TORONTO, Ont. – The market for forestry trailers continues to grow like trees, and is expected to be valued at US $162 million by the end of the year – up from $140 million in 2014.

The latest projections from Persistence Market Research suggest the market will enjoy a compounded annual growth rate of 4% over the next decade, reaching a global value of US $233 million by the end of 2029.

“North America’s market for forestry trailers will also progress over the course of time, with the support of some global players actively operating in the U.S. and Canada,” the analysts say in a related release. “This scenario will accelerate the development of [the] forestry trailers market in North America.”

The researchers say the timber market is worth 1% of global GDP, and project timber production to grow fourfold by 2050.

Canada’s forestry sector is worth an estimated $20 billion a year, but it still faces threats.

Wildfires make lumber buyers nervous about supply disruptions, CIBC World Markets analyst Hamir Patel said last August. And Global Affairs Canada reports that anti-dumping and countervailing duty rates imposed by the U.S. represent an average 18.9% increase in the price at which Canadian lumber is sold south of the border.

Lower revenues from our neighbors to the south have proven to be significant enough for Ottawa to inject $251.3 million into the forestry sector over the next three years.

Read more about the growing challenges that the forestry sector’s truckers face