Farm Tire Industry Overview
The global farm tire market size was valued at USD 7.49 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028.
The growing demand for farm tires in agricultural vehicles, coupled with the expansion of the agriculture sector, is projected to boost the market growth over the forecast period. Adoption of advanced technologies by farmers to increase the agricultural yield and meet the rising food demand is projected to be the key factor benefiting the market growth. In addition, the sales of tractors have witnessed substantial growth in the historic years on account of the rising demand for technological up-gradation, thereby having a positive impact on the market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Farm Tire market
The market in China is expected to witness high growth in the years to come on account of the presence of a number of large manufacturing facilities, coupled with the booming population in the country. In addition, improvements in farming technologies and favorable policies are expected to aid the growth of the agriculture industry, thereby driving the demand for related products, including tires.
Rapid urbanization, coupled with the increasing standards of living, has imposed high pressure on food production and productivity across the globe. The expansion of the agricultural sector in order to meet the rising demand for food products is anticipated to benefit the demand for agricultural vehicles, thereby fueling the demand for farm tires over the forecast period.
Increasing demand for products with superior properties, such as high puncture and wear and tear resistance, is likely to propel the production of quality products. In addition, the high production of farm tires, coupled with the rising consumption across the globe, is likely to propel the growth of the market.
Local players mostly focus on their specific strengths and retain their customers by providing custom services to tractor and harvester manufacturers. Companies in the industry also focus on increasing their production capacity as the demand for farm tires is growing in the agricultural industry on account of the increasing demand for agricultural produce.
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Asia Pacific Farm Tire Market - The Asia Pacific farm tire market size was valued at USD 2.88 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2020 to 2027. The growing agriculture sector in the region is anticipated to drive the demand for the product for farm vehicles.
Automotive Tire Market - The global automotive tire market size was valued at USD 227.7 billion in 2015. Technological advancements across the industry are expected to spur the demand over the forecast period.
Market Share Insights
May 2022 - Apollo Tyres launched the new generation of Agriculture tyres, in the presence of farmers and business partners in Chandigarh. The new ‘VIRAT’ range is an all-rounder, with superior performance in both Agri and Haulage segments, and is available in both, front and rear fitments, the company said in a release. It has been developed with 20 lugs.
June 2019 - 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.
Key Companies profiled:
Some prominent players in the global Farm Tire market include
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- Continental AG
- Compagnie Générale des Établissements Michelin (CGEM)
- Sumitomo Rubber Industries, Ltd.
- Titan International, Inc.
- Mitas
- TBC Corporation
- Apollo Tyres Ltd.
- Hankook Tire
- MRF Limited
- JK Tyre & Industries Ltd.
- CEAT
- The Carlstar Group, LLC
- Specialty Tires of America, Inc.
- Alliance Tire Group (ATG)
- Trelleborg AB
Order a free sample PDF of the Farm Tire Market Intelligence Study, published by Grand View Research.
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