The COVID-19 epidemic has hampered the expansion of the forklift tire sector, as forklifts are widely employed in a variety of industries because to their versatility. However, due to the fast growth of e-commerce and retail industries in emerging economies such as Brazil, India, Singapore, and Mexico, the industry is predicted to rise at a constant rate. Furthermore, the electric forklift sector is expected to increase at a rapid pace throughout the projected period due to their growing use in materials management applications.
Furthermore, one of the most recent trends fueling the forklift tire market growth is the increased need for non-marking tires to preserve workplace hygiene. Furthermore, the European Union has imposed requirements on tire makers in order to reduce carbon emissions, that is boosting demand for non-marking forklift tires. Increased R&D efforts are expected to enhance the forklift tires market, as new manufacturing and innovations techniques are in high demand. Manufacturers are working with the production of a hybrid tire that combines solid and pneumatic components. As a result, manufacturing process flexibility is critical in allowing last-minute design modifications in the forklift tire industry.
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List of Key Players- Forklift Truck Tire Market
- The Yokohama Rubber Co. Ltd
- CEAT Ltd.
- NEXEN TIRE Corporation
- TVS Srichakra Ltd.
- Toyota Group
Forklift Truck Tire Market Report Highlights
- KION Group, a German producer of forklift trucks and warehousing equipment, chose Trelleborg Wheel Solutions, a producer of wheels and tires for agricultural machinery, as its leading supplier for non-marking tires throughout Europe in February 2020.
- Toyota Material Handling North America (TMHNA) chose four research projects in 2019 to give the industry with better and more efficient products in terms of new technology and innovative techniques that may aid the industry with material handling, warehousing, supply chain, and logistics.
Asia-Pacific is expected to dominate the forklift tire market, followed by Europe. Because of the tremendous expansion of the automobile sector in South Korea, India, Japan, and China, the Asia-Pacific area is the most profitable forklift tire market. Furthermore, regional governments are enforcing strong standards for workplace security and safety, resulting in the rapid deployment of such vehicles.
FORKLIFT TRUCK TIRE MARKET SEGMENTATION
The research report published by Market Research Strategy contains industry segments, as below-
Forklift Truck Tire Type Outlook (Revenue, USD Million, 2016 – 2027)
- Pneumatic Forklift Tires
- Solid Forklift Tires
- Polyurethane Forklift Tires
Forklift Truck Tire Application Outlook (Revenue, USD Million, 2016 – 2027)
- Electric Forklift
- Internal Combustion (IC) Forklift
Forklift Truck Tire Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
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