Forestry Equipment Tire Market to Surge with 5.6% CAGR, Projected to Hit US$ 2,546.0 million by 2034: Fact.MR Report

The size of the global forestry equipment tire market is estimated to reach a value of US$ 1,471.4 million in 2024. The demand for forestry equipment tire is anticipated to grow at a 5.6% CAGR during the forecast period of 2024 to 2034. By 2034, the market is anticipated to reach a value of US$ 2,546.0 million.

Key Market Growth Drivers

The forestry equipment tire market is typified by continued technological innovation, including the production of smart tires with monitoring features. These advancements underpin sustainable forest management, improve productivity, reduce downtime, and align with the industry's increased reliance on automation as well as digital technology.
The growing emphasis of businesses on sustainability, reflected in the production and manufacturing of green tires for forestry machinery, is a significant market trend. As a response to the need for ethical and sustainable forestry practices around the world, producers are adopting green materials and production methods.

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Country-wise Insights

The market for forestry equipment tires is gaining tremendous momentum in North America and East Asia. By 2024, the share of North America is expected to grow to 29.8%. The success of the forestry industry and the employment of more advanced logging methods in North America are fueling demand for tires applied to forestry equipment. The trend of modernization of logging practices and the commitment of the region to sustainable forest management are increasing demand for special tires.

By comparison, it is estimated that by 2024, East Asia would achieve a market share of 26.7%. The forestry equipment tire market is growing in East Asia, particularly China, due to the country's massive afforestation projects and the development of forestry techniques. Rural area infrastructure development and ecologically friendly logging operations are spurring the increasing demand for expert tires, indicating the region's commitment to environmentally friendly and productive forestry.

Category-wise Insights

The tractor segment is projected to account for a 64.4% share of the world's forestry equipment tire market in 2024. Throughout the forecast period, the segment is expected to account for a 5.6% CAGR.

Because of their imperative function in forestry operations, tractors are well-placed to be a demanded usage for forestry equipment tires. Tractors are commonly used in challenging terrain for tasks such as site preparation, haulage, and wood harvesting. Forestry equipment tires are imperative in these tough applications due to their durability and traction build.

The forestry industry is increasingly being mechanized, and tractors with specialized tires are necessary for ensuring profitable and efficient forestry activities on rough ground. This has resulted in broader acceptance of forestry equipment tires.

Competitive Landscape

Firms are focusing on strategic innovations in the forestry equipment tire market. They are developing tough and durable tire solutions that are compatible with the tough forestry condition. They invest in research and development to enhance the sustainability, durability, and performance of tires. A competitive advantage is guaranteed through embracing new technologies and collaborating with equipment OEMs.

Besides, businesses condense their manufacturing processes to sufficiently meet the surging demand. Such businesses work towards protecting revenues in the varied and niche forest equipment tire business by keeping their pace with business trends and placing a focus on product dependability. Some of the major advances in this market are:

Nokian Tyres established an international research collaboration in 2023 to enhance the quality and amount of recovered carbon black from waste tires. This will assist tire and rubber product manufacturers in making more sustainable products by allowing larger quantities of recovered carbon black to be used in rubber formulations. Tires can have their resilience and strength improved by incorporating carbon black as a reinforcing filler. Fossil fuel-derived virgin carbon blacks can be partially replaced by recycled carbon black.
In 2023, Hankook Tire started collaborating with Snowflake and Amazon Web Services to create a data analysis solution that is based on the generative AI platform ChatGPT. The new technology collects and analyzes real-time volatile organic compound information online, utilizing it in all aspects of quality control, production, and product development. Hankook Tire will seek company-wide digital innovation in VOC and more by continuously strengthening its partnerships with AI-related entities such as AWS and KAIST.

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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

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