What is the global market size of Farm Tire Market?

Farm Tire Market size was valued at USD 7.31 billion in 2021 and is poised to grow from USD 7.70 billion in 2022 to USD 11.05 billion by 2030, at a CAGR of 5.3% during the forecast period (2023-2030).

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 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.

Farm Tire Market Report Snapshots

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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 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. '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)'

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.

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.

With a 42.8% revenue share in 2022, the Asia Pacific region's market dominated the 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.

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Farm Tire Market Size, Share, Growth Analysis, By Product(Bias and Radial), By Application(Tractors, Harvesters, Forestry, Irrigation), By Region - Industry Forecast 2024-2031

Farm Tire Market Dynamics

Farm Tire Market Report Snapshots

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