Global Industrial Truck Tire Market Size, Share, and Trends Analysis Report, By Type (Pneumatic Forklift Tires, Solid Forklift Tires, and Polyurethane Forklift Tires) and By Application (OEM and Aftermarket), Forecast (2022-2028)

The industrial truck tire market is anticipated to grow at a significant CAGR of 2.0% during the forecast period (2022-2028). An industrial truck tire is a type of tire capable of carrying a weight across rugged terrain. Solid forklift tires, pneumatic/ air-filled forklift tires, and foam-filled forklift tires are all examples of industrial truck tires. For decades, businesses have relied on industrial vehicles to transport commodities from one site to another. These vehicles have a huge advantage over other modes of transportation, like trains or shipping containers, in that they can easily be driven inside warehouses and factories, allowing them to transfer products throughout the nation fast and effectively without compromising security. The demand for commercial vehicles has risen dramatically in recent years as a result of several factors, such as the rising global population and the growing need for speedy delivery services, among others, resulting in greater use of commercial cars. Several reasons have contributed to the industry’s rise, including improved performance, low-cost maintenance, and a long-life expectancy, to name a few. Furthermore, the increased use of forklift trucks in numerous industries, such as material handling and mining, has driven truck tire demand in recent years.

The global industrial truck tire market is segmented based on the type and application. Based on the type, the market is sub-segmented into pneumatic forklift tires, solid forklift tires, and polyurethane forklift tires. Based on the application, the market is sub-segmented into OEM and aftermarket. Among these applications, the OEM segment is expected to propel the growth of the market due to the increasing demand and usage of OEM industrial truck tires globally.

The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2021, Bridgestone India launched a new commercial vehicle tire, the V-Steel Mix M721, to strengthen its position in the drive axle tire category. The current model is aimed toward the fast-developing fleet industry and is designed for general cargo, long haul, and highway applications. The V-Steel Mix M721 is a mix of low rolling resistance compound, deeper tread depth, and tie bar that allows for greater tire mileage and even wear, according to Satpute. It is priced 7-10% more than other comparable Bridgestone tires.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Camso (a subsidiary of Arctic Investments SA), Titan International Inc., Continental AG, Trelleborg AB, Michelin, Aichi Tire Industry Co. Ltd., Mitas AB, and Hankook Tire & Technology, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Industrial Truck Tire Market Report by Segment

By Type

• Pneumatic Forklift Tires
• Solid Forklift Tires
• Polyurethane Forklift Tires

By Application

• OEM
• Aftermarket