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

The global electric forklift tire market is anticipated to grow at a CAGR of 6.5% during the forecast period (2022-2028). Forklift tires are the tires that are used on forklifts. A forklift is one of the most important materials handling equipment and is primarily used for lifting and transporting different materials, products, and goods to warehouses. Electric forklifts require efficient battery power technology which can lift heavy loads without any breakdown or malfunctioning issues. Significant demand in automotive sector is accelerating the growth of the market. With the increase in demand, tire manufacturers are expanding their production capacities and introducing new products with better performance. The growing demand for non-marking tires to maintain hygiene in workplaces are supporting to drive the growth of the market. Non-marking tires are made out of 100% nature rubber without carbon to avoid the black mark while running on the floors. However, in large industries, cranes are used for lifting heavy loads instead of forklifts, thereby lowering the sales of forklifts is the restraining factor for the growth of the market.
The 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. Pneumatic tires are made from natural or synthetic rubber and are used in electric forklifts. These tires use air to support the vehicle’s weight. Solid forklift tires are made of rubber or plastic and do not use air to support the weight of the vehicle. These tires are used as they provide a smooth ride and thus, they are used in indoor applications. Polyurethane forklift tires are made from polyurethane elastomers and have high abrasion resistance as well as tear strength. Polyurethane forklift tires are mainly used in applications where the surface is prone to cuts and tears.
Some major players in the market include Continental AG, Trelleborg AB, and Michelin Group, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in December 2021, MiMA introduced electric four way reach truck with rubber tires. MiMA’s new electric four-way forklift MQD series has a load capacity of 3.0 tons and can lift up to 8 meters. Compared with ordinary reach forklifts, it has the functions of 4 ways driving and in-situ rotation. The MiMA four-way forklift is used for the handling and stacking of long materials and goods such as aluminum profiles, plates, wood, molds and curtain walls, among others.

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-
Continental AG, Trelleborg AB, and Michelin Group, 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 Electric Forklift Tire Market Report by Segment
By Type
Pneumatic Forklift Tires
Solid Forklift Tires
Polyurethane Forklift Tires

By Application
OEM
Aftermarket