Forestry equipment tyre market on a roll

Increasing demand for wood and wood products, coupled with the shift towards automation in forestry operation to increase efficiency and output, is expected to lead a robust growth for the market in the coming forecast period. It is expected to render a positive value CAGR of 5.7% and an incremental US$ 920.8 million opportunity is estimated, says Persistence Market Research (PMR) in its latest research report – “Forestry Equipment Tires Market: Global Industry Analysis 2013-2017 and Forecast 2018-2028.”

Global Forestry Equipment Tyres Market – Dynamics

The long-term growth in the demand for forestry equipment tyres is expected to be driven by the socioeconomic outlook, which relies on changing demographic, continuous economic growth, urbanisation and increasing affluent population. Rapid urbanisation has led to an increase in the demand for wood & wood products, while manufacturers are increasingly adopting stable, reliable and comfortable forestry equipment to increase efficiency and output to match demand – likely mounting production of forestry equipment and further driving the demand from the OEM segment.

Flourishing construction industries across developed geographies such as North America and Europe is also expected to drive the demand for wood, thus supporting the growth of the forestry equipment tyres market.

However, the high price and high maintenance cost of forestry equipment restrains their adoption in developing countries and hinders the growth of forestry equipment tyres in these regions.

Global Forestry Equipment Tyres Market – Segmentation

  • The pneumatic tyre segment is expected to be a high value segment although stiff competition is expected from solid and polymer-based tyres, owing to their enhanced performance and longer work life.
  • Among equipment type segments, forestry tractor tyres are pegged to be prominent throughout the forecast period; the forestry skidders and forwarders segment is expected to expand significantly during this time.
  • While the after sales channel segment dominates the global market with a significant share, it is poised to experience steady growth during the forecast period.

Global Forestry Equipment Tyres Market – Regional

The European market is expected to dominate the global forestry equipment tyres market in terms of revenue in 2018; the North American market is expected to trail behind with approximately a quarter of value share in 2018, but will witness betterment primarily driven by recovery of the construction industry and increasing wood demand. Latin America, with a significant forest area and recovering economy, is equally expected to cater to a significant growth opportunity for market participants while developing countries across East and South Asia such as India, China and ASEAN countries are expected to emerge as lucrative regions in the forestry equipment tyres market.

Global Forestry Equipment Tyres Market – Vendor Insights

Tier-I players accounting for a significant share of the global forestry equipment tyres market as of 2018 include MICHELIN, Nokian Tyres, Bridgestone Corporation, Titan International, BLK, Yokohama Rubber, Trelleborg, Qingdao Qizhou Rubber, Maxam Tire and Tianjin United Tire & Rubber.

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