Farm Tire Market - Snapshot
Farm tires are an integral part of agricultural vehicles, as they enable the vehicles to perform in rough terrain and under heavy load conditions. Farm tires utilize a higher concentration of natural rubber, as compared to that used in passenger vehicle tires. Newly manufactured farm tires are getting larger, wider, and can carry heavy loads with a smaller amount of compaction. Up to 2009, the largest tire had a circumference of 243 inches and an overall diameter is 81 inches; however, currently, tire manufacturers offer larger tires of rolling circumference of 256 inches.
Demand for wide section tires from farmers, owing to narrow row?crop sizes, for better flotation is likely to boost the demand for farm tires during the forecast period. Rapid development in agricultural technology, such as development of high horsepower tractor and demand for ecofriendly tires, is likely to propel the farm tire market during the forecast period. Industrialization of agribusiness, transformation of traditional agricultural activities, increase in utilization of several agricultural machines, and continuous development in tire technology are anticipated to drive the farm tire market during the forecast period.
The global farm tire market has been segmented based on application, equipment horsepower, tire type, sales channel, and region. In terms of application, the farm tire market has been bifurcated into tractors, harvesters, implements, irrigation, forestry, and others. The tractors segment held a major share of the farm tire market and is expected to maintain its dominant position during the forecast period. Supportive initiatives by governments, demand for precision farming methods, and rise in affordability of tractor and income of farmers are likely to propel the tractor segment during the forecast period. Various activities in farms, such as land cultivation, sowing, crop care, and harvesting require different implements, which in turn is anticipated to boost the implements segment and subsequently, drive the farm tire market during the forecast period.
Towering frames and water flowing nozzles are important components of an irrigation system. Irrigation tires are reliable, long-lasting and they help reduce compaction at minimum maintenance cost. Minimum maintenance, cost factors and ease of work are anticipated to boost the demand for irrigation tires during the forecast period.
Agricultural tractor and related equipment are driven by horsepower engines that require high quality tires for traction and for overall performance. Increasing demand for farm mechanization among small- and medium-sized landowners is likely to boost the 0-80 HP segment during the forecast period. However, increase in usage of tractor for activities other than agricultural is likely to propel the high horsepower segment during the forecast period. Consequently, demand for farm tires is likely to remain high during the forecast period, owing to rapid increase in demand for high power tractor and other equipment during the forecast period.
In terms of tire type, the farm tire market has been classified into bias and radial. The bias segment dominated the farm tire market, and it is likely to maintain its dominance during the forecast period. High load carrying capacity of bias tires, which are susceptible to rapid wear and tear owing to use of bias tires in farm equipment high load carrying capacity of bias tires is likely to increase. Bias tires are utilized in applications such as old tractor, and fertilizer applicators and manure spreaders. However, farm tires are undergoing changes and preference among consumers is shifting from bias to radial owing to their price. Moreover, radial tires offer higher traction and hence, the radial tire segment is likely to expand at a rapid pace during the forecast period.
In terms of region, the global farm tire market has been segmented into five major regions. Among them, Asia Pacific held a prominent share, owing to the high production of tractor and other farm related equipment in the region coupled with the presence of major tire manufacturers in Asia Pacific, primarily in Japan, China, and India. Availability of human resources, natural resources, such as land, capital, and developing technology in Asia Pacific is boosting the development of agricultural infrastructure and industry, which in turn is driving the demand for agricultural vehicles that are utilized to carry out these activities. This, in turn, is propelling the production of farm tires in region.
Major companies in the global farm tire market are expected to benefit from the formation of strategic associations with global players involved in the cooling fan system market. The market witnesses the existence of key players who have strong worldwide existence and firm establishments, coupled with diverse product portfolios. Prominent players operating in the global farm tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, TBC Corporation, Titan International, Inc., Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A.
Farm Tire Market - Overview
This report analyzes and forecasts the farm tire market at the global and regional level. The market has been forecasted, based on value (US$ Mn) and volume (thousand units) from 2018 to 2025. The study includes drivers and restraints of the global farm tire market. It also covers the impact of these drivers and restraints on the demand for farm tires during the forecast period. Furthermore, the report highlights opportunities in the farm tire market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global farm tire market. The Porter’s Five Forces model for the farm tire market has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global farm tire market by segmenting it in terms of application, equipment horsepower, tire type, sales channel, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the past and forecast demand for farm tire in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual application segments in all the regions.
The study includes profiles of major companies operating in the global farm tire market. Key players in the market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, TBC Corporation, Titan International, Inc., Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A. Market players have been profiled in terms of attributes, such as company overview, financial overview, business strategies, recent developments, and manufacturing footprints.
The report provides the market size of farm tire for 2017 and forecast for the next eight years. The global market size of farm tire market has been provided in terms of value and volume. Market numbers have been estimated based on key application, tire type, equipment horsepower, and sales channel for regional segments of the farm tire market. Market size and forecast for each major Application, equipment horsepower, and tire type have been provided in terms of global and regional/country markets.
In order to compile the research report, we have conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We have reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search on recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be a reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources typically referred to include, but are not limited to, company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organization International des Constructeurs d'Automobile (OICA), Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, linked-in interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We have conducted primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, market outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The farm tire market has been segmented as follows:
- Global Farm Tire Market, by Application
- Global Farm Tire Market, by Equipment Horsepower
- 0-80 HP
- 80-200 HP
- Global Farm Tire Market, by Tire Type
- Global Farm Tire Market, by Sales Channel
- Global Farm Tire Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America