Forklift Tire Market Synopsis

Forklift Tire Market Size is Valued at USD 1.91 Billion in 2023, and is Projected to Reach USD 2.46 Billion by 2032, Growing at a CAGR of 3.20% From 2024-2032.

The forklift tire industry includes the manufacturing, supply and trading of tires intended for use in forklifts and other equipment within the material handling sectoren. These tires are built to handle the specific performance requirement of different industries such as welfare, construction, and production. The market has the solid and pneumatic tires suitable for the indoor and the polyurethane tires suitable for the outdoor use. With business managers paying more and more attention to logistics and supply chain operation, the need for specialized forklifts tires further expands as technology improvement and transitional change in operation demands.

• Forklift tire consumption is influenced largely by the growth of the operating economy, especially in e-commerce and retailing. Growing these industries or businesses lead to increased need of space for warehousing of goods and an enhanced need to transport goods from one place to the other through mechanized methods hence creating demand for forklifts. Therefore, there has been significant demand for superior forklift tires capable of handling the additional operations in warehouses and distributors’ centers. Furthermore, growth of automations and mechanization in material handling processes also increased inflow of demand for special types of tires that improves its performance and safety.
• Another factor is more specific, it is the trend towards making industry processes more and more sustainable and energy-wise. Research has shown that many firms are embracing sustainable management by incorporating quality materials and technology that may be useful for forklift tyres. With the focus being shifted toward sustainable products, manufacturers are finding ways in which to optimize tires with regards to their ability to provide long-term use and high levels of performance while using perhaps less resources and emitting a lighter amount of pollutants. The transition of material handling to being environmentally friendly is expected to make an even bigger contribution towards the growth of the global forklift tire market in the future.

Forklift Tire Market Trend Analysis

Growing adoption of advanced tire technologies.

• One emerging feature of the forklift tire market is the incremental use of high new tire technologies. Current advancements in smart technologies are seen on forklift tires, this include pressure monitoring systems and wear indicators hence improving on productivity and safety. These novelties help operators to track the state of the tires in detail and exclude essential situations connected with tires, besides, to increase the useful resource of tires. This paper anticipates that as companies seek to make maximum use of their systems, there’ll be an increasing market for technologically informed forklift tires.
• Another is the shift in choice from pneumatic tires used in most conveyor operations to the solid types because of their longer service life and low maintenance. They do not often puncture, and hence, they do not need much inflation while they can withstand rough terrains that may prevail in warehouse and construction settings. Due to the need to acquire quality and affordable products, the use of solid tires is gradually becoming a trend among organizations. There is a trend in the market that is gradually changing the competitive benchmark of the forklift tire market.

Growing need for efficient material handling solutions, including forklifts equipped with specialized tires.

• The forklift tire market also indicates that the introduction of new tire variants can create additional opportunities for manufacturers of forklift tires. Because the developing countries are gradually industrializing, there is increasing demand for material handling equipment such as forklifts with specific tires. This is an opportunity for the tyre manufacturers to set their market in these areas meeting the dynamic needs of various industries like logistics, manufacturing and construction. Moreover, growth can become progressive in these markets as companies continue to focus on operation, and possibly lead to innovative tires that have better performance, thus requiring little to no replacement time.
• Also, the growing trend to electric forklifts provides tire manufacturers with a special chance for the market development. With increasing number of businesses investing in electric material handling equipment due to its environmental impact, investment on tires special for electric forklifts will likely to increase. This movement not only defines a new product category but also generates competitive pressure on manufacturers to design roads that meet the needs of electric forklifts, for example, reduced rolling resistance and increased adhesion.

Forklift Tire Market Segment Analysis:

Forklift Tire Market Segmented on the basis of type, Load Capacity and end user.

By Type, Solid Tires segment is expected to dominate the market during the forecast period

• The forklift tire market is segmented by type into three main categories: The three types of tires include solid tires, pneumatic tires and polyurethane tires. Solid tires are made from solid rubber and have been developed mainly for their toughness and for their reliability against punctures thus they are used widely in application, particularly in warehouses and construction sites. While the former is solid and cylindrical and called non-pneumatic or captive air tires, the latter is air-filled and give better shock absorption and traction and therefore used out door where surface is rough. Last of all, polyurethane tires benefit from lighter weight and higher loads as well as poor rolling resistance and better maneuverability in some conditions. Every kind of tire meets certain operational requirements and improves efficiency and safety of forklift operation.

By Load Capacity, y below 3,000 lbs segment held the largest share in 2023

• The forklift tire market can also be segmented by load capacity into three categories: Carrying capacity of the forklifts can be categorized as below 3,000; 3,000 to 5,000; and above 5,000 pounds The tires commonly used for forklifts include small loads forklifts and light duty forklift to be used in Retail store, small Warehouse among others for loads below 3,000. The 3,000 lbs to 5,000 lbs classification is ideal for medium duty applications and are used in many different industries offering both maneuverability and load capacity. Last but not the least, the tires made for loads above 5,000 lbs are meant for the bulky and robust forklifts that require usage in gigantic warehouses, manufacturing or construction industries where the propensity of equipment usage is high, resulting in higher tire stresses. These load capacity categories fit the operational conditions in various facilities dealing with material lifting so as to enhance on performance and safety.

Forklift Tire Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The market of forklift tires is dominated by the North American region owes to the rapid development of logistics and e-commerce business. The availability of metric measures in the United States and Canada is the reason why many marketers of material handling equipment and forklifts have set more companies. And, as these industries grow, there is every sign that markets for forklift tires designed to meet specific operational needs will remain buoyant. Also, rising trend towards technological development and sustainability across North American region is adding to the growth of this forklift tire market. • Also, North American market has a strong distribution channel and shows high levels of innovation amongst contenders. The presence of major retailers and warehousing companies in the United States and Canada has led to increased investments in material handling equipment, including forklifts. As these industries continue to expand, the demand for specialized forklift tires tailored to meet operational requirements will likely remain strong. Additionally, the increasing focus on technological advancements and sustainability in North America further supports the growth of the forklift tire market in this region.
• Moreover, the North American market benefits from a well-established distribution network and a high level of innovation among key players. Developing high-quality tire technologies is given high priority in this region, this is because, manufacturers are aiming to meet the needs of the customers at their highest potential. With companies’ world over seeking to increase effectiveness in their material handling processes, the need for good quality forklift tires will rise, consequently cementing the position of North America as an important market for forklift tires.

Active Key Players in the Forklift Tire Market

• Bridgestone Corporation (Japan)
• Michelin (France)
• Continental AG (Germany)
• Goodyear Tire and Rubber Company (United States)
• Trelleborg AB (Sweden)
• Yokohama Rubber Company (Japan)
• Pirelli & C. S.p.A. (Italy)
• Carlisle Companies Inc. (United States)
• Kenda Rubber Industrial Company Ltd. (Taiwan)
• Sumitomo Rubber Industries Ltd. (Japan)
• Others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Forklift Tire Market by Type
 4.1 Forklift Tire Market Snapshot and Growth Engine
 4.2 Forklift Tire Market Overview
 4.3 Solid Tires
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Solid Tires: Geographic Segmentation Analysis
 4.4 Pneumatic Tires
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Pneumatic Tires: Geographic Segmentation Analysis
 4.5 Polyurethane Tires
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Polyurethane Tires: Geographic Segmentation Analysis

Chapter 5: Forklift Tire Market by Load Capacity
 5.1 Forklift Tire Market Snapshot and Growth Engine
 5.2 Forklift Tire Market Overview
 5.3 Below 3
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Below 3: Geographic Segmentation Analysis
 5.4 000 lbs
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 000 lbs: Geographic Segmentation Analysis
 5.5 3
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 3: Geographic Segmentation Analysis
 5.6 000 lbs to 5
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 000 lbs to 5: Geographic Segmentation Analysis
 5.7 000 lbs
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 000 lbs: Geographic Segmentation Analysis
 5.8 above 5
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 above 5: Geographic Segmentation Analysis
 5.9 000 lbs
  5.9.1 Introduction and Market Overview
  5.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.9.3 Key Market Trends, Growth Factors and Opportunities
  5.9.4 000 lbs: Geographic Segmentation Analysis

Chapter 6: Forklift Tire Market by End-User
 6.1 Forklift Tire Market Snapshot and Growth Engine
 6.2 Forklift Tire Market Overview
 6.3 Warehousing
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Warehousing: Geographic Segmentation Analysis
 6.4 Manufacturing
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Manufacturing: Geographic Segmentation Analysis
 6.5 Retail
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Retail: Geographic Segmentation Analysis
 6.6 Construction
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Construction: Geographic Segmentation Analysis
 6.7 Others
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Others: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Forklift Tire Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 BRIDGESTONE CORPORATION (JAPAN)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 MICHELIN (FRANCE)
 7.4 CONTINENTAL AG (GERMANY)
 7.5 GOODYEAR TIRE AND RUBBER COMPANY (UNITED STATES)
 7.6 TRELLEBORG AB (SWEDEN)
 7.7 YOKOHAMA RUBBER COMPANY (JAPAN)
 7.8 PIRELLI & C S P A (ITALY)
 7.9 CARLISLE COMPANIES INC (UNITED STATES)
 7.10 KENDA RUBBER INDUSTRIAL COMPANY LTD (TAIWAN)
 7.11 SUMITOMO RUBBER INDUSTRIES LTD (JAPAN)
 7.12 OTHER ACTIVE PLAYERS

Chapter 8: Global Forklift Tire Market By Region
 8.1 Overview
 8.2. North America Forklift Tire Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
  8.2.4.1 Solid Tires
  8.2.4.2 Pneumatic Tires
  8.2.4.3 Polyurethane Tires
  8.2.5 Historic and Forecasted Market Size By Load Capacity
  8.2.5.1 Below 3
  8.2.5.2 000 lbs
  8.2.5.3 3
  8.2.5.4 000 lbs to 5
  8.2.5.5 000 lbs
  8.2.5.6 above 5
  8.2.5.7 000 lbs
  8.2.6 Historic and Forecasted Market Size By End-User
  8.2.6.1 Warehousing
  8.2.6.2 Manufacturing
  8.2.6.3 Retail
  8.2.6.4 Construction
  8.2.6.5 Others
  8.2.7 Historic and Forecast Market Size by Country
  8.2.7.1 US
  8.2.7.2 Canada
  8.2.7.3 Mexico
 8.3. Eastern Europe Forklift Tire Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
  8.3.4.1 Solid Tires
  8.3.4.2 Pneumatic Tires
  8.3.4.3 Polyurethane Tires
  8.3.5 Historic and Forecasted Market Size By Load Capacity
  8.3.5.1 Below 3
  8.3.5.2 000 lbs
  8.3.5.3 3
  8.3.5.4 000 lbs to 5
  8.3.5.5 000 lbs
  8.3.5.6 above 5
  8.3.5.7 000 lbs
  8.3.6 Historic and Forecasted Market Size By End-User
  8.3.6.1 Warehousing
  8.3.6.2 Manufacturing
  8.3.6.3 Retail
  8.3.6.4 Construction
  8.3.6.5 Others
  8.3.7 Historic and Forecast Market Size by Country
  8.3.7.1 Bulgaria
  8.3.7.2 The Czech Republic
  8.3.7.3 Hungary
  8.3.7.4 Poland
  8.3.7.5 Romania
  8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Forklift Tire Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
  8.4.4.1 Solid Tires
  8.4.4.2 Pneumatic Tires
  8.4.4.3 Polyurethane Tires
  8.4.5 Historic and Forecasted Market Size By Load Capacity
  8.4.5.1 Below 3
  8.4.5.2 000 lbs
  8.4.5.3 3
  8.4.5.4 000 lbs to 5
  8.4.5.5 000 lbs
  8.4.5.6 above 5
  8.4.5.7 000 lbs
  8.4.6 Historic and Forecasted Market Size By End-User
  8.4.6.1 Warehousing
  8.4.6.2 Manufacturing
  8.4.6.3 Retail
  8.4.6.4 Construction
  8.4.6.5 Others
  8.4.7 Historic and Forecast Market Size by Country
  8.4.7.1 Germany
  8.4.7.2 UK
  8.4.7.3 France
  8.4.7.4 Netherlands
  8.4.7.5 Italy
  8.4.7.6 Russia
  8.4.7.7 Spain
  8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Forklift Tire Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
  8.5.4.1 Solid Tires
  8.5.4.2 Pneumatic Tires
  8.5.4.3 Polyurethane Tires
  8.5.5 Historic and Forecasted Market Size By Load Capacity
  8.5.5.1 Below 3
  8.5.5.2 000 lbs
  8.5.5.3 3
  8.5.5.4 000 lbs to 5
  8.5.5.5 000 lbs
  8.5.5.6 above 5
  8.5.5.7 000 lbs
  8.5.6 Historic and Forecasted Market Size By End-User
  8.5.6.1 Warehousing
  8.5.6.2 Manufacturing
  8.5.6.3 Retail
  8.5.6.4 Construction
  8.5.6.5 Others
  8.5.7 Historic and Forecast Market Size by Country
  8.5.7.1 China
  8.5.7.2 India
  8.5.7.3 Japan
  8.5.7.4 South Korea
  8.5.7.5 Malaysia
  8.5.7.6 Thailand
  8.5.7.7 Vietnam
  8.5.7.8 The Philippines
  8.5.7.9 Australia
  8.5.7.10 New Zealand
  8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Forklift Tire Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
  8.6.4.1 Solid Tires
  8.6.4.2 Pneumatic Tires
  8.6.4.3 Polyurethane Tires
  8.6.5 Historic and Forecasted Market Size By Load Capacity
  8.6.5.1 Below 3
  8.6.5.2 000 lbs
  8.6.5.3 3
  8.6.5.4 000 lbs to 5
  8.6.5.5 000 lbs
  8.6.5.6 above 5
  8.6.5.7 000 lbs
  8.6.6 Historic and Forecasted Market Size By End-User
  8.6.6.1 Warehousing
  8.6.6.2 Manufacturing
  8.6.6.3 Retail
  8.6.6.4 Construction
  8.6.6.5 Others
  8.6.7 Historic and Forecast Market Size by Country
  8.6.7.1 Turkey
  8.6.7.2 Bahrain
  8.6.7.3 Kuwait
  8.6.7.4 Saudi Arabia
  8.6.7.5 Qatar
  8.6.7.6 UAE
  8.6.7.7 Israel
  8.6.7.8 South Africa
 8.7. South America Forklift Tire Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
  8.7.4.1 Solid Tires
  8.7.4.2 Pneumatic Tires
  8.7.4.3 Polyurethane Tires
  8.7.5 Historic and Forecasted Market Size By Load Capacity
  8.7.5.1 Below 3
  8.7.5.2 000 lbs
  8.7.5.3 3
  8.7.5.4 000 lbs to 5
  8.7.5.5 000 lbs
  8.7.5.6 above 5
  8.7.5.7 000 lbs
  8.7.6 Historic and Forecasted Market Size By End-User
  8.7.6.1 Warehousing
  8.7.6.2 Manufacturing
  8.7.6.3 Retail
  8.7.6.4 Construction
  8.7.6.5 Others
  8.7.7 Historic and Forecast Market Size by Country
  8.7.7.1 Brazil
  8.7.7.2 Argentina
  8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research