Forestry Equipment Aftermarket Industry Size Worth USD 448.5 Million in 2032 | Emergen Research

Increasing favorable governmental directives and regulations in the forestry sector is one of the major factors driving Forestry Equipment Aftermarket Market revenue growth

Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) — The global forestry equipment aftermarket market size was USD 305.6 Million in 2022 and is expected to register a steady revenue CAGR of 3.9% during the forecast period, according to latest analysis by Emergen Research. Increasing favorable government directives and regulations in the forestry sector is the primary factor driving market revenue growth.

Aftermarket parts for forestry equipment fulfill the sealing and insulating requirements set by Original Equipment Manufacturers (OEMs). Aftermarket heavy equipment parts are more affordable, hence as a result helps to reduce overhead costs. Manufacturers of forestry heavy equipment rely on to provide low-to-medium volumes of plastic and rubber products and parts for interior, exterior, and engine bay. In addition, improvements in conventional forestry equipment product design by aftermarket manufacturers, among other services, are rising adoption of such unique forestry equipment aftermarkets among OEMs.

Moreover, incorporation of advanced technologies in forestry equipment enhances efficiency and productivity, which is another key factor driving revenue growth of the market. Internet of Things (IoT) sensors are being integrated into equipment to provide real-time data on performance and condition, enabling predictive maintenance and minimizing downtime. Data analytics tools are being harnessed to optimize operations, from route planning to resource allocation, improving resource utilization and reducing costs.

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Furthermore, demand for specialized aftermarket components and retrofitting services tailored to digital integrations, such as Global Positioning System (GPS) guidance systems and remote monitoring solutions, is on the rise, as forestry companies seek to harness the full potential of these innovations.

However, variations in quality among aftermarket parts is a key factor, which could restrain market revenue growth. This is because all replacement components may not meet the same quality standards as OEM parts, leading to concerns about durability and.

Scope of Research

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Major Companies and Competitive Landscape

The global forestry equipment aftermarket market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective forestry equipment aftermarket products in the market. Some major players included in the global forestry equipment aftermarket market report are:

• Deere & Company
• Caterpillar
• Komatsu Ltd.
• Ponsse Oyj
• Tigercat International Inc.
• Rottne
• Logset
• IRONMARKETS, LLC.
• Morbark Brand
• Barko Hydraulics, LLC.
• Sennebogen
• Trelleborg AB
• Doosan Corporation
• AB Volvo
• Hitachi Construction Machinery Co., Ltd.
• TimberPro Inc.
• Sampo-Rosenlew
• AR MINING PARTS LTD
• Elasto Proxy Inc.
• GS Global Resources, Inc.

Strategic Development

• On 21 September 2022, LiuGong North America introduced Crouse Equipment as a new construction equipment dealer. The dealer in Sheridan, Arkansas, sell LiuGong excavators and wheel loaders. The company intended to diversify into industries such as quarrying and aggregates, as well as plastic recycling.
• On 29 June 2022, CASE Construction Equipment announced the first-of-its-kind equipment, revolutionize job sites and give companies of all sizes, from project planning and landscaping to residential construction and rental, extreme versatility. The CASE dealer network offers specialized aftermarket support packages, hundreds of attachments, original parts, and fluids, along with market-leading warranties and flexible financing, in addition to selling and supporting this equipment of the highest caliber.

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Some Key Highlights From the Report

• The felling equipment segment accounted for largest revenue share in the global forestry equipment aftermarket market in 2022.  This is because aftermarket provides a wide range of replacement parts for felling equipment, such as saw chains, guide bars, sprockets, and cutting teeth, which helps in maintaining and restoring the cutting efficiency of equipment. In addition, aftermarket services help felling equipment adhere to environmental standards, ensuring sustainable and eco-friendly forestry practices. Aftermarket businesses typically provide Original Equipment Manufacturers (OEMs) with all the necessary accessories for chainsaws and harvester parts, ensuring proper sealing and insulation.
• The replacement parts segment is expected to register steadily fast revenue growth rate in the global forestry equipment aftermarket during the forecast period owing to important role of replacement parts in sustaining the operational integrity of various machinery used in forestry and related industries. In addition, cost-effectiveness of aftermarket parts compared to their OEM counterparts is another factor driving market revenue growth. Forestry professionals and operators often seek economical yet reliable alternatives to ensure the smooth functioning of their equipment. Moreover, aftermarket parts provide a viable solution, offering high-quality components at a more accessible price point, hence driving revenue growth of this segment.
• The North America market accounted for largest revenue share in the global forestry equipment aftermarket in 2022 due to rising demand for wood and paper products in counties such as the U.S. and Canada..As forestry equipment ages, the need for replacement parts and maintenance services increases. In addition, rising product launches and partnerships among major companies is also expected to drive market revenue growth of this region during the forecast period.

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Emergen Research has segmented the global forestry equipment aftermarket market on the basis of product type, service type, end-use, and region:

• Product Type Outlook (Revenue, USD Million; 2019–2032)
  • Felling Equipment

Chainsaws
Harvesters
Feller Bunchers

• • Extracting Equipment

Forwarders
Skidders

• • On-Site Processing Equipment

Chippers & Grinders
Delimbers
Yarders

• • Separately Sold Parts & Attachments

Saw Chain
Guide Bars
Discs & Teeth
Hydraulic Pumps
Others

• Service Type Outlook (Revenue, USD Million; 2019–2032)
  • Replacement Parts and Components
  • Equipment Upgrades and Retrofits
  • Technology-Related Services
• End-use Outlook (Revenue, USD Million; 2019–2032)
  • Commercial Logging Companies
  • Government Agencies
  • Individual Landowners or Contractors
• Regional Outlook (Revenue, USD Million; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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