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

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.