Forklift Tire Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

Published Date : Oct 2020 | No. of Pages : 200 Pages | Category : Automation and Transport

According to Vision Research Reports, The global forklift tire market is expected to grow at a CAGR of 4.8% and to surpass US$ 3.1 Bn by 2027, driven by the increase in adoption of forklifts across industries to improve productivity and safety of workers. The forklift tire market is largely concentrated in East Asia, Europe, and North America, owing to the presence of large industries in the region. Increasing industrialization in Latin America and Middle East & Africa is anticipated to boost the adoption of forklifts in these regions and subsequently, drive the global forklift tire market during the forecast period.

The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.

Based on tire type, the global forklift tire market has been classified into solid tire, pneumatic tire, cushion tire, and polyurethane tire. The solid tire segment held a leading share of the global forklift tire market in 2019 due to its high load carrying capacity making it a preferred choice for forklift operators. Polyurethane tires are expected to record high demand due to their increased preference on forklifts used in indoor applications and warehouses.

Based on forklift type, the global forklift tire market has been segregated into electric and IC engine. The electric segment held a leading share of the global forklift tire market in 2019. Electric forklifts have low operating cost, demand less maintenance, are environment-friendly, and suitable for indoor applications. Thus, they have gained high preference. Regions with highly developed industrial sector such as Europe, North America, and East Asia witness high share of electric forklifts. Developing regions such as South APAC, Latin America, and Middle East & Africa have significant share of IC engine forklifts; however, they are expected to be rapidly replaced by electric forklifts during the forecast period.

Based on sales channel, the global forklift tire market has been split into OEM and aftermarket. The aftermarket share held a major share of the global forklift tire market, owing to the wear & tear nature of the tire, which demands periodic replacement. The OEM segment of the forklift tire market is anticipated to expand at a high growth rate due to the increase in the demand for forklifts, owing to the expansion of manufacturing & trade & logistics sectors.

East Asia held a notable share of the global forklift tire market, owing to high usage of forklifts in China, Japan, and South Korea. East Asia is followed by Europe and North America due to the presence of developed industrial sector in these regions. North America is an economically developed region with strong a manufacturing sector. Forklifts are extensively utilized in the region and hence, North America is a key market for forklift tires globally. The COVID19 pandemic has severely impacted the U.S. with production cuts across the country. Post COVID19 recession tailwinds, the forklift tire market is anticipated to expand at a steady pace in North America.

South APAC has presence of countries with rapidly expanding economies, which promise higher adoption of forklifts.

  • Key players operating in the global forklift tire market include
  • Bridgestone Corporation
  • MICHELIN,
  • Continental AG
  • BKT
  • China National Tire Rubber & Co.
  • Yokohoma Corporation

Market Segmentation

  • Forklift Tire Market, by Tire Type
    • Pneumatic Tire
    • Solid Tire
    • Cushion Tire
    • Polyurethane Tire
  • Forklift Tire Market, by Forklift Type
    • Electric
    • IC Engine
  • Forklift Tire Market, by Sales Channel
    • OEM
    • Aftermarket
  • Forklift Tire Market, by Region
    • North America
    • Europe
    • East Asia
    • South APAC
    • Middle East & Africa
    • Latin America

The Forklift tire market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Forklift tire market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Forklift tire market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Forklift tire market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Forklift tire market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Forklift tire capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Forklift tire by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Forklift tire market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Forklift tire market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Forklift tire market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Forklift tire industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Forklift tire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Forklift tire market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Forklift tire market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Forklift tire market. These factors have benefited the growth of the global market for Forklift tire. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Forklift tire. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Forklift tire are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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