New York – The global market for forestry equipment tires is estimated to grow at CAGR of 5.7% through to 2028, according to a recent market research.
According to a study titled “Forestry equipment tires market: global industry analysis 2013 – 2017 and forecast 2018 – 2028”, by Persistence Market Research, the market is estimated to create ‘an incremental opportunity of $920.8 million (€809 million) during the period'.
Increasing demand for wood and wood products and the shift towards mechanisation and automation in forestry operation, are some of the key factors contributing to the “healthy” growth.
The long-term demand is expected to be driven by the socioeconomic outlook, which in turn rests on factors such as changing demographic, continuous economic growth, and urbanisation.
Furthermore, recovery of the construction industry across developed geographies such as North America and Europe is expected to drive the demand for wood.
On the basis of tire types, the pneumatic segment is expected to be a high value segment, accounting for a significant share of the market.
Despite strong growth forecast, the segment is expected to witness stiff competition from solid tires and polymer-based tires.
In terms of equipment types, tires for forestry tractors are pegged to be the prominent segment.
According to the report, Europe is expected the dominate the forestry equipment tires market in terms of revenue.
The region is projected to witness “significant” growth during the forecast period, with North America ‘trailing behind’.