Global Farm Tire Market was valued US$ 5.10 Bn in 2018 and is expected to reach US$ 7.80 Bn by 2026, at a CAGR of 6.2 % during a forecast period.
Global farm tire market is segmented into product, application, distribution channel, and region. In terms of product, the farm tire market is classified into bias tires and radial tires. Based on application, the farm tire market is segregated into tractors, harvesters, and others. On the basis of distribution channel, the farm tire market is categorized into OEM and aftermarket. Based on regions, the global farm tire market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
The major factor driving the growth of the global farm tire market is the ever increasing grow population. Increase in population has only led to rise in demand for agricultural products. Adoption of advanced technologies by farmers to rise agricultural yield as well as meet soaring food demand is estimated to be a key factor driving the market. Tractor sales have been witnessing substantial growth over the past few years owing to increasing demand for technological up gradation. This is a positive impact on market growth.
Global Farm Tire Market by Product
Government support toward sustainable farming practices in some countries is aimed at reducing harmful environmental impacts of different agricultural practices, which includes use of certain agricultural vehicles. This could limit the demand for farm tires over the forecast period. Also, weather dependency of farm activities and commodity price volatility are some other major factors restraining the market growth.
The bias product segment is anticipated to be driven on account of crosshatch construction of plies, which reduces wear and tear of the product. The radial product segment accounted for 36.7% of the revenue in 2017 owing to developed puncture resistance offered by rubber-coated steel belts used in the tires. Moreover, the running temperature of radial tires is lower than its counterpart as the structure of radial technology reduces rolling resistance.
Tractors is anticipated to witness rapid growth owing to new product development and multiple variants of the vehicle available in the market to suit specific requirements of various farming processes. Furthermore, use of tractors with multiple farming equipment is anticipated to drive product demand in the application segment.
Aftermarket is owing to rising and recurrent need to replace older tires with new and developed ones. Moreover, sale of new agricultural vehicles is relatively lower, owing to which product demand through the aftermarket channel is high. The farm tire market through the OEM channel is fuelled by demand for new agricultural vehicles such as tractors and harvesters.
In terms of region, Europe is anticipated to be the largest market for farm tires followed by North America and Asia Pacific. Asia Pacific is estimated to be the fastest growing market for farm tires due to presence of established end user industries.
Some of the key players in the farm tire market are Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., TBC Corp., Titan International, Sumitomo Rubber Industries Ltd., and Pirelli & C. S.P.A.
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Scope of the Global Farm Tire Market
Global Farm Tire Market by Product
• Bias tires
• Radial tires
Global Farm Tire Market by Application
Global Farm Tire Market by Distribution Channel
Global Farm Tire Market by Geography
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key players in the Global Farm Tire Market
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire & Rubber Company
• Mitas Tires Global Inc.
• TBC Corp.
• Titan International
• Sumitomo Rubber Industries Ltd.
• Pirelli & C. S.P.A.
• Apollo Tires
• Trelleborg Wheel Systems
• Armour Tyres
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