Updated Aug 25, 2022 20:06

Market for Agricultural, Construction and Industrial Machinery Tire in Canada

Market Overview
The Canadian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $ in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a pronounced expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.


Consumption
In , approx. units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were consumed in Canada; with a decrease of -% on the previous year. Over the period under review, the total consumption indicated a notable expansion from 2007 to : its volume increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against indices. As a result, consumption reached the peak volume of units, and then shrank slightly in the following year.

The value of the market for tyres for agriculture, forestry, construction, industry and other off the road vehicles in Canada totaled $ in , approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated noticeable growth from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against indices. Consumption of peaked in and is expected to retain growth in years to come.


Market Forecast
The market for agricultural, construction and industrial machinery tire is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Agricultural, construction and industrial machinery tire market in Canada consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Canada remains a net importer of agricultural, construction and industrial machinery tire; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.