Global Outdoor Forklift Tire Market Trends, Business Overview, Industry Growth and Forecast to 2022-2028

The global outdoor forklift tire market is anticipated to grow at a significant CAGR 4% during the forecast period (2022-2028). The rising infrastructure developments coupled with government investment in the infrastructure industry is one of the major factors driving the growth of the global outdoor forklift tire market. According to the data published by India Brand Equity Foundation (IBED) in 2021, India is anticipated to spend $1.4 trillion on infrastructure projects through the national infrastructure pipeline (NIP), from 2019 to2023, to ensure sustainable development in the country. Further, in the Union Budget 2021, Government allocated 8.28 billion for road works and $7.88 billion for national highways. The government is anticipated to construct 850 kms road by March 2022. Moreover, an additional 11,000 km of National Highways is anticipated to be completed by March 2022. In May 2021, the Minister of Road Transport and Micro, Small and Medium enterprises stated that the government is ensuring utmost priority to infrastructure development and has set a target of road construction worth $206 billion in the next two years. Moreover, in Union Budget 2021, to support initiatives such as " housing for all" and the smart cities mission, the government allocated $1.89 billion to AMRUT and Smart Cities Mission. Thus, such huge investments in infrastructure development are fueling the demand for the global outdoor forklift tire market.

Looking toward the demand for the outdoor forklift tire, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in January 2020, Petlas launched Solid ST, an outdoor forklift tire. The Solid St is grounded with a 4-layer structure. The state of art rubber compound of the threads promises a long and economical life cycle as its robust structure ensures effective wear behavior and extreme resistance to cuts, chips, and water. Moreover, the inner layer of hard rubber with staple fibers ensures integrity by providing secure rim seating. The product is available in two sizes, 6.50 -10 and 23x10-12. Thus, such product launches are anticipated to drive the growth of the global outdoor forklift tire market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Continental Tire the Americas, LLC., Michelin, and Hankook Tire & Technology Co., Ltd., 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?
o Deviation from the pre-COVID-19 forecast
o 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?

A full report of Global Outdoor Forklift Tire Market is available at:
https://orionmarketreports.com/global-outdoor-forklift-tire-market/106311/

Global Outdoor Forklift Tire Market Report by Segment

By Type
• Pneumatic Forklift Tires
• Solid Forklift Tires
• Polyurethane Forklift Tires

By Application
• OEM
• Aftermarket

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This release was published on openPR.