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The global forklift tires market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 6.52% during the forecast period (2020 - 2025).
- Forklift is one of the most common material-handling equipment in almost every industry around the world. Although there are a large number of automated solutions arriving in the market, the demand for manual internal combustion (IC) and electric forklifts have not dwindled.
- The forklift is being used in a wide number of industries which includes construction, mining, manufacturing & distribution, owing to the wide range of applications the demand for forklift tires has increased significantly over the last decade and is likely to witness growth over the forecast period.
- The growing world economy boosting the industrialization and is driving the forklift demand which in turn fueling the forklift tires market. Another factor that is giving the boost to the forklift tire market is the rapid expansion of retail and e-commerce industries in developing economies such as India, Brazil, Singapore, and Mexico.
- One of the latest trends which is driving the forklift tire market is the growing demand for non-marking tires, as industries want to maintain hygiene in the workplace. The European Union has initiated regulations on tire manufacturers to control the emission of carbon black, which in turn is fueling the demand for non-marking type forklift tires
Key Market Trends
Forklift Tires Market Likely to Register Steady Growth Despite Uncertainties In World Economy
The manufacturers and suppliers of forklift and associated components and services has predicted a modest strengthening in the market for the sector despite the economic upheaval imposed by continuing uncertainty over Brexit. The forklift tires market is likely to grow over the next three years, largely due to increased levels of activity in sectors such as food & beverages, transport & storage, and retail & wholesale distribution. For instance, FY 2018 was a comparatively strong one for the forklift truck industry with sales increasing 2.5% to more than 35,000 units.
Recent trends in warehouse bookings have been positive, with Q1 2019 seeing a 14.3% year-on-year growth although this was in part a reflection of an unusually weak first quarter last year. This rate of growth is unlikely to be sustained over the remaining three quarters, but predictions are for year-on-year growth of around 0.7%, rising to 2.2% during 2020.
Over the last 10 years, the UK forklift market has risen dramatically from a low in 2009 of 17,658 units to just over 35,000 in 2018. The forklift sales have increased over the last decade which is simultaneously giving a boost to the forklift tire market.
Asia-Pacific is likely to Lead the Forklift Tire Market
The global forklift tire market is likely to dominate by Asia-Pacific followed by North America and Europe respectively. The Chinese forklift market registered an increase of 34.2% and contributed with 470.000 units of forklifts in 2017. The amount grew rapidly up to 600.000 by the end of 2018. That turnover means a significant piece of the total forklift sales worldwide, which reached 1.334 million units.
The demand for more advanced forklift machinery is growing United States. For instance, in 2019, Toyota Material Handling North America (TMHNA) selected four research proposals to provide the industry with solutions that are smarter, more efficient in terms of new technology and innovative approaches which can help the industry for material handling, warehouse, supply chain, logistics. The growing demand of forklift machinery is driving the forklift tires market globally.
The forklift tire market is fragmented. The increasing penetration of e-commerce in several parts of the world is boosting the demand for Industrial vehicles which is further boosting the forklift tire market. Overall, the competitive rivalry among existing competitors is high. Moving forward, acquisitions and collaboration of large companies with different material handling and supply chain management companies are expected, which are focused toward product expansion and innovation.
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