Farm Tire Market: by Product, by Application, by Distribution Channel - Forecast to 2030
Overview
Farm Tire Market size was valued at USD 8.42 Bn. in 2023 and it is expected to reach USD 11.84 Bn. by 2030, at a CAGR of 5% through out the forecast period.
Farm Tire Market Overview:
Farm tires, sometimes known as agricultural tires, are used on tractors, harvesters, and Sowers, among other agricultural vehicles and equipment. The utilization of modern agricultural equipment resulted in a significant rise in crop yield. As a result, growers and farmers are gradually adopting agricultural vehicles and technology. Moreover, farm tires are a type of specialty tire that is used in various machines. Soil compaction, fuel economy, equipment weight and others are some of the key factors considered while purchasing the farm tire of right quality.
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Farm Tire Market Dynamics:
The treads on the farm tires with 45 degrees of inclination pattern provide the optimum traction, allowing it to travel fast through muck and soil. These are available in a variety of sizes and diameters for tractors, combine harvesters, sprayers, trailers, and skid steer loaders, among other types of equipment. These are built of high-quality rubber that will last a long time and provide greater performance on and off the field and is considered as key factor driving the demand for the product. Farm tires have a lot of ribs and voids for traction on slick surfaces. Moreover, the fuel efficiency and hillside stability of these tires have been improved. Hence, for minimum soil disruption, some tyres have diamond tread designs.
Increased demand for items with exceptional qualities, such as high puncture and wear and tear resistance, is expected to drive quality product production. Furthermore, the high production of farm tires, combined with expanding global consumption, is expected to boost the growth in the market. Rising demand for food, incremental growth in traditional farming activities, need for farm vehicles to increase the yield of the product are factors driving the demand multi tread farm tires.
According to the Food and Agriculture Organization of United Nations (FAOUN), more than 886 million people are employed by agriculture activities and 27% of the global workforce is employed in the agriculture sector. More than 23% of them have directly involved in farming activities and value-added by agriculture went up by 28% from 2000 to 2020.
Tires are environmentally dangerous since they are not biodegradable. They add to landfill waste, despite the fact that the Environmental Protection Agency classifies them as municipal solid waste rather than hazardous waste. Tires emit pollutants, and the oils they contain have the potential to harm soil and groundwater. Furthermore, solvents or volatile organic compounds (VOC) are utilized to make heavy and treads for better tire grip, with the process emitting the most emissions into the atmosphere. The risky nature of agricultural tires is expected to stifle farm tire market expansion during the forecast period.
Farm Tire Market Segment Analysis:
By product, the Farm tire market is bifurcated into bias and radial tires. In 2023, the bias tire segment dominated the market, accounting for 60% of global revenue. Bias tires are widely used in India and China as they are made from natural rubber, which is abundant in these two nations. In addition, the bias tires crosshatch structure, combined with its inexpensive price, is likely to increase demand. The cost of raw materials is cheap, which lowers the cost of making the product. The dwindling availability of natural rubber, on the other hand, is projected to limit segment expansion. The natural rubber also enhances tire rigidity, which loses homogeneity after use, jeopardizing the shelf life of bias tires.
Radial tires are made with steel ply, which promotes durability, and bead-to-bead construction at a 90-degree angle to the circumferential centerline, which increases tire flexibility and lowers rolling resistance, resulting in better performance. Over the projected term, this is likely to fuel demand for radial tires in agricultural vehicles.
By Distribution channel, the farm tire market is segmented into OEM and Aftermarket. In 2023, the aftermarket segment dominated the market, accounting for 71.22% of global sales. Over the projected period, the increased demand for tire replacement by farmers due to the expansion of agricultural activities around the world is expected to support the segment's growth.
The use of bias tires is decreasing as radial tires with high-performance qualities take their place. Furthermore, as new vehicle sales are declining, the demand for tires through OEM distribution is smaller than that of replacement. These factors are expected to increase tire demand via aftermarket sales. Moreover, increasing demand for retreading of tires among the consumers and availability of such at cheap rates in the aftermarket is expected to augment the segment growth.
Farm Tire Market New Product Innovations by Key Players:
NOKIAN has introduced new technology for AG tires named as Ground King. It consists of a newly modified lug type and block type pattern combination which increases endurance and highway comfort.
CONTINENTAL has launched new VF or Very High Flexion Technology in 2019. Some of the key features of the technology are-
1. 40% less inflation pressure
2. 40% more load
3. Optimized bead geometry for the tires’ deflection and increased durability.
Moreover, d.Fine and N.Flex or Carcass technology are the new innovations made by CONTINENTAL in 2020.
BKT has launched new AGRIMAX RI 818 radial tires for pivot irrigators. Optimal traction in wet and muddy conditions is the key feature of the new tire.
YOKOHAMA launched a new Alliance Agri Star II R-1W farm radial with two-layered lugs and the Alliance 550 Multiuse radial featuring a hybrid tread block design farming purpose and heavy-duty balancing.
Farm Tire Market Regional Insights:
North America is dominating the farm tire market Agricultural exports in 2023 totaled USD 135.87 billion, while agricultural imports totaled USD 133.22 billion, according to the latest figures from the US Department of Agriculture. Agricultural exports are expected to reach USD 152 billion in FY 2022, according to the US Department of Agriculture, owing to greater soybean and corn exports. Replacement tire sales in the country fell by 9% Y-O-Y in 2020, but are expected to recover over the projected period due to the agriculture sector's good outlook. As a result of the anticipated growth, tire manufacturers have increased their production capacity and released new tire variations to cater to a broader market.
In 2023, the Asia Pacific farm tire market dominated the global market, accounting for 41.5% of total sales. This is due to a number of factors, including rising population, rising middle-class discretionary income, and fast industrialization and urbanization. Furthermore, the presence of both small and large-scale producers in the region is expected to boost the market growth. Bias tires are produced using manufacturing techniques and materials that ensure excellent load capabilities at a low cost. Natural rubber is the most common raw material used to make bias tires. As a result, natural rubber is abundant in Thailand, India, Vietnam, Indonesia, and China, and hence, most of the rubber manufacturers export the products into the international market through these gateways, and farm tires demand is also increasing with this stature across the APAC region.
Increasing demand for agricultural vehicles and growing agricultural practices amid the COVID-19 pandemic in the regions of the UK, France, Germany, Italy, and others are the key factors considered to drive the demand for farm tires in the European region.
The objective of the report is to present a comprehensive analysis of the Farm Tire Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Farm Tire Market dynamics, structure by analyzing the Market segments and project the Farm Tire Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Farm Tire Market make the report investor’s guide.
Farm Tire Market Scope: Inquire before buying
| Global Farm Tire Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 8.42 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 5% | Market Size in 2030: | USD 11.84 Bn. |
| Segments Covered: | by Product | Bias tires Radial tires |
|
| by Application | Tractors Harvesters Others |
||
| by Distribution Channel | OEM Aftermarket |
||
Farm Tire Market, by region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Farm Tire Market, Key Players are
1.Balkrishna Industries Limited (BKT)
2. Bridgestone Corporation
3. Continental AG
4. The Goodyear Tire & Rubber Company
5. Michelin
6. Mitas Tires Global Inc.
7. TBC Corp.
8. Titan International
9. Sumitomo Rubber Industries Ltd.
10. Pirelli & C. S.P.A.
11. Goodyear
12. Camso
13. Apollo Tires
14. Trelleborg Wheel Systems
15. Armour Tyres
16. Firestone
17. Compagnie Générale des Établissements Michelin (CGEM)
18. Hankook Tire
19. MRF Limited
20. JK Tyre & Industries Ltd.
21. CEAT
22. The Carlstar Group, LLC
23. Specialty Tires of America, Inc.
24. Alliance Tire Group (ATG)
25. Trelleborg AB
FAQ’S:
1) What is the market share of the Global Farm Tire Market in 2023?
Answer: The Farm Tire Market was valued at USD 8.42 Bn in the year 2023.
2) Which Product segment is dominating the Farm Tire Market?
Answer: Bias tires segment is dominating the market owing to highly efficient tread design and high traction provided by them on road.
3) What are the key players in the Farm Tire Market?
Answer: Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., TBC Corp., Titan International, Sumitomo Rubber Industries Ltd., Pirelli & C. S.P.A., Goodyear, Camso, Apollo Tires, Trelleborg Wheel Systems, Armour Tyres, Firestone, Compagnie Générale des Établissements Michelin (CGEM), Hankook Tire, MRF Limited, JK Tyre & Industries Ltd., CEAT, The Carlstar Group, LLC, Specialty Tires of America, Inc., Alliance Tire Group (ATG), Trelleborg AB
4) Which factor acts as the driving factor for the growth of the Farm Tire Market?
Answer: Increased demand for items with exceptional qualities, such as high puncture and wear and tear resistance, is expected to drive quality product production is the key factor driving the market growth.
5) What factors are restraining the growth of the Farm Tire Market?
Answer: Tires are environmentally dangerous since they are not biodegradable. They add to landfill waste is the factor restraining the market growth.