The global farm tyre market is projected to worth $7.03 billion by 2026 and the market is expected to showcase a growth of 4.9% CAGR during the forecast period. Rising demand for distinguishing vehicles in agriculture sector for precisely conduct farming activities is likely to positively impact the demand of farm tyres boosting the revenue and driving the global farm tyre market over the forecast period.
|Market||Farm Tyre (Tire) Market|
|Analysis Period||2018 - 2026|
|Forecast Data||2018 - 2026|
|Segments Covered||By Product, By Application, By Distribution and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, Michelin, Sumitomo Rubber Industries, Ltd., Titan International, Inc., Mitas Tires Global, Inc., TBC Corporation, Apollo Tyres Ltd., Hankook Tire, MRF Limited, JK TYRE & INDUSTRIES LTD., CEAT Ltd., The Carlstar Group, LLC, Specialty Tires of America, Inc., ATG|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
The market is experiencing growth on due to increasing consumer awareness pertaining to benefits associated with updated and modernized agricultural equipment such as sprayers, spreaders, seed sowers, and plows. Additionally, shortage of labor owing to shift in preference toward the service sector is expected to complement industry growth. Growing population and infrastructure for habitat leading to limited agricultural land is resulting in highly-efficient agricultural machinery to minimize the turnaround time increasing the efficiency and productivity in the farming fields. Growing awareness of the advancing technologies among the farmers is urging them to upgrade equipment implementing automated machinery and semi-automated farming vehicles are among the prime factors to catalyse the demand of farm tyres increasing the revenue of global farm tyre market.
Major global farm tyre market participants are approaching towards a strategy of new product development in order to carter specific demand for advanced and complex machinery and equipment in the agriculture sector to efficiently improve the production, which is expected to drive demand worldwide. Additionally, requirement for high performance farm tires with long-lasting shelf life is expected to increase R&D activities in the agricultural sector during the forecast period. Key players in the global farm tyre market focus on research and development activities so as to widen modernized technologies for manufacturing tyres and applying the same strategy across various stages of its value chain to gain in the global farm tyre market.
Market By Product
Market By Application
Market By Distribution
Market By Geography
Standards and regulations formed by the governing bodies worldwide are based on the local demographics and are applicable to the industry which is aimed at developing high-quality products utilizing recently discovered modern technologies. Also, the adoption rate among the consumers, of advanced agricultural equipment is towering in some regions due to shrinking cultivable land and exhaustive urbanization. This is also likely to drive product demand increasing the revenue of the global farm tyre market.
The bias product segment is expected to register a growth of 4.8% CAGR in terms of revenue owing to rise in product demand in developing countries. This can be attributed to its high performance, low cost and efficiency in off-road applications such as agriculture, mining, earthmoving and at construction.
Tractors accounted for majority share over 60% of the revenue in 2017 on account of its increasing penetration in various farming activities. Challenging financial capability of farmers has compelled them to invest in on only vehicle that can perform multiple tasks and improve turnaround time efficiently. This is likely to drive product demand in tractors over the forecast period impacting positively to the farm tyre market.
In terms of revenue, the aftermarket distribution channel segment accounted for over 65% of the overall global farm tyre market in 2017. This is due to increasing and persistent need to replace older tires with new and modernized ones. Additionally, sale of new agricultural vehicles is comparatively slower, due to which demand for the product through the aftermarket channel is high.
The farm tyre market in North America is likely to exhibit a revenue-based CAGR of 4.5% for the forecast period. The region consists of the most advanced markets in terms of evolution, acceptance and is change driven in the agriculture industry, leading towards the growth for modern-day updated farming activities. Up gradation in farming equipment is expected to drive demand for farm tyres in the region.
The Asia Pacific farm tyre market is estimated to grow at a volume-based CAGR of 5.9% from 2018 to 2025 attributable to increased growth in agricultural activities in major economies of the region.
Major players are already focusing on increasing the number of manufacturing facilities in order to carter the increased demand and minimize the logistics cost, in developing economies such as in Asia Pacific attributable to abundant availability of raw materials. Additionally, companies have been investing a lot in research and development activities to develop modernized and innovative products among various updated manufacturing technologies.
Few other companies that are involved in the global farm tyres market manufacture a wide variety of products for specific farming activities. Various local players focus majorly on their specified strengths and retain their customers by offering customized services to tractor and harvester manufacturers. Conversely, few other players are focusing to offer wide variety of products to expand their consumer base.
Company Profiles: Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, Michelin, Sumitomo Rubber Industries, Ltd., Titan International, Inc., Mitas Tires Global, Inc., TBC Corporation, Apollo Tyres Ltd., Hankook Tire, MRF Limited, JK TYRE & INDUSTRIES LTD., CEAT Ltd., The Carlstar Group, LLC, Specialty Tires of America, Inc., ATG