USD 7.70 billion
Farm Tire Market Size, Share, Growth Analysis, By Product(Bias and Radial), By Application(Tractors, Harvesters, Forestry, Irrigation), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20H2023 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
64
|Figures:
76
Farm Tire Market Insights
Global Farm Tire Market size was valued at USD 7.70 billion in 2022 and is poised to grow from USD 8.11 billion in 2023 to USD 12.26 billion by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).
The market growth is expected to be boosted by the expanding demand for farm tyres in agricultural vehicles and the sector's expansion. According to projections, the main driver of market expansion would be farmers' use of cutting-edge technologies to boost agricultural output and satisfy the growing food demand.
In addition, it is anticipated that favourable legislation and advances in farming technology would support the expansion of the sector, which will increase demand for associated goods like tyres. The "Macro-Management Scheme of Agriculture" is an initiative of the Indian government that offers tractors with up to 35 PTO HP a 25% subsidy. In parallel, the Canadian government unveiled the "Canadian Agricultural Loans Act," which grants farmers a loan of up to USD 500,000 when they buy land or a tractor.
Building repairs can be done using it as well. In order to maximise productivity with a less crew, farmers are spending more on farm equipment. Despite having a high upfront cost, these equipment categories assist in increasing crop quality and yield in general. To offset rising labour expenses, many farmers are now reducing the size of their farms and renting out a piece of their land.
Production of high-quality items is projected to be boosted by rising consumer demand for goods with exceptional attributes, such as high puncture and wear and tear resistance. Additionally, the market is projected to expand due to the high production of farm tyres as well as expanding global demand.
US Farm Tire Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Bias
Fastest Growth
Radial
Growth Rate
5.3% CAGR
Global Farm Tire Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Farm Tire Market Segmental Analysis
Global Farm Tire Market is segmented on the basis of product, application, distribution channels and region. By product, the market is segmented into bias and radial. By application, the market is segmented into tractors, harvesters, forestry, irrigation, implements, sprayers. By distribution channels, the market is segmented into oem and aftermarket. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Farm Tire Market Analysis by Product
In 2022, the bias tire market segment held the market's top spot and generated 57.6% of all sales. Due to the fact that natural rubber, which is mostly produced in India and China, is used to make bias tires, these two nations employ them extensively. A further factor that may increase demand for bias tires is their crosshatch construction, which, when combined with their affordable price, makes them popular. Low raw material prices result in lower manufacturing costs for the finished product. The segment's expansion is going to be slowed down by the shrinking availability of natural rubber, nevertheless. The rigidity of the tire is also increased by natural rubber, however after use, the tire loses consistency, compromising the farm tire's round shape and reducing its span of time.
Radial tires are produced using steel ply, which boosts durability, and bead-to-bead construction at a 90-degree angle to the circumferential centerline, which boosts flexibility and lowers rolling resistance, improving performance. In agricultural vehicles, this is projected to increase demand for radial farm tires over the projection period. The usage of synthetic rubber and current manufacturing techniques necessitate expensive machinery, which drives up the price of radial tires. As a result, the product has a low level of penetration in both large agricultural markets and developing nations. The aforementioned elements will probably prevent further market growth.
Farm Tire Market Analysis by Distribution Channels
In 2022, the aftermarket market sector held the top spot and was responsible for 32.8% of worldwide sales. Over the projection period, the segment growth is anticipated to be aided by farmers' increasing demand for tire replacements due to the expansion of agricultural operations worldwide.
Due to the rising need for new agricultural machinery including tractors and harvesters, the market for farm tires through the OEM channel is anticipated to increase. In developed nations, there is a considerable demand for these vehicles because farmers can afford the newly developed, pricey farm machinery that facilitates carrying out farming operations on huge tracts of land.
Global Farm Tire Market By Product
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Farm Tire Market Regional Insights
With a 42.8% revenue share in 2022, the Asia Pacific region's market dominated the global market. This is ascribed to elements including population growth, middle-class population income growth, and the quick industrialization and urbanization of the people. The expansion of the farm tire sector is also anticipated to be aided by the presence of both small and large-scale manufacturers in the area.
During the projected period, the market for agricultural tires is also expected to expand significantly in North America. Due to improving living standards, foreign investments, and greater consumption, there is a significant demand for agricultural products, which is the cause of this expansion. An increasing demand for agricultural tires is also being caused by the region's expanding agricultural industries in nations like the United States and Canada. Along with this, the region's level of agricultural mechanization is rising, which is also fueling the market expansion in the North American continent.
Global Farm Tire Market By Region
- Largest
- Fastest
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Farm Tire Market Dynamics
Farm Tire Market Drivers
Increasing Agricultural Mechanization
- The trend of agricultural mechanization is on the rise globally, with farmers adopting advanced machinery and equipment for efficient farm operations. Farm tires play a crucial role in supporting the heavy loads and providing traction for agricultural machinery such as tractors, combines, harvesters, and sprayers. The growing mechanization in agriculture is driving the demand for farm tires.
Expansion of Agricultural Land
- The expansion of agricultural land, driven by population growth and increasing food demand, is boosting the demand for farm tires. As more land is cultivated for agricultural purposes, there is a need for reliable and durable tires to support farming activities. This expansion of agricultural land drives the sales of farm tires.
Farm Tire Market Restraints
Fluctuating Agricultural Commodity Prices
- The farm tire market is influenced by fluctuations in agricultural commodity prices. When commodity prices are low, farmers may face financial constraints and delay or reduce equipment purchases, including farm tires. Economic uncertainties and price volatility in the agricultural sector can impact the demand for farm tires.
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Farm Tire Market Competitive Landscape
The market for agricultural tires will expand even more as a result of major market participants spending a lot on R&D to diversify their product offerings. Significant market changes include the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. Market participants are also engaging in a variety of strategic initiatives to increase their market share.
Farm Tire Market Top Player’s Company Profiles
- Michelin (France)
- Bridgestone (Japan)
- Continental AG (Germany)
- Pirelli (Italy)
- Titan International Inc. (United States)
- Trelleborg AB (Sweden)
- Balkrishna Industries Limited (BKT) (India)
- Sumitomo Rubber Industries Ltd. (Japan)
- Yokohama Rubber Company Ltd. (Japan)
- Mitas (Czech Republic)
- Alliance Tire Group (Israel)
- CEAT Ltd. (India)
- Maxam Tire International Ltd. (United States)
- Nokian Tyres (Finland)
- JK Tyre & Industries Ltd. (India)
- Linglong Tire Co. Ltd. (China)
- Giti Tire (Singapore)
- Double Coin Holdings Ltd. (China)
- Apollo Tyres Ltd. (India)
- Deestone Company Limited (Thailand)
- Eurotire (Luxembourg)
Farm Tire Market Recent Developments
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In February 2024, Titan International, Inc. (NYSE: TWI), a prominent global manufacturer specializing in off-highway wheels, tires, assemblies, and undercarriage products, revealed the acquisition of Carlstar Group LLC. ("Carlstar") for roughly $296 million. This deal, completed on February 29, 2024, involves a combination of cash and stock, pending wire transfers per the purchase agreement and issuance of the stock consideration. The acquisition price is equivalent to around 4 times Carlstar's adjusted EBITDA of $73 million for FY 2023. Titan anticipates immediate enhancement in earnings per share and operating margins for 2024 due to this transaction.
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In October 2023, International Tractors Limited (ITL) introduced five new tractor models, featuring their electric model, the Solis SV Series, aimed at revolutionizing global farming practices. These new series boast advanced technology, power, and versatility, promising to improve productivity and efficiency for farming communities across the globe.
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In October 2023, the indigenous tractor manufacturer revealed five new offerings, including an all-electric tractor targeted at global markets. Additionally, the company announced plans to establish a specialized export plant with a capacity of 100,000 units, located next to its current facility in Hoshiarpur, Punjab.
Farm Tire Key Market Trends
- Increasing Demand for Radial Tires: There is a growing preference for radial tires in the farm tire market. Radial tires offer several advantages over bias-ply tires, including better traction, reduced soil compaction, improved ride comfort, and increased fuel efficiency. Farmers are increasingly recognizing the benefits of radial tires, leading to a shift in demand from bias-ply to radial tires in the agricultural sector.
Farm Tire Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global farm tire market is experiencing steady growth and is expected to continue expanding in the coming years. The market is driven by factors such as increasing agricultural mechanization, expanding agricultural land, and the rising adoption of precision agriculture techniques. Farm tires play a crucial role in supporting heavy machinery and equipment used in farming operations, ensuring traction, stability, and efficiency. One of the primary drivers of the farm tire market is the increasing trend of agricultural mechanization. Farmers are investing in advanced machinery to improve productivity and reduce manual labour. This has led to a higher demand for farm tires capable of withstanding heavy loads, providing traction on various terrains, and minimizing soil compaction. Additionally, the expansion of agricultural land, driven by population growth and rising food demand, has further fuelled the demand for farm tires. The adoption of precision agriculture techniques, such as GPS guidance systems and variable rate applications, has also contributed to the growth of the farm tire market. These technologies require tires that offer precise manoeuvrability and accurate traction to optimize field operations. As farmers strive for improved efficiency and yield optimization, the demand for farm tires that support precision agriculture has increased.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.70 billion |
| Market size value in 2031 | USD 12.26 billion |
| Growth Rate | 5.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Farm Tire Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Farm Tire Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Farm Tire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Farm Tire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Farm Tire Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Farm Tire Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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