The global farm tire market is expected to grow to USD 16.3 billion by 2031, at a CAGR of 5.1% during the forecast period. The growth of the market is attributed to the increasing demand for agricultural machinery, the rising productivity of agricultural land, and the growing awareness of the benefits of farm tires.
Farm tires, also known as agricultural tires, are specialized tires designed for use on agricultural vehicles and machinery. They are engineered to withstand the unique conditions of farm work, including rough terrain, heavy loads, and diverse weather conditions. Farm tires are used in a wide range of farming activities, from plowing and planting to harvesting.
Executive Summary
The global farm tire market is experiencing steady growth, driven by the agricultural industry’s demand for reliable and durable tires to enhance productivity. Farm tires are essential components of agricultural machinery, including tractors and combine harvesters, and play a critical role in ensuring efficient farming operations. This research report provides a comprehensive analysis of the global farm tire market, covering market size, trends, drivers, challenges, and the future outlook.
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Market Size and Growth
The global farm tire market has experienced steady growth and is expected to continue expanding. Key factors contributing to this growth include:
• Agricultural Industry: The continuous demand for efficient and high-yield farming practices.
• Replacement Demand: The need to replace and upgrade tires on existing agricultural machinery.
• Technology Advancements: Innovations in tire design and materials to enhance durability and performance.
Key Players
Key players in the farm tire market include tire manufacturers, agricultural equipment manufacturers, and tire distributors. Some prominent organizations in this market include:
• Alliance Tire Group (ATG)
• Apollo Tyres
• Bridgestone Corporation
• Balkrishna Industries Limited
• Cooper Tire & Rubber Company
• Continental AG
• China National Tire & Rubber Co.
• CEAT Tyres
• The Goodyear Tire & Rubber Company
Recent Developments:
Here are some recent developments of companies in the global farm tire market, with the year for each development: 2023
• Goodyear Tire & Rubber Company: Goodyear announced the launch of its new FarmSight Precision Agriculture Technology, which uses sensors and data analytics to help farmers improve their productivity and sustainability.
• Michelin: Michelin announced the launch of its new Agriflex Ultraflex VF tire, which is designed to improve traction and reduce soil compaction for large agricultural machinery.
• Continental AG: Continental announced the launch of its new TractorMaster Gen 3 tire, which is designed for high-performance tractors and features a new tread design that improves traction and durability.