Industry Background:
Farm tires are a sub-segment of a very special set of tires that are used by the vehicles and machines for agricultural activities. Sprayers, tractors, trailers, and harvesters are some examples of agricultural machines that use agricultural tires. Choosing the right land tire depends on numerous different factors. The size of the tractor tire, soil compaction, fuel consumption, traction requirements, and the weight of the equipment must be considered before buying agricultural tires. The agricultural tire market is divided into two segments, radial and bias tires. The adoption of advanced technologies by farmers to increase agricultural yield and meet growing food demand is expected to be a key factor in the market. Government support for sustainable agricultural practices in some countries aims to reduce the harmful environmental impact of various agricultural practices, including the use of certain agricultural vehicles. The expansion of the regional scale of agricultural vehicle manufacturers combined with the increasing demand for higher yields should stimulate demand for these farm tires.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | BKT Tires [India], Bridgestone [Japan], Continental AG [Germany], Goodyear Tire and Rubber Company [United States], Firestone [United States], Mitas Tires [United States], TBC Corp [United States] and Titan International [United States] |
According to AMA, the market for Farm Tires is expected to register a CAGR of 4.36% during the forecast period to 2030. This growth is primarily driven by Rising Demand for Agricultural Machinery and Equipment, Growing Government Support to Agricultural Activities and Increasing Replacement Rate for Farm Tires.
Globally, a noticeable market trend is evident Rising Demand for Green Farms Tires
The Tires & Rubber sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as BKT Tires [India], Bridgestone [Japan], Continental AG [Germany], Goodyear Tire and Rubber Company [United States], Firestone [United States], Mitas Tires [United States], TBC Corp [United States] and Titan International [United States], etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. It has been witnessed that most the major players are entered into the market with latest technology that defines from in-depth research and development practices within their product lines.For Instance, Firestone Ag launched advanced radial implemented tires with advanced deflection design technology that offers less soil compaction, uniform contact area and increased stubble resistance. It also exhibits tread pattern with bitting edges that raising the traction in wet environment conditions compared to other traditional rib implements tires.
Key Developments in the Market:
In March 2023, CEAT is proud to announce that CEAT Farmax radials are being fitted in Case IH and New Holland tractors.The agreement was locked after several rounds of assessment and audits by the OEM of the Mumbai-based radial plant of CEAT and after multiple tests done on tires on various parameters.
In October 2023, Nokian Tyres Flexforce VF is a unique new tire technology that enables more efficient agricultural work by creating an XXL-sized ground contact and by reducing loss of power. The first tractor tire utilizing this technology is Nokian Tyres Soil King VF, which has already proven to be ahead of competition in third-party tests. A new flotation tire for high-capacity tankers and trailers, Nokian Tyres Float King VF, complements the Flexforce VF range.
Regulatory Insights:
Rules regarding tire manufacturing is governed by different governing bodies such as International Standards Organization (ISO), Rubber Manufacturers Association (RMA) and others. All tire manufacturers are supposed to adhere to ISO standard regarding manufacturing process. At the same time, environment safety is at core and must be kept in account while manufacturing.
Influencing Trend:
Rising Demand for Green Farms Tires and Growing Demand for Wider Agricultural Tires
Market Growth Drivers:
Rising Demand for Agricultural Machinery and Equipment, Growing Government Support to Agricultural Activities and Increasing Replacement Rate for Farm Tires
Challenges:
Volatility in Raw Materials Price and Decline in Commodity Prices Lower the Farm Tires Demand
Restraints:
High Cost of Radial Tires and Lack of Awareness About Technology
Opportunities:
Advancement in Tire Technology and Increasing Agriculture Budget in Emerging Countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Farm Tires Market
- Analysis about New Entrants in Farm Tires Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Farm Tires Study Sheds Light on
The Farm Tires Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Farm Tires industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Farm Tires industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.