The global farm tire market size was USD 4.73 billion in 2017 and to reach $7.03 billion by 2026 accounting a growth at 4.9% CAGR during the forecast period 2018-2025.
The farm tire market is experiencing growth due to increasing consumer awareness pertaining to benefits associated with updated and modernized agricultural equipment such as sprayers, spreaders, seed sowers, and plows. Additionally, shortage of labor owing to shift in preference toward the service sector is expected to complement industry growth.
Major global farm tire market participants are approaching towards a strategy of new product development in order to carter specific demand for advanced and complex machinery and equipment in the agriculture sector to efficiently improve the production, which is expected to drive demand worldwide. Additionally, requirement for high performance farm tires with long-lasting shelf life is expected to increase R&D activities in the agricultural sector during the forecast period. Key players in the global farm tire market focus on research and development activities so as to widen modernized technologies for manufacturing tires and applying the same strategy across various stages of its value chain to gain in the global farm tire market.
Support from government for a sustainable agricultural practice in few countries is aimed at reducing harmful environmental impacts of various farming practices, which include use of certain agricultural vehicles. This could limit the demand for farm tires over the forecast period and act as a challenge for the global farm tire market.
Growing population and infrastructure for habitat leading to limited agricultural land is resulting in highly-efficient agricultural machinery to minimize the turnaround time increasing the efficiency and productivity in the farming fields. Growing awareness of the advancing technologies among the farmers is urging them to upgrade equipment implementing automated machinery and semi-automated farming vehicles are among the prime factors to catalyse the demand of farm tires increasing the revenue of global farm tire market.
Increase in R&D for the expansion and advancement of new farm tire manufacturing technique in order to get better product quality and facilitate its usage in various agricultural vehicles is projected to have boost market growth. Shortage of farm labor is projected to further increase the demand for agricultural equipment across various agricultural applications.
The global farm tire market is segmented into product, application, distribution and region. On the basis of product the global farm tire market is segmented into bias tire and radial tire. On the basis of the application the global farm tire market is segmented into tractors, harvesters and others. On the basis of the distribution the global farm tire market is segmented into OEM and aftermarket. On the basis of region the global farm tire market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
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Key suggestions from the report:
- Bias tires accounted for 75.1% of the volume in 2017 owing to low manufacturing cost associated with the product due to traditional production process
- Consumption of the product in tractors is expected to rise at a CAGR of 5.1% in terms of revenue from 2018 to 2025. This is on account of new product development and availability of multiple variants of the vehicle to suit different farming activities
- The aftermarket industry segment accounted for 59.1% of the overall volume in 2017 owing to presence of several retail platforms such as online, authorized dealers, and third-party dealers as well as growing replacement of tires by farmers
- The industry in North America is expected to register a volume-based CAGR of 3.3% during the forecast period owing to rising product demand in agricultural vehicles such as tractors and harvesters. This can be attributed to mechanization of farming activities
- Major players in the industry focus on research and development activities to develop new technologies for manufacturing tires and integration across various stages of the value chain to gain a competitive edge in the market
Company profiles in this report are Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, Michelin, Sumitomo Rubber Industries, Ltd., Titan International, Inc., Mitas Tires Global, Inc., TBC Corporation, Apollo Tires Ltd., Hankook Tire, MRF Limited, JK TIRE & INDUSTRIES LTD., CEAT Ltd., The Carlstar Group, LLC, Specialty Tires of America, Inc., ATG.