On the basis of insights and findings in the report, the long-term stance for the global forestry equipment tires market is expected to be positive with an estimated value CAGR of 5.7% during the
forecast period. Increasing demand for wood and wood products, coupled
with the shift towards mechanization and automation in forestry
operation to increase efficiency and output, is one of the key factors
expected to lay a robust foundation for the growth of the forestry
equipment tires market during the forecast period. The global forestry
equipment tires market is estimated to create an incremental $
opportunity of US$ 920.8 Mn during the forecast period.
Global Forestry Equipment Tires Market Dynamics
The forestry equipment tires market is expected to witness healthy growth
throughout the forecast period. The long-term growth in the demand for
forestry equipment tires is expected to be driven by the socioeconomic
outlook, which in turn rests on the changing demographic, continuous
economic growth, urbanization and increasing affluent population.
Growing urbanization has led to an increase in the demand for wood &
wood products. Manufacturers across the region are increasingly
adopting stable, reliable and comfortable forestry equipment to increase
efficiency and output. This scenario is likely to result in mounting
production of forestry equipment – driving the demand for forestry
equipment tires from the OEM segment. Furthermore, recovery of the
construction industry across developed geographies such as North America
and Europe is expected to drive the demand for wood, supporting the
growth of the forestry equipment tires market. Forestry equipment
generally are expensive and require periodic maintenance checks for
smooth operations. The high price of forestry equipment as well as the
high maintenance cost, which restrains their adoption in developing
countries and further hinders the growth of forestry equipment tires in
these regions.
Global Forestry Equipment Tires Market: Segmentation Overview
- On the basis of type, the pneumatic segment is expected to be a high value
segment, accounting for a significant share of the global forestry
equipment tires market. While the segment is expected to witness robust
growth during the forecast period, it is expected to face stiff
competition from solid tires and polymer based tires, owing to their
enhanced performance and longer work life. - Among equipment type segments, the forestry tractor tires segment is pegged
to be a prominent segment in the global forestry equipment tires market.
The segment is expected to maintain its prominence through the forecast
period. The forestry skidders and forwarders segment is expected to
expand at a significant pace during the forecast period - By sales channel type, the aftersales channel segment dominates the global
forestry equipment tires market with a significant share and is
expected to experience robust growth during the forecast period
Global Forestry Equipment Tires Market: Regional Overview
The Europe market is expected to dominate the global forestry equipment
tires market in terms of revenue in 2018, and the region is projected to
witness significant growth throughout the forecast period at a
relatively steady pace as compared to other regions. The North America
forestry equipment tires market is expected to trail behind European
market capturing approximately a quarter of value share during 2018. The
forestry equipment tires market in the region is expected to witness
steady growth in the near future, primarily driven by recovery in the
growth of construction industry and increasing wood demand. Latin
America, with a significant forest area and recovering economy, is
expected to cater a significant growth opportunity for the forestry
equipment tire market participants during the forecast period.
Developing countries across East Asia and South Asia such as India,
China and ASEAN countries are expected to emerge as lucrative regions in
the forestry equipment tires market.
Global Forestry Equipment Tires Market: Vendor Insights
The global forestry equipment tires market is consolidated with tier-I
players accounting for a significant share during 2018. Some of the
leading market participants operating in the global forestry equipment
tires market, including MICHELIN, Nokian Tyres plc, Bridgestone
Corporation, Titan International, Inc., Balkrishna Industries Limited,
The Yokohama Rubber Co. Ltd., Trelleborg AB, Qingdao Qizhou Rubber Co.
Ltd., Maxam Tire International LTD and Tianjin United Tire & Rubber
International Company Limited.
