This report foresees the farm tires market to reflect an above-average 6.0% value CAGR between the forecast period 2018 and 2028. Nearly 70,000,000 units of farm tires are envisaged to be sold worldwide by 2028-end. The latest study by Fact.MR projects the farm tires market to grow at 6% CAGR through 2028. The report finds that sluggishness in the US farm sector remains a key restraining factor for the growth of farm tires market. Weak commodity prices have cut farm earnings, which has led to a decline in equipment spending. The sluggishness continues to impact sales of both new and replacement tires
A major growth determinant for farm tires market is the strong demand for food and ever-increasing challenge of food security, which in turn has spurred the use of agricultural machineries such as tractors. Prominent manufacturers of farm tires are concentrating on product customization and
innovation for maintaining their market competitiveness, and keep their product line & offerings robust. High preference for very high flexion tires is a key trend gaining widespread traction in the farm tires market.
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There has also been traction for bias ply tires which could be attributed to its performance characteristics. As such, the use of bias ply for farm equipment has witnessed a surge. In order to adhere to the ever-increasing demand from farm owners, manufacturers are heavily focusing on propelling the tire size to underpin heavy weights. Gravity towards radial tires is set to be witnessed as 20 to 45 inch diameter is expected to expand at the highest growth rate.
When it comes to tractors segment, demand for farm tires is relatively higher vis-à-vis harvesters. According to the study, the demand for farm tires in the 300 to 450 HP harvesters is the highest, while the demand for farm tires is the highest in the 45 to 140 HP category. Meanwhile, spreaders will witness a sluggish growth in the farm tires market.
Demand for Farm Tires Higher in Tractors vis-à-vis Harvesters
Demand for farm tires is higher in tractors segment as compared to harvesters. According to the report, demand for farm tires is highest in the 45 to 140 HP category. The demand for farm tires in the 300 to 450 HP harvesters is the highest. The report projects these two vehicle types to remain at the forefront of adoption for farm tires during the assessment period. Spreaders remain the least attractive segment for farm tire manufacturers, and the status quo is likely to remain unchanged during the assessment period.
Ensuring stakeholders are not oblivious to the new technology, governments and manufacturers are working relentlessly to spread awareness apropos novel technology.
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Radial Farm Tires Continue to Outsell Bias Variants
The radialization trend in the farm tires market is tapering off, however, radial tires continue to be an attractive segment for manufacturers. In a bid to cater to the evolving demand from farm owners, manufacturers are focusing on increasing the tire size to support heavy weights. Farm tire manufacturers are shifting to Group 49, which are 7 ft. tall, and have a rolling circumference index of 256 inches. The report projects 20 to 45 inch rim diameter to grow at the highest CAGR, signifying a shift towards large radial tires. The report opines that size will continue to be a key focus area for manufacturers during the assessment period.
High Load-carrying Capacity & Low-Pressure Farm Tires to Gain Momentum
Over the past couple of years, majority of tire manufacturers have joined the suit of IF, VF, and LSW trend, developing their own versions of tires with flexible sidewalls, which promise lower soil compaction and greater load-carrying capacity. The trend has gained increased emphasis recently, with dramatic rise in size, power, and weight of agricultural equipment.
Competitive Landscape Assessment
This research study profiles business and product strategies employed by leading participants in the market, and exerts comprehensive insights that enable established and emerging players in devising effective growth strategies. The chapter on competitive landscape tracking is of paramount importance for the market participants who seek gleaning in-depth insights into current market status quo. Prominent farm tires manufacturers including Bridgestone Corp., Continental AG, Compagnie Générale des Établissements Michelin SCA, Goodyear Tire & Rubber Co., and Yokohama Rubber Company have been profiled in the report.
A scrutinized SWOT analysis has also been rendered by the report, which imparts strengths, weaknesses, opportunities, and threats to these market players. Intelligence apropos of new product developments, impact of regulatory changes, and mergers & acquisition activities of the market players has also been contained for perusal of the report readers.
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