Farm Tires market size is estimated to be valued over US$ 4,167 million in 2019 and will register a CAGR of 5.3% between 2018 and 2028. In terms of unit, over 18,676 units are estimated to be sold in 2019. Rapid mechanization in agriculture sector along with rise in sales of tractors has driven the global farm tires market revenue. The trend is likely to continue throughout the forecast period. These tires are generally equipped with large number of natural rubbers that are proven to handle heavy duty works on field. Furthermore, increasing demand for very high flexion tractor tires will boost the global sales.
Another key factor boosting the global farm tires sales is potential shift from biasply to radial ply tires. Growing demand for these tires is potentially due to increasing market demand for tractors worldwide. As per the estimates, over 3.8 million tractors were sold in between 2017 and 2018. Increasing sales has directly influenced the allied sector sales capability.
Technological advancement has also played a significant role in overall agriculture tire sales. Demand for very high flexion (VF) and increased flexion (IF) has gained popularity owing to increasing machinery weight. Manufacturers are building large volume tires that has a rolling surface of 256 in compared to standard rolling circumference of 243 in. Also, VF tires are able to travel efficiently on smooth roads between fields.
Product development and pricing has largely controlled the overall sales. Sales data depicts farmers/other end-users to incline for cost effective tires. As a result, competition has heightened in the sector.
Global Farm Tires Market Size and Forecast: Regional Analysis
Globally, Asia Pacific dominated the global sales in 2018. Sales in the region is primarily driven by China and India. These two countries accounted for over half of the total tractor sales in 2018. In addition, the region is still far from achieving its total addressable market. As such, there exists huge market opportunity for farm tire manufacturers and vendors. Aftermarket holds the major market share in the region. While the industry revenue opportunity is huge in OEM, handful of tractor and other heavy machinery manufacturers has limited the total number of farm tire vendors. These players enter in long term partnership with vehicle manufacturers in order to ensure long term business sustainability. Demand in the region is led by tractors and harvesters, followed by trailers and suit. New entrants and small scale players mainly focuses on aftermarket in order to stay agile. Also, aftermarket is substantially fragmented in Asia Pacific compared to other regions.
North America is another key destination for manufacturers. The region registered slowdown in net agriculture output in 2017, however, it had a negligible impact on overall sales of farm tires. This implies, the relatively higher spending capacity in the region. While the business is registering optimistic growth, declining commodity costs could impact the farmer spending capacity. This in turn can led to sluggish agriculture tire demand in the region. Unlike Asia Pacific, sales in North America is expected to register moderate growth. Market is consolidated in the region with leading players accounting for major share in North America.
Global Farm Tires Market Size and Forecast: Competition Landscape
The industry is highly competitive with presence of large number of midsize and considerable large scale enterprises. Majority of manufacturers are engaged in supplying below 40 HP tractor tires worldwide. Some key Farm Tires market players are:
- Bridgestone Corp.
- Titan Corporation
- Balkrishna Industries Limited
- Sumitomo Rubber Industries Ltd.
- Continental AG
- Goodyear Tire & Rubber Company
- TBC Corporation
- Yokohama Rubber Company
By Vehicle Type:
- Conventional Tractors
- Driverless Tractors
By Tire Type:
By Distribution Channel:
What Will You Discover in the Report?
- An in-depth analysis of the Farm Tires market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Farm Tires market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Farm Tires market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Farm Tires industry during the forecast period
- Who are the Farm Tires industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Farm Tires Industry Suppliers
- Farm Tires Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
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