Global Farm Tire Market was valued US$ 5.10 Bn in 2018 and is expected to reach US$ 7.80 Bn by 2026, at a CAGR of 6.2 % during a forecast period.
Global Farm Tire Market by Product
The major factor driving the growth of the global farm tire market is the ever-increasing grow the population. An increase in population has only led to a rise in demand for agricultural products. Adoption of advanced technologies by farmers to raise agricultural yield as well as meet soaring food demand is estimated to be a key factor driving the market. Tractor sales have been witnessing substantial growth over the past few years because of increasing demand for technological up-gradation. This is a positive impact on market growth.
However, government support for sustainable farming practices in some countries is aimed at reducing the harmful environmental impacts of different agricultural practices, which includes the use of certain agricultural vehicles. This could limit the demand for farm tires over the forecast period. Also, weather dependency on-farm activities and commodity price volatility are some other major factors restraining market growth.
According to the product, the bias tires product segment is expected to be driven on account of crosshatch construction of plies, which reduces wear and tear of the product. The radial tires product segment accounted for 36.7% of the revenue in 2018 thanks to developed puncture resistance offered by rubber-coated steel belts used in the tires. Moreover, the running temperature of radial tires is lower than its counterpart as the structure of radial technology reduces rolling resistance.
By application, tractors are anticipated to witness rapid growth due to new product development and multiple variants of the vehicle available in the market to suit specific requirements of various farming processes. Furthermore, the use of tractors with multiple farming equipment is anticipated to drive product demand in the application segment.
Among distribution channels, the Aftermarket is owing to rising and recurrent need to replace older tires with new and developed ones. Moreover, the sale of new agricultural vehicles is relatively lower, on account of which product demand through the aftermarket channel is high. The farm tire market through the OEM channel is driven by demand for new agricultural vehicles such as tractors and harvesters.
Region-wise, Europe is expected to be the largest market for farm tires followed by North America and the Asia Pacific. The Asia Pacific is estimated to be the fastest-growing market for farm tires because of the presence of established end-user industries.
The objective of the report is to present a comprehensive analysis of the Global Farm Tire Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Farm Tire Market dynamics, structure by analyzing the market segments and project the Global Farm Tire Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Farm Tire Market make the report investor’s guide.
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Scope of the Global Farm Tire Market
Global Farm Tire Market by Product
Global Farm Tire Market by Application
Global Farm Tire Market by Distribution Channel
Global Farm Tire Market by Geography
Key players in the Global Farm Tire Market
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