The global Farm Tire market size is expected to be worth around US$21.16 billion by 2030, according to a new report by Vision Research Reports.
The global Farm Tire market size was valued at US$ 7.49 billion in 2020 and is anticipated to grow at a CAGR of 5.7% during forecast period 2021 to 2030.
The growing demand for tractors and harvesters in farming activities in developed as well as developing economies is anticipated to benefit the growth of the market over the forecast period.
The demand for farm tires in agricultural vehicles is expected to witness significant growth owing to the increasing penetration of vehicles in the agricultural sector. In addition, rising awareness among farmers related to the up-gradation in automotive technology and the use of automated equipment is expected to boost the market growth.
Increasing demand for food, especially in the emerging economies of Asia Pacific, including China, India, Japan, and Thailand, is a key factor driving the global market. Furthermore, economic development, coupled with the population expansion in these economies, is likely to boost the market growth over the forecast period.
Market players are engaged in developing innovative procedures for manufacturing farm tires in order to improve the product characteristics and enable its use in several agricultural vehicles. Leading players such as Michelin have undergone technology upgrades, such as from IF/VF technology to advanced flexion technology, in order to gain a competitive edge over their competitors in the market.
The bias tire segment led the market and accounted for 57.57% share of the global revenue in 2020. The use of bias tires is high in India and China as these tires are manufactured using natural rubber, which is produced majorly in the two countries. In addition, the crosshatch construction of the bias tire, coupled with its availability at low cost, is likely to fuel its demand.
The cost of raw materials is low, which, in turn, decreases the manufacturing cost of the product. However, the decreasing supply of natural rubber is likely to restrain the segment growth. In addition, natural rubber increases the rigidity of the tires, which loses uniformity after use, compromising the round shape of the tire and decreasing its shelf life.
Radial tires are manufactured with steel ply, which increases the durability, along with bead-to-bead construction at an angle of 90degrees to the circumferential centerline, which increases the flexibility of tires and reduces the rolling resistance, resulting in improved performance. This is likely to drive the demand for radial tires in agricultural vehicles over the forecast period.
The cost of radial tires is high on account of the use of synthetic rubber and modern manufacturing technology requiring high-cost machinery. As a result, the penetration of the product in the major agricultural markets and the developing economies, such as India and China, is low. The aforementioned factors are likely to limit the market expansion.
The aftermarket segment led the market and accounted for a 69.3% share of the global revenue in 2020. The rising demand for the replacement of tires by the farmers on account of the expansion of agricultural activities across the globe is anticipated to benefit the segment growth over the forecast period.
The use of bias tires is reducing as they are being replaced with radial tires having high-performance characteristics. In addition, the growth of new vehicle sales is lower owing to which the demand for the tires is lower through OEM distribution than that of replacement. These factors are projected to drive the demand for tires through aftermarket sales.
The demand for new tires through aftermarket channels is increasing owing to the presence of different types of platforms, such as online, authorized dealers, and third-party dealers. However, the popularity of tire retreading in developing economies, such as India and China, is likely to restrain the demand for tires through the aftermarket.
The demand for farm tires through the OEM channel is expected to witness growth owing to the increasing demand for new agricultural vehicles, such as tractors and harvesters. The demand for these vehicles is high in developed economies as farmers are able to afford the newly introduced, expensive farm equipment that aids in executing farming activities on large patches of land.
The tractors segment led the market and accounted for 43.5% share of the global revenue in 2020 owing to its multipurpose nature. Tractors with high horsepower are widely preferred as they can be used for different farming activities. As a result, the demand for tires is also witnessing growth with the increasing popularity and use of tractors in the industry.
The demand for farm tires in the harvesters segment is expected to witness growth owing to the introduction of several types of harvesters to suit the farming needs. For instance, John Deere has introduced crop-specific harvesters to meet the requirements of farmers, resulting in the ease of harvesting crops, such as sugarcane and corn. This has led to an increased demand for harvesters for long patches of farms.
The growing demand for technologically advanced machinery for forestry operations is expected to drive the demand for tires. In addition, high penetration of forestry equipment in mature markets, including North America and Europe, results in rising aftermarket sales for the tires, which is likely to propel the market growth over the forecast period.
The growth in the mechanization of irrigation processes on account of increased efficiency and superior crop yield supported by mechanized irrigation is expected to drive the market for irrigation equipment. This is further likely to drive the demand for irrigation equipment, including farm tires, thereby propelling the market growth.
dominated the global market and accounted for a 41.5% share of the revenue in 2020. This is attributed to factors such as increasing population, rising disposable income of the middle-class population, and rapid industrialization and urbanization. In addition, the presence of small and large-scale manufacturers in the region is likely to benefit the market growth.
The manufacturing technology and material used for the production of bias tires ensure high load capacities at a low cost. The major raw material required for manufacturing bias tires is natural rubber. Thus, the abundant availability of natural rubber in Thailand, India, Vietnam, Indonesia, China, and Malaysia in the Asia Pacific is expected to boost the demand for bias tires in the region.
Favorable government policies such as funding support and low-interest rates have benefited the expansion of the agricultural sector in Europe. In addition, ascending demand for agricultural vehicles in economies, such as Germany, Russia, and France, owing to the expansion of agricultural activities in the region is likely to augment the demand for farm tires over the forecast period.
Agricultural equipment manufacturers in North America are at the forefront in terms of evolution and change in the agriculture industry, aiding the growth of modern–day integrated farming activities. Upgradation in farm equipment is expected to propel the demand for farm tires. In addition, good consumer adherence to maintenance schedules is likely to augment the product demand.
Balkrishna Industries Limited (BKT)
Compagnie Générale des Établissements Michelin (CGEM)
Sumitomo Rubber Industries, Ltd.
Titan International, Inc.
Apollo Tyres Ltd.
JK Tyre & Industries Ltd.
The Carlstar Group, LLC
Specialty Tires of America, Inc.
Alliance Tire Group (ATG)
Central & South America
Middle East & Africa
The Farm Tire market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Farm Tire market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Farm Tire market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Farm Tire market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Farm Tire market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Farm Tire capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Farm Tire by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Farm Tire market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Farm Tire market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Farm Tire market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Farm Tire industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Farm Tire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Farm Tire market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Farm Tire market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Farm Tire market. These factors have benefited the growth of the global market for Farm Tire. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Farm Tire. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Farm Tire are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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