LAUGFS Rubber is planning to launch its new pneumatic range of tires for forklifts and skid steer before end of 2019. The pneumatic tire market opens a very large opportunity for LAUGFS Rubber which the company will be vigorously pursuing in the coming years. LAUGFS Rubber is entering into the pneumatic market purely from the demand perspective to serve its customer base to the maximum extent.
Initially, Company is planning to introduce all major sizes for industrial – forklift and construction – skid steer applications. Addition of pneumatic range to LAUGFS’s product portfolio will add synergy to its product offerings and add more value to its product strength, leading to improved customer satisfaction.
During the past four years, market size maintained an average annual growth rate of 1.56% for pneumatic tires for industrial applications. Industry analysts believe that in the next few years, the market size will be further expanded for industrial pneumatic tire applications. The market size of the pneumatic tires for industrial applications will reach 1350 million in 2021 with the rising production of industrial equipment.