmental risks increase, the demand for greener tires and sustainable manufacturing processes is growing.
• Development of Intelligent Forklift Tires: One of the main growth opportunities is the development of intelligent tires with integrated smart technologies. These tires can improve fleet management, enhance safety, and reduce maintenance costs by providing real-time monitoring and predictive analysis.
• Provision of Tubes and Specialized Tires: Providing tube and tub solutions can meet the specific operational needs of different sectors. Varied tire requirements, such as distinct tread patterns, shapes, and materials, can be addressed to ensure efficiency in various market environments.
• Emphasis on Performance and Longevity: There is rising demand for high-performance, durable forklift tires that can endure harsh working conditions. Investing in research to improve durability, traction, and wear resistance can help manufacturers overcome competition and thrive in high-intensity operational environments.
Strategic growth opportunities in the forklift tire market include geographic expansion, development of green tires, integration of smart technologies, enhanced customization, and a focus on performance-driven solutions. Pursuing these avenues can lead to significant growth and innovation within the industry.
Forklift Tire Market Driver and Challenges
The forklift tire market is influenced by a range of forces and constraints, including technological advancements, economic conditions, and regulatory pressures. Understanding these factors is essential for navigating the market and overcoming barriers.
Drivers of the Forklift Tire Market:
• Technological Advancements: Innovations in tire technology, such as new materials, smart technology, and improved manufacturing processes, are driving market growth. These advancements enhance tire performance, durability, and efficiency, making them attractive to businesses.
• Regulatory Pressures: Increasing legal restrictions on safety and environmental protection are driving the use of eco-friendly, high-performance tires. Regulations on product manufacturing help the market grow and present opportunities for creating more environmentally sustainable and safer tire products.
• Industrial Growth and Urbanization: Rapid industrial growth and urbanization are increasing the demand for efficient material-handling solutions, including advanced forklift tires. This growth creates opportunities for durable, high-performance tires, which are essential for the logistics sector.
• Focus on Sustainability: In the forklift tire industry, there is growing emphasis on sustainability, with tires made from recycled materials and produced using green methods in high demand. This trend aligns with broader societal goals and regulatory requirements regarding the use of environmentally safe materials.
• Cost Efficiency and Performance: Companies are increasingly seeking cost-effective, high-performing tires that reduce maintenance costs, improve longevity, and enhance operational efficiency, thus driving market growth.
Challenges in the Forklift Tire Market:
• High Initial Costs: The high upfront costs associated with advanced tires, such as smart technologies and eco-friendly options, can be a barrier to adoption. These costs may deter some businesses, particularly in markets where cost sensitivity is higher.
• Limited Charging Infrastructure: Tires equipped with smart technologies require adequate charging and maintenance infrastructure, which may not always be available. Without the necessary infrastructure, it is challenging to fully capitalize on the benefits of these advanced tire solutions.
• Technological Complexity: The integration of advanced tire technologies, such as smart sensors and IoT systems, can create challenges in terms of system integration and maintenance. Many businesses may struggle with managing and servicing these complex technologies.
Technological progress, regulatory drivers, industrial growth, sustainability, and cost efficiency are key factors driving the forklift tire market. However, challenges such as high initial costs, lack of infrastructure, and technological complexity need to be addressed to fully capitalize on market opportunities.
List of Forklift Tire Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies forklift tire companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the forklift tire companies profiled in this report include-
• LARK
• Yokohama Off-Highway Tires
• Balkrishna Industries
• Bridgestone
• Camso
• China National Tire & Rubber
• Continental
• Hankook Tire & Technology
• IRC Tyre Industrial Rubber Company
• Magna Tyres
Forklift Tire by Segment
The study includes a forecast for the global forklift tire by tire type, material, class, application, and region.
Forklift Tire Market by Tire Type [Analysis by Value from 2018 to 2030]:
• Pneumatic Tires
• Solid Tires
• Cushion Tires
• Polyurethane Tires
Forklift Tire Market by Material [Analysis by Value from 2018 to 2030]:
• Less than 4”
• 6”
• 8”
• 9”
• 10”
• 12”
• 13”
• 15”
• More than 15"
Forklift Tire Market by Class [Analysis by Value from 2018 to 2030]:
• Class 1
• Class 2
• Class 3
• Class 4
• Class 5
Forklift Tire Market by Application [Analysis by Value from 2018 to 2030]:
• Retail/ Wholesale
• Food/ Pharma
• Transport/ Logistics
• Manufacturing
• Automotive
• Ports/ Terminals
• Mining & Construction
• Chemical/ Energy
Forklift Tire Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Forklift Tire Market
The market for forklift tires is undergoing a dynamic transformation, driven by technological advancements, regulatory changes, and industrial evolution. Key developments include advancements in tire materials, a focus on safety and performance, and the adoption of technologies to comply with emerging policies. These trends are enhancing tire performance, durability, and environmental sustainability in various markets.
• US: The US market is seeing the development of improved heavy-duty forklift tires designed to last longer and perform better while maintaining safety standards. Companies are using new rubber materials and tread patterns to enhance traction and reduce maintenance costs. The market is also witnessing an increase in the use of solid and polyurethane tires, which perform well in warehouse operations.
• China: In China, the development of forklift tires has accelerated, particularly with a focus on low-cost, core materials. Manufacturers are investing in increasing production volumes and R&D efforts to enhance tire quality and performance. The market is also seeing the emergence of durable, cost-effective materials and technologies aimed at meeting the needs of both domestic and international markets.
• Germany: Germany’s forklift tire market is highly innovative, with a strong emphasis on green solutions and high performance. Companies are using advanced technologies and recycled materials to produce green tires. Additionally, there is growing interest in smart tires, which are fitted with real-time monitoring sensors, improving tire performance and safety.
• India: The forklift tire market in India is growing rapidly as the country industrializes and modernizes its logistics sector. The focus is on improving tire durability and performance to withstand diverse working conditions. Manufacturers are exploring cost-effective options by using advanced rubber compounds and tread patterns suited to the evolving market.
• Japan: Japan’s forklift tire market is also advancing with innovations in tire technology, particularly around safety. Japanese manufacturers are developing high-tech tires with shock-absorbing layers and noise reduction features. Smart tires that monitor wear levels and enhance performance are also emerging in the market.
Features of the Global Forklift Tire Market
Market Size Estimates: Forklift tire market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Forklift tire market size by various segments, such as by tire type, material, class, application, and region in terms of value ($B).
Regional Analysis: Forklift tire market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different tire type, material, class, application, and regions for the forklift tire market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the forklift tire market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in this market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the forklift tire market size?
Answer: The global forklift tire market is expected to reach an estimated $2 billion by 2030.
Q2. What is the growth forecast for forklift tire market?
Answer: The global forklift tire market is expected to grow with a CAGR of 3.0% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the forklift tire market?
Answer: The major drivers for this market are an increase in e-commerce and large-scale storage, growth of infrastructure and building projects, as well as, technological advancements enhancing tire durability, and a focus on safety and efficiency in material handling processes.
Q4. What are the major segments for forklift tire market?
Answer: The future of the global forklift tire market looks promising with opportunities in the retail/ wholesale, food/ pharma, transport/ logistics, manufacturing, automotive, ports/ terminal, mining & construction, chemical/ energy, and forestry/ wood markets.
Q5. Who are the key forklift tire market companies?
Answer: Some of the key forklift tire companies are as follows:
• LARK
• Yokohama Off-Highway Tires
• Balkrishna Industries
• Bridgestone
• Camso
• China National Tire & Rubber
• Continental
• Hankook Tire & Technology
• IRC Tyre Industrial Rubber Company
• Magna Tyres
Q6. Which forklift tire market segment will be the largest in future?
Answer: Lucintel forecasts that polyurethane tire is expected to witness the highest growth over the forecast period because the tires are significantly more durable and resistant to punctures than other types of forklift tires.
Q7. In forklift tire market, which region is expected to be the largest in next 5 years?
Answer: In terms of regions, APAC is expected to witness highest growth over the forecast period due to the rapid rise in the automotive industry in nations like China, South Korea, India, and Japan, as well as the strict regulations governing employee health and safety at work.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the forklift tire market by tire type (pneumatic tires, solid tires, cushion tires, and polyurethane tires), material (less than 4”, 6”, 8”, 9”, 10”, 12”, 13”, 15”, and more than 15"), class (class 1, class 2, class 3, class 4, and class 5), application (retail/ wholesale, food/ pharma, transport/ logistics, manufacturing, automotive, ports/ terminals, mining & construction, chemical/ energy, and forestry/ wood), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Forklift Tire Market, Forklift Tire Market Size, Forklift Tire Market Growth, Forklift Tire Market Analysis, Forklift Tire Market Report, Forklift Tire Market Share, Forklift Tire Market Trends, Forklift Tire Market Forecast, Forklift Tire Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.