Farm Tire Market: Bias Tires Are Expected To Witness The Fastest Growth In Terms Of Revenue From 2021 To 2028

 Farm Tire Industry Overview

The global farm tire market size is expected to reach USD 11.16 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.1% from 2021 to 2028. The growing demand for tractors and harvesters in farming activities in developed as well as developing economies is anticipated to benefit the growth of the market over the forecast period.

 

The demand for farm tires in agricultural vehicles is expected to witness significant growth owing to the increasing penetration of vehicles in the agricultural sector. In addition, rising awareness among farmers related to the up-gradation in automotive technology and the use of automated equipment is expected to boost the market growth.

Farm Tire Market Segmentation

Grand View Research has segmented the global farm tire market on the basis of product, application, distribution, and region:

Based on the Product Insights, the market is segmented into Bias, and Radial.

  • The bias tire segment led the market and accounted for 57.57% share of the global revenue in 2020. The use of bias tires is high in India and China as these tires are manufactured using natural rubber, which is produced majorly in the two countries. In addition, the crosshatch construction of the bias tire, coupled with its availability at low cost, is likely to fuel its demand.
  • Radial tires are manufactured with steel ply, which increases the durability, along with bead-to-bead construction at an angle of 90degrees to the circumferential centerline, which increases the flexibility of tires and reduces the rolling resistance, resulting in improved performance. This is likely to drive the demand for radial tires in agricultural vehicles over the forecast period.

 

Based on the Application Insights, the market is segmented into Tractors, Harvesters, Forestry, Irrigation, Implements, and Sprayers.

  • The tractors segment led the market and accounted for 43.5% share of the global revenue in 2020 owing to its multipurpose nature. Tractors with high horsepower are widely preferred as they can be used for different farming activities. As a result, the demand for tires is also witnessing growth with the increasing popularity and use of tractors in the industry.
  • The demand for farm tires in the harvesters segment is expected to witness growth owing to the introduction of several types of harvesters to suit the farming needs. For instance, 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.
  • The growing demand for technologically advanced machinery for forestry operations is expected to drive the demand for tires. In addition, high penetration of forestry equipment in mature markets, including North America and Europe, results in rising aftermarket sales for the tires, which is likely to propel the market growth over the forecast period.

 

Based on the Distribution Insights, the market is segmented into OEM, and Aftermarket.

  • The aftermarket segment led the market and accounted for a 69.3% share of the global revenue in 2020. The rising demand for the replacement of tires by the farmers on account of the expansion of agricultural activities across the globe is anticipated to benefit the segment growth over the forecast period.
  • The demand for farm tires through the OEM channel is expected to witness growth owing to the increasing demand for new agricultural vehicles, such as tractors and harvesters. The demand for these vehicles is high in developed economies as farmers are able to afford the newly introduced, expensive farm equipment that aids in executing farming activities on large patches of land.

 

Farm Tire Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Small-scale players cater to the particular country or region where they are located and compete on the basis of product differentiation by providing innovative products. They also compete on the basis of regional demand and their penetration in the regional markets. Many regional players adopt an expansion strategy by becoming a distribution partner for global players.

The market is characterized by the presence of large, multinational companies catering to global demand. These large players compete on the basis of manufacturing technology and the application scope of farm tires. In addition, many market players undergo mergers and collaborations to expand their reach, thereby increasing their market share. 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.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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