Global Forestry Tire Market Report and Forecast 2024-2032

Global Forestry Tire Market Outlook

The global forestry tire market size reached approximately USD 424.56 million in 2023. The market is further projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 638.14 million by 2032.

Key Trends in the Market

Forestry tires refer to tires mounted on forwarders, tractors, and trailers, that are used in forestry applications and feature specially constructed treads for reducing the risks of tearing, chunking, and penetration, among others. These tires are designed to function under extreme conditions, withstand hazards, and carry heavy loads.

• Increasing residential and commercial construction activities are boosting the forestry tire market growth. The increasing migration of rural youth to urban cities for better professional opportunities is propelling the housing requirements and conversion of forest lands into residential units.

• Rising investments by various agriculturists and farmers towards advanced equipment in order to enhance the efficiency of their farms and agricultural lands is providing lucrative growth opportunities to the market. Forestry tires allow tractors and forwarders to carry heavy loads without tearing.

• The growing requirement for wood-based products including furniture and doors, among others due to increasing population, rising urbanisation, and growing industrialisation in various regions across the globe is supporting the market expansion.

Global Forestry Tire Market Analysis

On the basis of type, the market is divided into pneumatic tires, solid tires, and polymer-based tires. Based on application, the market is classified into tractors, trailers, and forwarders, among others. On the basis of sales channel, the market is bifurcated into original equipment manufacturers and aftermarket. Based on region, the forestry tire market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Continental AG 

• Bridgestone Corporation 

• Nortec Company 

• Michelin Retread Technologies, Inc. 

• Apollo Tyres Ltd. 

• Yokohama TWS Holding AB 

• Guizhou Tyre Co., Ltd. (GTC Group) 

• Interco Tire Corporation 

• JK Tyre & Industries Ltd. 

• Titan International, Inc. 

• Others

Market Share by Application

Tractors are expected to account for a significant forestry tire market share in the coming years owing to the wide range of applications of tractors in forestry applications. Different tractors fulfil different functions, implement carrier tractors are used for mounting and carrying different types of implements including sprayers, seed drills, and rotary sweepers, among others. Whereas garden tractors aid in formation of flower and seed beds. Due to the constant utilisation of tractors in muddy and rocky areas, they require durable forestry tires in order to efficiently complete their applications.

Market Share by Region

The Asia Pacific is anticipated to witness significant growth in the coming years. This growth can be attributed to the prominent presence of various key market players in the region and rising investments in manufacturing units due to availability of cheap labour. The expansion of the agricultural sector in the Asia Pacific due to increasing population is further boosting the forestry tire market demand as forestry equipment is essential for land clearing and logging.

Competitive Landscape

Continental AG, headquartered in Hanover, Germany, is one of the leading automotive components manufacturing company. The company is involved in the production of forestry tires, vehicle electronics, and brake systems, among others. The company was founded in 1871.

Bridgestone Corporation, headquartered in Tokyo, Japan, is one of the leading tire manufacturing companies. The product portfolio of the company includes mobility solutions, original and replacement tires, and tire-centric solutions, among others.

Apollo Tyres Ltd. is involved in the manufacture and sale of different types of tires including forestry tires. The company offers a comprehensive product portfolio for light trucks, passenger cars, and two-wheelers, among others. Apollo was founded in 1972 and is headquartered in Gurugram, India.

Other forestry tire market key players include Nortec Company, Michelin Retread Technologies, Inc., Yokohama TWS Holding AB, Guizhou Tyre Co., Ltd. (GTC Group), Interco Tire Corporation, JK Tyre & Industries Ltd., and Titan International, Inc., among others.

Key Highlights of the Report