A shift towards mechanization from manual forestry has increased the adoption of forestry equipment. The global forestry equipment tires market can be segmented on the basis of sales channel, type, and equipment. Europe and North America dominate the global forestry equipment tires market in terms of sales revenue. A major share or revenue is contributed by the aftermarket sales segment of the forestry equipment tires market owing to the high replacement rate. With significant growth in end-use industries, the global forestry equipment tires market is anticipated to expand at a CAGR of 5.7% during 2018-2028.
Increasing Automation Will Boost Demand for Forestry Equipment Tires in Coming Years
To improve productivity, reliance on mechanized methods for forest harvesting has increased steadily over the years. High-performance equipment such as harvesters can cut a tree from the base, debark it and cut into required lengths within a minute’s span. In developing economies, such as China, India, Argentina, and Brazil, urbanization is growing at a rapid pace and will contribute to the growth of the construction industry, which in turn, will lead to harvesting of more forests as well as clearing of space for constructional activities. This, in turn, will spur the demand for forestry equipment such as forestry equipment tires, in the coming years.
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Growth in Expatriate Population and Tourism
Population in urban areas is increasing due to growing migration across countries as well as from local rural areas. The increase in migration of people in search of jobs has increased the expatriate population which has contributed heavily towards growing demand for commercial and residential construction. For example, favorable government policies in Brazil and Canada related to freeholds and leaseholds in specific areas have positively impacted the growth of residential and commercial construction, thereby increasing the requirement for wood and wood-based products. This, in turn, has led to an increase in demand for forestry equipment tires over the years.
Latin America Positioned as a High Growth Region in the Forestry Equipment Tires Market
North America, being a major OEM base for forestry equipment tires, is expected to be one of the major consumers of OEM forestry equipment tires at a global level.
On the other side, rapid industrialization, stabilizing economic conditions, and steady growth in construction, manufacturing and energy sectors will remain the key factors driving growth in demand for forestry equipment tires in in Latin America. Favorable FDI policies attract investments and support industrial growth in the region. Increasing industrialization and high rate of urbanization are expected to provide robust opportunities for the growth of the forestry equipment tires market in the region.
East Asia is expected to register 1.9X growth in the forestry equipment tires market during the forecast period. MEA and South Asia are likely to gain traction in forestry equipment tires market over the forecast period owing to rapid mechanization in forestry operations and recovery in economic conditions and forestry sector in these regions. Brazil, Russia and Canada are expected to emerge as the most attractive markets for forestry equipment tires over the forecast period.
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Forestry Equipment Tires Market – Competitive Landscape
The global forestry equipment tires market is a highly consolidated and the top 5 players collectively hold around 3/4th share in the market value of forestry equipment tires.
Over the past couple of years, the forestry equipment tires market has witnessed significant developments. New product developments, acquisitions, and capacity expansions are some of the preferred strategies being adopted by key players to sustain and expand in the global forestry equipment tires market.
- In January, 2018, Yokohama Rubber Co. Ltd announced the expansion of its Off-Highway tire production capacity in India through the addition of new facilities at its Indian subsidiary — Alliance Tire Group (ATG)
Some of the key players included in this market study on the global forestry equipment tires market are MICHELIN, Nokian Tyres plc, Bridgestone Corporation, Titan International, Inc., Balkrishna Industries Limited, The Yokohama Rubber Co. Ltd., Trelleborg AB, Tianjin United Tire & Rubber, Deere & Company, MAXAM TIRE INTERNATIONAL LTD, Tianjin United Tire & Rubber International Company Limited and Qingdao Qizhou Rubber Co. Ltd.
Key Questions Answered in this Report
- How has the forestry equipment tires market evolved in the past four years?
- What shape is the forestry equipment tires market expected to take, in terms of value and volume, during the forecast period?
- What are the dominant market dynamics in the forestry equipment tires market?
- How is the competition landscape at the moment and what are some of the trends in the forestry equipment tires market?
- What are the prominent challenges, opportunities and drivers for the forestry equipment tires market players?
- How is the competition structured at present and how has it advanced in the forestry equipment tires market over the past few years?
- What are some of the industry and macroeconomic factors impacting the growth of the forestry equipment tires market?