Forest equipment tire are manufactured especially for forestry and construction purposes. There are various types of tires such as pneumatic tires, solid tires, and polymer-based tires.
Flourishing farming and construction sector across the globe and increasing commercial vehicle sale in developing countries are major factors expected to drive the growth of global forestry equipment tire market. Demand for tractors and trailers are increasing. According to the Association of Equipment Manufacturers' (AEM) total U.S. farm tractor sales grew 3.6% to 244,637 units. According to Tractor Junction, TAFE Group domestic tractor sales were registered 144693 units in 2019. High investment by major players for product development and launch of new products in order to attract new customers are factors expected to boost the forestry equipment tire market growth.
In 2017, Bridgestone Corporation a multinational auto and truck parts manufacturer launched two sizes of its Firestone Forestry Special tire. The Firestone Forestry Special tire is designed to meet the severe service for forestry applications, which includes forestry skidders, feller bunchers and forwarders. The product launch helped the company to enhance the business and increase the revenue share.
In 2016, Nokian Tyres plc, a producer of tyres for cars, trucks, buses, and heavy-duty equipment launched “Nokian Logger King LS-2”. The Logger King is targeted for use on skidders and it comes in five sizes of 23.1-26, 28L-26, 24.5-32, 30.5L-32 and 35.5L-32. This product launch increased the customer base of company and enhanced the business presence.
Favorable business policies by government and focus on partnership and agreement in order to strengthen the business are factors impacting the growth of forestry equipment tire market.
In 2020, Yokohama Group, a global tire manufacturer in collaborated with Alliance Tire Group. The approach is to set up a new plant in Visakhapatnam, Andhra Pradesh for the purpose of expanding production capacity. This is expected to help the company to cater the rising tire need and increase the company profit.
In 2020, Mahansaria Tyres Private Ltd., an Indian tire manufacturing company acquired majority stake of European Agriculture Tyre Distributor. This acquisition is expected to help the company to increase the presence and enhance the customer base.
Factors such as high product price and high maintenance cost of tires are expected to hamper the growth of global forestry equipment tire market. In addition, unstable economic condition and low sale of vehicles is expected to challenge the growth of target market. However, high investment by major players for development of low cost products and high construction and farming activities are factors expected to create new opportunities for players operating in the forestry equipment tire market over the forecast period. In addition, rapid urbanization and increasing demand for wood products is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in Asia Pacific is expected to account for major revenue share in the global forestry equipment tire market due to increasing construction activities and high sale of commercial vehicles. Presence of large number of players operating in the country and high sale of forestry tractor, forestry harvesters, trailers, etc is expected to augment the growth of forestry equipment tire regional market. Kubota Tractors recorded highest growth in 2020, its sales stood at 12,924 units and in 2019 it was 10,876 units. John Deere India domestic tractor sales increased by 0.28% in the year FY20 and it also successfully grabbed 9.64% market share which is 1% higher than the previous year. In addition, major player’s focus towards tracking the untapped market in developing countries is expected to boost the target market growth.
The market in North America is expected to account for significant revenue share in the forestry equipment tire market due to increasing demand for better quality tires from farm industry. In addition, increasing merger & acquisition activities in order to enhance the business is expected to support the target market growth.
The global forestry equipment tire market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Forestry Equipment Tire Market
2016 – 2030
2021 – 2030
Type, Sales Channel, Equipment Type and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling,
Forestry Equipment Tire Market Segment Analysis, 2019
The global forestry equipment tire market is segmented into type, sales channel, and equipment type. The type segment is bifurcated into pneumatic tires, solid tires, and polymer-based tires. Among type the solid tires segment is expected to account for moderate revenue share in the global forestry equipment tire market. The sale channel segment is divided into original equipment manufacturers and aftermarket. Among the sales channel the original equipment manufacturers segment is expected to account for major revenue share in target market. The players profiled in the report are Camso, Hankook, Titan, Apollo, Advance, Continental, Mitas, Trelleborg, Aichi, and Michelin.
Market By Type
Market By Sales Channel
Original Equipment Manufacturers
Market By Equipment Type
Forestry Tractor Tires
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Flourishing farming and construction sector across the globe and increasing commercial vehicle sale in developing countries are major factors expected to drive the growth of global forestry equipment tire market.
In type the polymer-based tires segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Camso, Hankook, Titan, Apollo, Advance, Continental, Mitas, and Trelleborg.
The Asia Pacific is expected to account for major revenue share in the global market.
In sales channel the original equipment manufacturers segment is growing at faster pace.
Factors such as high product price and high maintenance cost of tires are expected to hamper the growth of global forestry equipment tire market.