Forestry Equipment Tire Market
Forestry Equipment Tire Market Study by Pneumatic Tires, Solid Tires, and Polymer-Based Tires for Tractors, Trailers, Forwarders, and Other Forestry Equipment from 2024 to 2034
Analysis of Forestry Equipment Tire Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Forestry Equipment Tire Market Outlook (2024 to 2034)
The global forestry equipment tire market size is estimated to attain a valuation of US$ 1,471.4 million in 2024. During the forecast period, 2024 to 2034, the demand for forestry equipment tire is expected to incline at a 5.6% CAGR. By 2034, the industry is expected to have grown to a valuation of US$ 2,546.0 million.
Key Market Growth Drivers
- The market for forestry equipment tires is characterized by ongoing technical advancements, such as the development of smart tires featuring monitoring characteristics. These developments support sustainable forestry practices, increase productivity, decrease downtime, and correspond with the industry's growing dependence on automation as well as digital solutions.
- The increasing focus of companies on sustainability, which is seen in the development and manufacturing of environmentally friendly tires for forestry equipment, is a notable market trend. In response to the demand for ethical and sustainable forestry practices globally, manufacturers are using eco-friendly materials and production techniques.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 1,471.4 million |
| Forecast Market Value (2034F) | US$ 2,546.0 million |
| Global Market Growth Rate (2024 to 2034) | 5.6% CAGR |
| Pneumatic Tires Growth Rate (2024 to 2034) | 3.6% CAGR |
| Tractors Growth Rate (2024 to 2034) | 5.6% CAGR |
| North America Market Share (2024) | 29.8% |
| East Asia Market Share (2024) | 26.7% |
| Key Companies Profiled |
|
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What Factors are Responsible for the Growth of the Global Forestry Equipment Tire Market?
“Increased demand for automation bolsters market growth.”
The increase in global construction activity, along with a greater emphasis on sustainable building techniques, drives demand for forestry equipment tires in the construction industry. Forestry equipment tires are essential to the composition of building materials since they increase their lifetime and durability.
Forestry equipment tires strengthen the link between various materials by functioning as coupling agents, which raises the overall performance and strength of building components. The market for forestry equipment tires is expanding because of the construction industry's adoption of sustainable building techniques and long-lasting building materials.
“Sustainable forestry practices are pushing the sales of forestry equipment tires”
The global movement toward sustainable and ethical forestry practices is one particular factor propelling the market for forestry equipment tires. The need for specialized tires has increased due to the adoption of sustainable logging practices brought about by growing environmental consciousness.
The focus on lessening the impact on the environment is consistent with the creation and use of tires for forestry equipment that are made to be sustainable and provide improved performance with a reduced environmental impact. This factor highlights the dedication of the forestry sector to strike a balance between financial requirements and environmental sustainability.
What are the Major Restraints to the Growth of the Forestry Equipment Tire Market?
“Maintaining the ergonomic design of tires and balancing the pricing fluctuations is a constant challenge.”
The global forestry equipment tire market faces several obstacles such as the complexity of developing tires for various terrains and logging conditions. It is a constant struggle to strike a balance between traction, durability, and environmental sustainability. Production costs are impacted by fluctuating raw material prices, and demand to innovate continuously increases.
In addition, companies in this global market face constant hurdles from shifting environmental laws, geopolitical conflicts, and global supply chain disruptions. These complexities call for resilience and adaptation.
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How are Startups Trying to Establish a Firm Ground in the Global Forestry Equipment Tire Market?
“Startups are stressing on smart tire monitoring solutions to boost growth.”
Startups in the global tire market for forestry equipment are bringing innovation to the industry by creating advanced tire technologies that are specifically designed to meet the demands of forestry operations. These endeavors address sustainability issues by concentrating on developing long-lasting, environmentally friendly, and puncture-resistant tire solutions.
Some startups are leading the way in smart tire systems for real-time tire condition monitoring by utilizing sensor and data analytics. Key tactics include cooperative alliances with producers of forestry equipment and a dedication to environmentally friendly procurement and manufacturing practices.
Country-wise Insights
The forestry equipment tire market is gaining immense traction in North America and East Asia. By 2024, North America's share is predicted to rise to 29.8%. The thriving forestry industry and the use of more advanced logging techniques in North America are driving the demand for tires used for forestry equipment. The modernization of logging operations and the region's dedication to sustainable forestry management are factors driving up demand for specialized tires.
In comparison, it is projected that by 2024, East Asia would reach a market share of 26.7%. The market for forestry equipment tires is expanding in East Asia, especially China, because of the nation's large afforestation projects and the advancement of forestry methods. Infrastructure development in rural regions and sustainable logging activities are driving the growing need for specialist tires, demonstrating the region's dedication to ecologically responsible and productive forestry practices.
What makes the United States a Potential Market for Forestry Equipment Tire?
“Sustainable logging techniques in the US to boost demand in the United States”
| Attributes | The United States |
|---|---|
| Market Value in 2024 | US$ 168.2 million |
| CAGR from 2024 to 2034 | 5.1% |
| Projected Value in 2034 | US$ 276.0 million |
The market in the United States is expected to be valued at US$ 168.2 million in 2024, anticipated to gain a market share of 77.4% in 2024. A number of reasons, including the nation's booming forestry sector, sustainable logging techniques, and growing automation, are driving the forestry equipment tires in the U.S.
There is an increasing need for tires with specific navigational capabilities to handle a variety of terrains as logging and forest management become more effective. The demand for strong and dependable forestry equipment tires is further fueled by infrastructure development projects in forested areas, which is driving the industry's expansion in the U.S.
How will the Growth of the Forestry Equipment Tire Market Develop in China?
“Increasing afforestation initiatives in China to accelerate growth.”
| Attributes | China |
|---|---|
| Market Value in 2024 | US$ 272.6 million |
| CAGR from 2024 to 2034 | 5.7% |
| Projected Value in 2034 | US$ 472.9 million |
In 2024, the China market for forestry equipment tire is expected to be valued at US$ 272.6 million. The industry is also projected to acquire a market share of 69.4% in the same year.
China has a booming forestry industry and significant afforestation activities, which are driving the country's forestry equipment tire market. There is a growing need for specialty tires that can handle difficult terrains as China enhances its logging operations and places more emphasis on sustainable forestry methods.
The necessity for strong and effective forestry equipment tires is fueled by the mechanization of forestry operations and the growth of rural infrastructure. These elements support the tires' strong development and widespread use in the developing forestry sector of China.
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Category-wise Insights
Which is anticipated to be Common Application of these Tires in 2024?
“A surge is likely to be seen in the usage of these tires for tractors in 2024.”
| Application | Value Share in 2024 |
|---|---|
| Tractors | 64.4% |
The tractor segment is estimated to hold a 64.4% of the global forestry equipment tire market share in 2024. During the forecast period, the segment is anticipated to garner a 5.6% CAGR.
Due to their critical role in forestry operations, tractors are positioned to be a popular application for forestry equipment tires. In difficult terrain, tractors are often utilized for activities including site preparation, transportation, and wood harvesting. Forestry equipment tires are essential for these hard jobs owing to their endurance and traction design.
The forestry sector is becoming more and more mechanized, making tractors with specialized tires essential for assuring profitable and effective forestry operations while traversing rugged terrain. This has led to a wider acceptance of forestry equipment tires.
By Tire Type, Which Product will gain Traction during the Forecast Period?
“The pneumatic tires will gain prominence among the other tire types”
| Tire Type | Value Share in 2024 |
|---|---|
| Pneumatic Tires | 56.3% |
The pneumatic tires segment is likely to attain a market share of 56.3% in 2024. The tires segment is also anticipated to rise at a 3.6% CAGR during the forecast period. Pneumatic tires have specific advantages that will help them gain momentum in the global market for forestry equipment tire. Due to their improved shock absorption, these tires provide a smoother ride on the uneven ground that comes with forestry operations. Pneumatic tires are preferred because they can keep traction and stability even in difficult situations.
Their adaptability to various surfaces also adds to their greater effectiveness. Due to their excellent performance qualities, pneumatic tires are a popular alternative in the forestry sector, where productivity and equipment durability are valued highly. Hence, their acceptance in this niche market has expanded.
Competitive Landscape
Companies are concentrating on strategic breakthroughs in the market for forestry equipment tires. They are creating strong and long-lasting tire solutions that are suited to the harsh forestry environment. They spend money on research and development to improve the sustainability, longevity, and performance of tires. Gaining a competitive edge is ensured by adopting modern technologies and working with equipment manufacturers.
In addition, companies streamline their manufacturing methods to effectively satisfy the increasing demand. These companies seek to safeguard revenues in the dynamic and specialized forestry equipment tire market by maintaining alignment with industry trends and placing an emphasis on product reliability. Some of the key developments in this market are:
- In 2023, Nokian Tyres formed an international research partnership to increase the quality and yield of recovered carbon black from end-of-life tires. This will help tire and rubber product makers create more sustainable goods by enabling the use of bigger amounts of recovered carbon black in rubber compositions. Tires may have their strength and resistance increased by adding carbon black as a reinforcing filler. Virgin carbon blacks derived from fossil fuels can be partially substituted with recycled carbon black.
- In 2023, Hankook Tire began working with Snowflake and Amazon Web Services to develop a data analysis solution that is built on the generative AI platform ChatGPT. The new technology gathers and evaluates real-time volatile organic compound data online, applying it to every facet of quality control, production, and product development. Hankook Tire plans to pursue company-wide digital innovation in VOC and beyond by consistently fortifying its alliances with AI-related organizations like AWS and KAIST.
Segmentation of Forestry Equipment Tire Market Research
-
By Tyre Type :
- Pneumatic Tires
- Solid Tires
- Polymer Based Tires
-
By Application :
- Tractors
- Trailers
- Forwarders
- Other Forestry Equipment
-
By Region :
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What was the estimated value of the forestry equipment tire market in 2019?
The global forestry equipment tire market was valued at US$ 1,397.0 million in 2019.
What will be the outlook of the forestry equipment tire market in 2024?
The global market for forestry equipment tire is likely to be valued at US$ 1,471.4 million in 2024.
What is the market value for forestry equipment tire in 2034?
Demand for forestry equipment tire is projected to reach a market value of US$ 2,546.0 million by 2034.
What is the adoption CAGR for forestry equipment tire from 2024 to 2034?
Adoption of forestry equipment tire is projected to develop at a CAGR of 5.6% through 2034.
At what rate is the market in North America predicted to rise?
The North America market for forestry equipment tire is projected to garner a CAGR of 5.8% through 2034.
Forestry Equipment Tire Market