The global farm tires market is expected to witness exponential growth in this era of advanced technology and design innovation, owing to the need for enhanced productivity from a rapidly expanding global population.
The rising need for food has led to the substantial usage of various agricultural machinery and equipment, which in turn has boosted the demand for farm tires. Other driving factors include the high demand for food products and the issue of food security.
The increasing pressure to meet food requirements of a burgeoning global population has led to massive farming on available fertile land. Rapid industrialization and urbanization are expected to increase the potential usage of agricultural land over the forecast period, leading to greater emphasis on farm mechanization. These factors are predicted to augment the growth of farm tire markets.
The income of farmers and purchase of automotive, agricultural machinery play a huge role in the growth of this market, during the economic boom as well as turmoil. However, interdependency of different activities within the farm and volatility of commodity prices are some of the significant restraints identified for this market.
The global market can be clearly defined by products, usage, and geography. By usage in agricultural activities, the market is further divided into types, applications, construction types.
Based on models, the global market can be broadly classified as original equipment and replacement tires. Currently, replacement tires occupy the largest market share, and this trend is expected to continue over the forecast period.
The construction segment divides the global market into bias ply and original tires. North America and Europe have efficient usage of original tires. These regions have the ability to reduce compaction and are capable of handling heavier loads.
The farm tire industry is also segmented into truck, passenger car, light vehicle, and specialty tires. Farm tires or agricultural tires are a part of specialty tires. These tires are extensively used in various farm vehicles such as combines, tractors, sprayers, harvesters, and trailers. The global farm tires market has also been segmented into original equipment (OE) and replacement farm tires.
Regional segmentation includes North America, Europe, Asia Pacific, Central & South America (CSA) and the Middle East & Africa (MEA).Recent market trends and farmers sentiment clearly differentiate the growth of the farm tire markets between developed and developing nations.
North America and Europe together have the largest market share on account of high industrialization, specifically in agricultural activities. However, Asia Pacific is expected to witness the highest growth regarding revenue and volume owing to strong demand for farm tires from emerging economies such as Vietnam, Malaysia, India, China, and Thailand. Brazil and Argentina are expected to foster significant growth in the CSA market.
The global market is highly competitive, especially in North America where there is intense competition within the radical tire segment, which includes domestic producers such as Mitas and Continental among several others.
Numerous competing firms have been introducing large volume tires to support the additional weight of farming machinery. Recent product launches include the introduction of the Titan - Goodyear DT 930 1100/45R46 original tire, mainly designed for combines, tractors, and grain carts.
Wide section tires have also witnessed high demand, and major companies expect that an increasing number of farmers have switched from narrow row-crop sizes to larger ones, for wider tires that offer better flotation.
Stubble resistance is a hotbed of a subject in the industry, and recent trends indicate that seed genetics continue to provide better stalk quality and the ability to withstand rigid stubble. Damage to both front and combine tires of tractors owing to stubble residuals is a major concern among farmers, which has led to the high adoption of stubble resistance tires.
Other types of tires based on quality and functionality include IF tires, VF tires, R+ tires, combine tires and others that have increased competition within the global market. Major tire manufacturers in the global industry include Goodyear, Michelin, Titan, BKT, Trelleborg and others.
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