Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Forklift Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Forklift Tire Market has emerged as a critical segment in the material handling industry, showcasing significant growth and innovation, which is brilliantly captured in a comprehensive new industry research publication.
The report estimates a robust valuation of USD 2 billion for the global market as of 2022. With an impressive projected Compound Annual Growth Rate (CAGR) of 5.12% through 2028, the market is expected to experience substantial growth driven by key factors influencing the demand for forklift tires across a spectrum of industries.
Key Market Drivers: Expansion of Ecommerce and Industrial Sectors
The rapid expansion of the ecommerce and logistics industries, spurred in part by the pandemic-induced acceleration in online shopping, has significantly increased the deployment of forklifts in warehouse operations worldwide. This surge is bolstered by the rising adoption of electric and hybrid forklifts, which necessitates a parallel demand for specialized tires to support their unique performance characteristics.
The manufacturing sector's continued growth, particularly in automotive, construction, and electronics, has further fueled the requirements for efficient material handling, driving the need for durable and high-performance forklift tires. With operational efficacy in the spotlight, businesses are seeking tires that not only raise productivity but also align with safety standards and contribute to operator comfort.
Technological Innovations Spearheading the Way
In the realm of tire technology, noteworthy advancements are paving the path for enhanced durability, performance, and longevity. Innovations such as IoT integration and sensor technology render forklift tire management more intelligent, allowing for predictive maintenance and operational efficiency optimization.
Additionally, sustainability remains a pressing theme as tire manufacturers explore eco-friendly materials and processes to diminish the environmental footprint of their products. This reflects the global shift towards responsible and sustainable business operations.
Regional Spotlight: Asia-Pacific Leads the Charge
Regionally, Asia-Pacific dominates the market, followed by North America and Europe. The growing automotive sector in countries such as China and India, combined with stringent workplace safety standards, accelerates the uptake of forklift tires in Asia-Pacific.
The North American and European markets are also set to witness substantial growth, largely attributable to their fast-paced industrial and warehousing development. The report segments the forklift tire market into pneumatic tires, solid tires, cushion tires, and polyurethane tires, with pneumatic tires holding a considerable market share due to their adaptability to various terrains and excellent shock absorption properties.
- Segmentation Analysis: A thorough examination of market segments based on tire type, sales channel, application type, and geographical distribution.
- Competitive Landscape: Insights into major market players, their strategic positioning, and market dynamics.
- Market Prospects: Future trends and growth opportunities within the market, particularly benefitting stakeholders and investors.
Overall, the market's trajectory is distinctly upward, and this report stands as an essential resource for anyone looking to understand the complexities and dynamics of the Global Forklift Tire Market, its drivers, challenges, and the opportunities it presents for growth and innovation in this pivotal industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2 Billion |
| Forecasted Market Value (USD) by 2028 | $2.68 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Forklift Tire Market has been segmented into the following categories:
Forklift Tire Market, By Tire Type:
- Pneumatic Tires
- Solid Tire
- Cushion Tires
- Polyurethane Tire
Forklift Tire Market, By Sales Channel:
- OEM
- Aftermarket
Forklift Tire Market, By Application Type:
- Manufacturing
- Mining & Construction
- Automotive
- Agriculture
Companies Profiled:
- Continental AG
- Trelleborg AB
- Michelin
- The Yokohama Rubber Co. Ltd
- Advance Tire Inc.
- Hankook Tire & Technology
- Maxam Tire
- Bridgestone Corporation
- Balkrishna Industries
For more information about this report visit https://www.researchandmarkets.com/r/amneq7
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