DUBLIN--(BUSINESS WIRE)--The "Forklift Tires Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The forklift tires market was valued at USD 2 billion in 2020, and it is expected to reach USD 3 billion in 2026, registering a CAGR of above 5% during the forecast period (2021 - 2026).

Companies Mentioned

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

Key Market Trends

Innovations to Drive the Polyurethane Forklift Tires Market

A plethora of innovations is bolstering the growth of the forklift tires market. Polyurethane forklift tires are gaining increased popularity due to their chemical-resistant attributes. However, profile irregularities caused due to flat spotting incidence are likely to impact the market growth. Companies in the forklift tires market are improving their machining capabilities to modify existing tooling according to different hub designs.

For instance, Stellana AB, a provider of polyurethane, rubber, and nylon tire solutions, has adopted flexibility in its manufacturing processes to accommodate different hub designs in polyurethane forklift tires. Hence, manufacturers are increasing efforts to become more agile in their production practices to avoid the incidence of flat spotting in polyurethane forklift tires.

Increased R&D activities are likely to boost the forklift tires market as innovations and new manufacturing processes are occupying positive demand in the market. Manufacturers are experimenting with the production of a combination of solid and pneumatic tires. So, flexibility in manufacturing processes is playing a key role in accommodating last-minute design changes in the forklift tires market.

Asia-Pacific Likely to Lead the Forklift Tires Market

The forklift tires market is likely to be dominated by Asia-Pacific, followed by North America and Europe, respectively. The Asia-Pacific region is the most lucrative forklift tires market due to the rapid growth in the automotive industry in India, South Korea, Japan, and China. In addition, regional governments are implementing strict mandates for security and safety at the workplace, which is leading to the quick deployment of such trucks.

China is expected to play a significant role in the development of forklift tires due to the increased demand, as industrialization and rapid urbanization are boosting the growth of the forklift tires market. The growing demand for advanced forklift machinery is driving the forklift tires market globally. Thus, all these aforementioned factors are likely to contribute to the market growth in the Asia-Pacific region during the forecast period.

In the years to come, the fastest rise in the adoption of forklift vehicles would be seen in North America and Europe on account of the swift industrialization and popularity of non-marking solid tires. The electric forklift segment is also anticipated to expand at a high growth rate in the region during the forecast period owing to their rising preference for material handling applications.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Drivers

4.2 Market Restraints

4.3 Industry Attractiveness - Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 By Type

5.2 By Sales Channel

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/h9ausm

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