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.
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.
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.
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
Persistence Market Research (PMR) provides an exclusive analysis of the global forestry equipment tires market in its latest report titled “Global Forestry Equipment Tires Market: Global Industry Analysis 2013–2017 and forecast 2018–2028”. The main aim of this report is to offer an exhaustive analysis and insights pertaining to the forestry equipment tires market. This report offers an in-depth analysis of the global forestry equipment tires market, in terms of market volume (Units) & value (US$ Mn) and year-wise (Y-o-Y) growth by type, equipment type, sales channel and region. The forestry equipment tires market study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2018 to 2028. The Compound Average Growth Rate (CAGR) has been represented from 2018 to 2028. The study covers value chain analysis, forestry equipment tires market dynamics and industry growth analysis, along with segmental-level projections in a comprehensive manner. As per industry experts and findings of the report, the global forestry equipment tires market is projected to grow at a value CAGR of 5.7% between 2018 and 2028.
The Persistence Market Research report on the forestry equipment tires market analyses the market at a regional as well as global level. The primary objective of the forestry equipment tires market research report is to offer key insights on current trends, competition positioning, growth rates, market potential and other relevant information and statistics in a suitable manner to the readers and various stakeholders in the forestry equipment tires market.
To ascertain and comprehend the forestry equipment tires market trends and opportunities, the global watertight doors market report has been categorically split into different sections based on market segments. The report is structured to facilitate readers to develop a thorough understanding of the forestry equipment tires market. It begins with forestry equipment tires market definitions, which are followed by forestry equipment tires market taxonomy, market background and market dynamics and analysis of the market by key segments, regional market analysis, emerging countries (Canada, Brazil and Russia) forestry equipment market analysis and competition assessment. Each section of the report covers a quantitative as well as qualitative assessment of the forestry equipment tires market on the basis of historical developments, facts and key opinions collected from the market participants in the forestry equipment tires market through primary interviews.
Forestry Equipment Tires Market: Segmentation
In the next section, the report describes the forestry equipment tires market structure, macro-economic factors such as GDP growth, population growth, and urbanization rate, rubber industry overview, construction industry overview, forestry industry overview, forecast factors, regional weighted average pricing analysis and provides an overview of the value chain along with profitability margins and an indicative list of the key stakeholders involved in every stage of the forestry equipment tires market.
The next section of the report provides value (US$ Mn) and volume (Units) projections for the forestry equipment tires market on the basis of respective segments at a global level. The global forestry equipment tires market values represented in the section have been agglomerated by collecting segmental level data and information on a regional level. The forestry equipment tires market information along with key insights and facts cover unique analysis frameworks, such as Basis point (BPS) analysis, year-on-year growth trend comparison, absolute $ opportunity analysis, market attractiveness and share analysis, for each sub-types of the segments covered in each segment. The subsequent section of the report presents a summarized view of the global forestry equipment tires market based on six prominent regions considered in the study.
The forestry equipment tires market analysis section of the report covers weighted average pricing analysis and market projections for each segment and also discusses market share analysis, Y-o-Y growth trends, market attractiveness analysis, market share analysis and incremental $ opportunity assessment. This comprehensive level of information is important for identifying several key trends leading the global forestry equipment tires market.
All the above sections evaluate the present market scenario and growth prospects in the global forestry equipment tires market while the forecast presented in the section assesses the market size in terms of volume and value.
Market numbers, pertaining to regional as well as country level data and various segments, have been estimated through a combination of primary and secondary research. Key sources referred to arrive at the global forestry equipment tires market size include forestry equipment tires manufacturers, suppliers, end-users, industry association & trade experts, government organizations such as Food and Agriculture Organization of the United Nations and secondary documents available through public domains, paid databases and PMR’s in-house data repository.
In order to offer an accurate market forecast, PMR’s proprietary regression analysis forecast model was then utilized to derive the market estimation for forecast years, which takes into account the effects of certain direct and macro-economic factors on the global and regional forestry equipment tires market. The pertinent opinions of key primary respondents for specific segments and geographies were also taken into consideration for forecasting the segment-level market size and dynamics in the global forestry equipment tires market.
In the final section of the report, the competition landscape for the forestry equipment tires market has been included to provide report audiences with a dashboard view, categorized on the basis of providers present in the value chain, their forestry equipment tires market presence and key differentiating strategies. Detailed profiles of providers have also been included under the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the forestry equipment tires market.