Forklift tires are a type of industrial off-the-road tires that are used for special purpose applications such as that on forklifts. Forklift tires have a smaller diameter and generally the rims are between 8 to 10 inches.
Recovery of the global economy has boosted industrialization and is driving the sales of forklifts, which in turn boosting the demand for forklifts tires. Expansion of retail and e-commerce industries has led to higher sales of forklifts, which in turn is driving the forklift tire market. Increasing Industrialization in developing countries such as India, Mexico, and Brazil is further expected to drive the use of forklifts and propel the demand of the forklift tires. The market is witnessing a trend of non-marking tires, as the food industry and hygiene product companies are demanding tires that do not leave carbon marks. The EU has enacted regulations on tire manufacturers to control the emission of carbon black, which in turn is fueling the demand for non-marking type forklift tires
The global forklift tire market can be segmented based on tire type, forklift type, sales channel, and region. Based on tire type, the forklift tire market can be classified into cushion tires, solid pneumatic tires, air-filled pneumatic tires, polyurethane, and non-marking tires. Cushion tires are solid tires that can be directly fitted onto the wheels. Cushion tires offer smaller turning radii and are widely preferred in indoor applications and outdoor paved surfaces. The solid pneumatic tires accounted for a major share of the global forklift tire market. Solid pneumatic tires can be used for a combination of indoor and outdoor applications. The solid pneumatic tires segment is estimated to expand at a steady pace owing to the expansion of warehousing and logistics industries. Pneumatic air-filled tires are similar to conventional car tires and provide good traction and are efficient in outdoor applications. Demand for polyurethane tires is rising owing to their light weight and low-rolling resistance. Polyurethane tires are also having twice the lifespan as compared to that offered by rubber tires. Therefore, polyurethane tires are preferred for indoor industrial shop floors and warehouses.
Based on forklift type, the forklift tire market can be divided into electric forklift and IC engine forklift. The electric forklift segment is anticipated to expand at a high growth rate during the forecast period owing to their rising preference for material handling applications.
In terms of sales channel, the global forklift tire market can be bifurcated into OEM and aftermarket. The aftermarket segment accounted for a prominent share of the forklift tire market owing to the wear & tear nature of tires, which demand periodic replacement.
Based on region, the global forklift tire market is segmented under North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific leads the global forklift tire market owing to the presence of a large number of forklifts in China. Asia Pacific, followed by Europe and North America.
Key players operating in the global forklift tire market are Trelleborg AB, Michelin, Continental AG, Balkrishna Industries Limited, and Mitas.
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