Global Farm Tire Market: Snapshot
Prominent players in the global market for farm tire are investing heavily in better manufacturing processes to reduce costs. They are also focusing on enhancing their product portfolios to entice more takers. However, relatively new and smaller players are giving them tough competition by setting up capacities in developing economies of India and China were low cost labor and cheaper land prices are enabling them to manufacture at a relatively low cost and hence taste success in business.
Serving to majorly stoke growth in the global market for farm tire is the rising population which has exponentially increased the demand for food. This has resulted in most farmers taking the mechanized farming route, consisting of tractors and harvesters, for faster tilling, sowing and harvesting.
Yet another factor that has proven highly beneficial to the global market for farm tire is the supportive government policies related to subsidies for agro machinery and easy access to credit.
Helped by the aforementioned factors, the global market for farm tire is slated to expand at a steady 6.2% CAGR during the period between 2017 and 2025, finds a report by TMR. Rising at this rate, the volume in the market which was about 14,843.5 thousand units in 2016 will become 25,391.4 thousand units by 2025-end.
Radial Tires Gross Greater Revenue for their Fuel Efficiency
Depending upon the type of tire, the global farm tire market can be segmented into bias and radial. Of them, the segment of radial grosses maximum revenue. Their sales are mainly a result of their unique perceived benefits. Radial tires, for example, are made of steel belts placed at an angle of 90 degree to the tread center line. Since these tires provide around 10% to 15% more traction than bias tires, their efficiency increases which helps to save fuel. Other advantages of radial tires are a longer tread life, better wear durability, and smoother ride.
One drawback of radial tires is that they cost more. This is predicted to prove beneficial to the sales of bias farm tire which are relatively cheaper and have a wide range of applications.
Population Pressure Catapults Asia Pacific Market to Forefront
North America, South America, Europe, Asia Pacific, and the Middle East and Africa are some of the key regions in the global farm tire market. At present, Asia Pacific rakes in maximum revenue and is also ahead of other regions vis-à-vis volume. The high population in the region is clearly the main driver of growth. The volume in the market in Asia Pacific in was about 8,731.6 thousand units in 2016 and it will likely rise to 16,249.9 by 2025 by clocking maximum CAGR of 7.2%.
North America is another key market that is predicted to see substantial growth in the upcoming years. At present, it trails Asia Pacific in terms of volume. Powered by the U.S., the region is predicted to expand at a healthy clip in the near future. The growth in the agricultural industry in the region is said to be boosting demand for farm tires.
The market in Europe, unlike Asia Pacific and North America, will likely register a tepid CAGR 1.8% between 2016 and 2025. The Middle East and Africa, however, will grow relatively faster owing to the scarcity of farm hands in the region.
Bridgestone Corporation, Balkrishna Industries Limited (BKT), Continental AG, TBC Corp., The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., Pirelli & C. S.P.A., Titan International, and Sumitomo Rubber Industries Ltd. Are to name a few key players in the global farm market.
Global Farm Tire Market: Overview
This report on the global farm tire market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints, opportunities, and trends expected to influence the global farm tire market growth during the said period.
Technologies that are playing a major role in driving the global farm tire market have also been covered in the study. The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn) and volume estimates (in thousand units), across different geographies.
The report also includes key industrial developments in the farm tire market. Porter’s Five Forces analysis which identifies bargaining power of supplier, bargaining power of buyer, threat from new entrant, threat from substitute and threat from competition in farm tire market is also included in the report. Ecosystem analysis which identifies key stake holders in the farm tire market is also covered in the report. Furthermore, key market indicators that are indirectly driving the farm tire market are also included in the report.
Segment trends and regional trends have also been added in farm tire market report. The report also covers segment wise comparison matrix, market attractiveness analysis and market positioning of key players for all regions covered in the scope of study.
Comparison matrix includes segment growth matrix, 2017 - 2025 (%), segment volume contribution, 2017 - 2025 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segment’s attractiveness in the market on the basis of CAGR and market share index across North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
Global Farm Tire Market: Segmentation
The farm tire market has been segmented on the basis of tire type, application, equipment horse power and geography. Based on tire type, the market has been further classified into bias and radial. By application, the farm tire market is classified into tractors, harvesters, and others. The others segment comprises of combines, sprayers and trailers among others. On the basis of equipment horse power, the farm tire market is classified into 0-80 HP and 81-200 HP.
Geographically, the report classifies the global farm tire market into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue and volume generation. Furthermore, region wise prominent countries covered in the report include the following - U.S, Canada, U.K., Germany, France, China, Australia, New Zealand, Taiwan, Malaysia, Indonesia, GCC countries, South Africa and Brazil.
Global Farm Tire Market: Competitive Analysis
The report also includes competition landscape which includes competition matrix, market share analysis of major players in the global farm tire market based on their 2016 revenues and profiles of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players of the farm tire market across the world.
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The global players profiled in the global farm tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., TBC Corp., Titan International, Sumitomo Rubber Industries Ltd., and Pirelli & C. S.P.A.
The global farm tire market is segmented as below:
Global Farm Tire Market, By Tire Type
Global Farm Tire Market, By Application
- Others (Combines, Sprayers, Trailers etc.)
Global Farm Tire Market, By Equipment Horse Power
- 0-80 HP
- 81-200 HP
Global Farm Tire Market, By Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America