Global Forklift Tires Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

• In February 2021, Good Year Tire & Rubber announced the acquisition of Cooper Tire & Rubber Company in a deal worth USD 2.5 billion, including debts. This acquisition will strengthen Goodyear's product offerings and likely create a stronger presence in distribution and retail channels.

• In July 2021, Hangcha launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. These trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.

• In July 2021, KION Group AG set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.

The global forklift tires market is segmented by type into pneumatic forklift tires, solid forklift tires, and polyurethane forklift tires. Pneumatic forklift tires are air-filled tires that offer a smooth ride and are ideal for rough, uneven surfaces typically found in outdoor environments. These tires are often used in applications where high stability and shock absorption are necessary, such as in construction or outdoor storage yards. Solid forklift tires, on the other hand, are made from solid rubber and are more durable, providing a longer lifespan and being better suited for indoor applications or environments with a lot of obstacles. These tires are puncture-resistant and require less maintenance. Polyurethane forklift tires are lightweight, offer excellent traction, and are often used in warehouses or facilities where weight is a concern and smoother handling is needed. These tires provide a balance of durability and performance on smooth surfaces.

The market is also segmented by sales channel into OEM (Original Equipment Manufacturer) and aftermarket. The OEM segment includes tires that are sold as part of a new forklift purchase, often bundled with the equipment as a complete package. These tires are designed specifically for the forklift model, ensuring compatibility and optimal performance. The aftermarket segment covers replacement tires, typically sold through tire dealers or service providers. Aftermarket tires allow businesses to replace worn-out tires without purchasing a whole new forklift, offering a more cost-effective option for maintaining equipment.

By application, the forklift tires market is divided into several key sectors, including retail/wholesale, food/pharma, transport/logistics, manufacturing, automotive, ports/terminals, mining & construction, chemical/energy, forestry/wood, and others. In the retail and wholesale sectors, forklifts are used for material handling, often in large warehouse settings where durable and efficient tires are required for daily operations. In food and pharmaceutical industries, forklifts are critical for moving goods in temperature-controlled environments, which often demand specialized tires to ensure safety and efficiency. The transport and logistics sector heavily relies on forklifts for loading, unloading, and moving goods, with tires designed to handle a variety of surfaces. In manufacturing and automotive sectors, forklifts help with moving heavy parts and materials within factories, where solid and durable tires are often preferred. The ports/terminals application relies on forklifts for container handling, while the mining and construction industries require robust tires that can withstand tough, uneven surfaces. Chemical/energy sectors also use forklifts for transporting materials, often in hazardous environments, requiring tires that meet safety standards. Lastly, the forestry/wood sector utilizes forklifts to move large logs and timber, where tires need to offer traction and support on rugged terrain. The "others" category includes any other specialized uses of forklifts in unique industries or applications.

Global Forklift Tires Market Analysis

In this report, the Global Forklift Tires Market has been segmented by Type, Sales Channel, Application, and Geography.

Global Forklift Tires Market, Segmentation by Type

The Global Forklift Tires Market has been segmented by Type into Pneumatic Forklift Tires, Solid Forklift Tires and Polyurethane Forklift Tires.

Pneumatic forklift tires are air-filled, providing a cushioned ride and making them ideal for outdoor use, particularly on rough or uneven surfaces like construction sites or outdoor storage yards. These tires offer excellent shock absorption, improving safety and stability when moving heavy loads across rugged terrain. They are also commonly used in environments that require higher traction and durability.

Solid forklift tires, made from solid rubber, are more durable and puncture-resistant than pneumatic tires. These tires are ideal for indoor environments such as warehouses and distribution centers where sharp objects on the floor could damage air-filled tires. Solid tires are known for their long lifespan and are commonly used in settings that demand heavy-duty performance and minimal downtime. While they do not offer the same shock absorption as pneumatic tires, solid tires provide superior stability, especially when handling heavy loads on smooth or hard surfaces.

Polyurethane forklift tires are lighter and more durable than traditional rubber tires, making them ideal for use in environments where weight is a concern, such as in indoor warehouses with high-load handling or narrow aisles.

Global Forklift Tires Market, Segmentation by Sales Channel

The Global Forklift Tires Market has been segmented by Sales Channel into OEM and Aftermarket.

The OEM segment encompasses tires supplied directly by manufacturers with new forklifts, ensuring compatibility and optimal performance with specific models. These tires are typically installed during the assembly process and are designed to meet the manufacturer's specifications and quality standards. OEM tires are preferred by many customers seeking seamless integration and reliable performance, particularly in industries where uptime and productivity are critical.

In contrast, the Aftermarket segment comprises tires that are purchased separately from the original manufacturer, either as replacements for worn-out tires or as upgrades to enhance performance or meet specific application requirements. Aftermarket tires offer a wide range of options in terms of brands, materials, and features, providing flexibility and customization options for forklift owners. This segment caters to diverse customer needs, including cost-effectiveness, specialized applications, and aftermarket customization.

Global Forklift Tires Market, Segmentation by Application

The Global Forklift Tires Market has been segmented by Application into Retail/ Wholesale, Food/ Pharma, Transport/ Logistics, Manufacturing, Automotive, Ports/ Terminals, Mining & Construction, Chemical/ Energy, Forestry/ Wood, and Others.

In the retail/wholesale sector, forklifts are primarily used in large warehouses and distribution centers for material handling. These operations demand durable and efficient tires that can handle heavy loads and high-frequency use, making both solid and pneumatic tires popular choices for these applications.The food/pharma industry requires forklifts for transporting goods in temperature-controlled environments like refrigerated warehouses. Tires used in this sector need to be resistant to the effects of temperature fluctuations and contamination, which is why solid and polyurethane tires are often favored for their durability and ability to perform reliably in controlled environments. Transport/logistics operations also heavily rely on forklifts for the efficient handling of packages and materials at warehouses and transport hubs, where pneumatic tires are typically used for their ability to handle both indoor and outdoor terrains.

In the manufacturing and automotive industries, forklifts are essential for moving heavy parts and materials on factory floors or assembly lines. Solid tires are commonly used in these sectors for their stability and ability to support high loads without the risk of punctures. Similarly, in ports/terminals, where containers are frequently moved, forklifts with solid or pneumatic tires provide the necessary strength and traction to lift and transport large cargo efficiently.

The mining & construction sectors require heavy-duty forklifts that can operate on rugged terrains. Pneumatic tires are often preferred here due to their ability to absorb shock and maintain stability on rough surfaces. In the chemical/energy industries, forklifts handle hazardous materials and equipment, requiring tires that are durable and resistant to chemicals. Solid tires are often used in these sectors for their robustness and reduced maintenance needs. In the forestry/wood industry, forklifts are used to transport logs and other materials, where tires must offer excellent traction and durability on uneven, often muddy terrain.

The others category encompasses any specialized forklift applications not covered by the previous sectors, such as forklifts used in niche industries like aerospace or specialized manufacturing processes. In each of these applications, the choice of forklift tire depends on factors such as load requirements, environment, terrain, and the frequency of use.

Global Forklift Tires Market, Segmentation by Geography

In this report, the Global Forklift Tires Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Forklift Tires Market Share (%), by Geographical Region, 2023

North America represents a significant market for forklift tires, driven by the robust industrial sector, extensive logistics and warehousing operations, and widespread adoption of forklifts in various industries such as manufacturing, construction, and e-commerce. The region's emphasis on workplace safety, efficiency, and productivity further fuels the demand for high-quality forklift tires, both OEM and aftermarket. Additionally, technological advancements and innovations in tire materials and design contribute to market growth in North America.

Europe also commands a considerable share in the global forklift tires market, characterized by the presence of leading manufacturers, stringent safety regulations, and a well-established industrial infrastructure. The region's focus on sustainability, environmental standards, and ergonomic workplace practices drives the adoption of advanced forklift tires designed for durability, performance, and reduced environmental impact. Furthermore, the growing trend towards automation and smart logistics solutions propels the demand for specialized forklift tires tailored for automated guided vehicles (AGVs) and other material handling equipment.

In the Asia Pacific region, rapid industrialization, urbanization, and expansion of e-commerce platforms fuel the demand for forklift tires, particularly in emerging economies such as China, India, and Southeast Asian countries. The burgeoning manufacturing sector, coupled with investments in logistics infrastructure and supply chain modernization, presents lucrative opportunities for forklift tire manufacturers and suppliers. Moreover, increasing awareness about workplace safety standards and technological advancements drive the adoption of innovative tire solutions in the Asia Pacific region.

This report provides an in depth analysis of various factors that impact the dynamics of Global Forklift Tires Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers :

• Rapid Growth
• Growing Trend of Electrification of Forklift Trucks

• High Demand for Pneumatic Forklift Tires - The global forklift tires market is experiencing a surge in demand for pneumatic forklift tires, driven by several key factors shaping the industry landscape. Pneumatic forklift tires are known for their versatility, offering superior traction, cushioning, and load-bearing capacity across various indoor and outdoor applications. This versatility makes them ideal for use in diverse industrial environments, including warehouses, distribution centers, manufacturing facilities, construction sites, and ports.

  One of the primary drivers behind the high demand for pneumatic forklift tires is the increasing adoption of electric forklifts, particularly in warehouse and logistics operations. Electric forklifts are favored for their environmentally friendly operation, reduced noise levels, and lower maintenance requirements compared to internal combustion engine (ICE) forklifts. Pneumatic tires complement the performance of electric forklifts by providing enhanced traction and stability, allowing for smooth and efficient material handling in indoor and outdoor settings.

  Moreover, the growing emphasis on workplace safety and ergonomics is fueling the demand for pneumatic forklift tires equipped with advanced features such as improved shock absorption and reduced vibration. These features help minimize operator fatigue and discomfort, resulting in a safer and more comfortable working environment. Additionally, pneumatic tires offer excellent puncture resistance and durability, ensuring reliable performance even in challenging operating conditions.

Restraints :

• Fluctuations in Raw Material Prices
• Stringent Environmental Regulations

• Lack of Awareness about Safety - The global forklift tires market faces a significant challenge stemming from a lack of awareness about safety standards and best practices among end-users and industry stakeholders. Despite the critical role that tires play in ensuring the safe operation of forklifts and other material handling equipment, there remains a pervasive lack of awareness regarding the importance of proper tire maintenance, selection, and usage.

  One of the primary reasons for this lack of awareness is the fragmented nature of the forklift tires market, with numerous manufacturers, suppliers, and distributors offering a wide range of products with varying specifications and performance characteristics. This fragmentation makes it challenging for end-users to navigate the complex landscape of tire options and make informed decisions regarding tire selection and maintenance.

Opportunities :

• Growth of Rental Market

• Focus on Forklift - The global forklift tires market is witnessing a significant focus on enhancing the performance, efficiency, and safety of forklift operations. Forklifts play a crucial role in various industries such as manufacturing, logistics, warehousing, and construction, where they are extensively used for material handling and transportation tasks. As a result, there is a growing emphasis on optimizing forklift performance through the use of high-quality tires that can withstand heavy loads, provide excellent traction, and ensure stability in diverse operating conditions.

  One of the key areas of focus in the forklift tires market is the development of advanced tire technologies that enhance the overall performance and durability of forklifts. Manufacturers are investing in research and development to create innovative tire designs, materials, and tread patterns that offer superior grip, reduce wear and tear, and improve fuel efficiency. Additionally, there is a rising demand for specialized forklift tires designed to operate in specific environments such as indoor warehouses, outdoor construction sites, and rough terrain applications.

Key players in Global Forklift Tires Market include

• Camso
• Continental AG
• Trelleborg AB
• Michelin
• he Yokohama Rubber Co. Ltd
• Advance Tire Inc

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis