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. The global push for sustainable logging methods, the rising need for innovative technology in forestry operations, and the adoption of smart tires featuring sensors for monitoring are the main factors driving the market for tires for forestry equipment. These factors are indicative of a wider trend in forestry equipment toward environmental responsibility, efficiency, and technical innovation.

The market for forestry equipment tires encounters difficulties due to changing raw material prices and the need to build tires for a variety of terrains. Manufacturers may overcome this by making investments in adaptable tire technology and putting strategic sourcing into effect. When it comes to handling difficult terrain, tire development and manufacturing techniques are always evolving, and smart alliances help keep the cost of raw materials stable.

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Key Takeaways from the Market Study:

• In 2019, the market for forestry equipment tire was estimated to be worth US$ 1,397.0 million.
• North America's market share is expected to increase to 29.8% by 2024.
• East Asia is expected to account for 26.7% of the global market by 2024.
• The U.S. market is projected to reach a valuation of US$ 168.2 million in 2024, with a projected increase in market share to 77.4%.
• The China market for forestry equipment tire is projected to be worth US$ 272.6 million in 2024.
• In 2024, the tractor segment is projected to account for 64.4% of the market.
• By 2024, the pneumatic tire market share is probably going to reach 56.3%.

“Increased demand for environmentally friendly logging methods and the global use of innovative technologies, such as smart tires, in forestry operations are driving factors behind the forestry equipment tire market,” remarks a Fact.MR analyst.

Competitive Landscape:

Companies operating in the global forestry equipment tire market utilize strategies such as customized tread patterns, strengthened sidewalls, and technologies resistant to punctures to augment tire resilience in demanding forest environments. Their success and profitability may be attributed to their strategic alliances with forestry equipment tire manufacturers, focused marketing efforts directed towards industry-specific audiences, and emphasis on sustainable materials.

Flexible business models are frequently used by startups, which enables them to quickly launch new technology and adapt to changing market needs. These companies want to make a name for themselves in the narrow market of forestry equipment tire solutions, which is becoming more and more specialized. They do this by fusing technological innovation with a dedication to environmental responsibility.

Product Portfolio

In 2023, Michelin and Lilium N.V., the developer of the first all-electric vertical take-off and landing ("eVTOL") plane, partnered to provide tires for the Lilium plane. In order to create and manufacture customized tires for the Lilium Jet, Michelin and Lilium started working together more than a year ago. They have now finalized a deal that addresses design, serial manufacturing, and support. The collaboration makes use of Michelin's more than a century of expertise in the aviation sector to provide a cutting-edge tire solution that satisfies the safety, weight, and dependability specifications for the ground-breaking Lilium Jet.

In 2023, Nokian Tires began construction on a new tire facility for passenger cars in Oradea, Romania. It is the tire industry's first factory with zero carbon dioxide emissions. This investment is a critical strategic move that will support their further expansion and advancement. As they construct the new Nokian Tyres, a state-of-the-art manufacturing plant in Europe is a crucial step toward obtaining more capacity and setting up a balanced production platform.

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More Valuable Insights Available

Fact.MR offers an unbiased analysis of the global forestry equipment tire market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the forestry equipment tire market, the market is segmented based on tire type (pneumatic tires, solid tires, polymer based tires), application (tractors, trailers, forwarders, other forestry equipment) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, Middle East & Africa).

Key Companies Profiled:

MICHELIN; Nokian Tyres plc; Hankook Tire & Technology; Titan International Inc.; Apollo; The Yokohama Rubber Co. Ltd.; Qingdao Qizhou Rubber Co. Ltd.; MAXAM TIRE INTERNATIONAL LTD; Continental AG; Balkrishna Industries Limited

Industry News:

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.

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