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. ![]() Thus, all these aforementioned factors are likely to contribute to the market growth in the Asia-Pacific region during the Forecasts period. The growing demand for advanced forklift machinery is driving the forklift tires market globally. 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.Ĭhina 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 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. The forklift tires market is likely to be dominated by Asia-Pacific, followed by North America and Europe, respectively. So, flexibility in manufacturing processes is playing a key role in accommodating last-minute design changes in the forklift tires market.Īsia-Pacific Likely to Lead the Forklift Tires Market Manufacturers are experimenting with the production of a combination of solid and pneumatic 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. Hence, manufacturers are increasing efforts to become more agile in their production practices to avoid the incidence of flat spotting in polyurethane forklift tires. Companies in the forklift tires market are improving their machining capabilities to modify existing tooling according to different hub designs.įor 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. However, profile irregularities caused due to flat spotting incidence are likely to impact the market growth. ![]() Polyurethane forklift tires are gaining increased popularity due to their chemical-resistant attributes. Innovations to Drive the Polyurethane Forklift Tires MarketĪ plethora of innovations is bolstering the growth of the forklift tires market. Asia-Pacific leads the forklift tire market owing to the presence of a large number of forklifts in China, followed by Europe and North America. Moreover, the electric forklift segment is anticipated to expand at a high growth rate during the Forecasts period owing to their rising preference in material handling applications. ![]() In addition, the European Union has enacted regulations on tire manufacturers to control carbon emissions, which is fueling the demand for non-marking type forklift tires. However, the market is expected to grow at a steady rate due to the rapid expansion of retail and e-commerce industries in developing economies such as India, Brazil, Singapore, and Mexico.įurther, the growing demand for non-marking tires to maintain hygiene in workplaces is one of the latest trends fueling the forklift tire market growth. The COVID-19 pandemic has hindered the growth of the forklift tires industry as forklifts are widely used in various industries owing to their wide range of applications. The forklift tires market was valued at USD 2.1 billion in 2021, and it is expected to reach USD 3.15 billion in 2027, registering a CAGR of above 5% during the Forecasts period (2021 - 2027).
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