The new report by Expert Market Research titled, ‘Global Farm Tyre Market Growth, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global farm tyre market, assessing the market based on its segments like different products, major applications, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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Farm Tyre Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 7.8 billion
• Forecast CAGR (2023-2028): 5.20%
• Forecast Market Size (2028): USD 10.6 billion
Based on product, the bias tyre sector has a sizeable market share and is projected to develop significantly over the coming years. Bias tyres allow for a smooth ride because they are flexible. Due to the product’s low cost and excellent grip at slow speeds and while moving straight ahead, demand for it is rapidly increasing. Due to their substantial sidewall, bias tyres are also perfect for use during farming operations in harsh weather. The tyres’ effective cut and puncture resistance are also driving up demand for them in the agriculture sector and boosting market expansion. The overall market expansion of farm tyres is anticipated to be aided over the course of the forecast period by the growing awareness of the affordability of these types of tyres.
Farm Tyre Industry Definition and Major Segments
A farm tyre is a particular kind of tyre that is used on farm machines and farm vehicles. It supplies the energy needed for machines to operate at their best. Farm tyres are widely used in farming applications because of their heavy weight, durability, low ground densification, and high load capacity, among other attributes.
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The different products of farm tyres in the market are:
• Bias Tyre
• Radial Tyre
The major applications of farm tyres include:
• Tractors
• Harvesters
• Forestry
• Irrigation
• Implements
• Sprayers
The bifurcation of the market, on the basis of distribution channel, includes:
• OEM
• Aftermarket
The market can be segmented into major regions like:
• North America
• Europe
• the Asia Pacific
• Latin America
• Middle East and
• Africa
Farm Tyre Market Trends
The increasing use of the product in tractors is driving growth in the worldwide farm tyre market. Farm tyre-enabled tractors are becoming more and more popular as they offer the right amount of traction, boost vehicle productivity, boost efficiency, and use less fuel than traditional tractors. This is helping the sector develop.
The market is anticipated to develop as a result of rising sales of tractors equipped with farm tyres for farming purposes in the coming years. The market is also predicted to rise as lawn tractors become more popular and as various types of harvesters are being developed to meet the farming needs. The market is projected to gain momentum in the upcoming years as a result of the enormous expansion achieved by both commercial farming and subsistence farming. In the coming year, the tyre business is expected to be driven by increased demand in Asia.
The Asia tyre business is being propelled not just by the growth of the vehicle industry, but also by lower production costs. Lower labour costs and a lower natural rubber content (with higher synthetic rubber content) in tyres result in lower production costs. With expanding automobile production in Latin America and the Middle East, the two markets are likely to have strong growth.
Key Market Players
The major players in the global farm tyre market report are:
- Balkrishna Industries Limited
- Bridgestone Corporation
- Continental AG
- Michelin
- Titan International, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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