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

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.

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.

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.