Farm Tire Market – Snapshot
Farm tires are an integral part of agricultural vehicles, as they enable the vehicles to perform in rough terrain and under heavy load conditions. Farm tires utilize a higher concentration of natural rubber, as compared to that used in passenger vehicle tires. Newly manufactured farm tires are getting larger, wider, and can carry heavy loads with a smaller amount of compaction. Up to 2009, the largest tire had a circumference of 243 inches and an overall diameter is 81 inches; however, currently, tire manufacturers offer larger tires of rolling circumference of 256 inches.
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Demand for wide section tires from farmers, owing to narrow row? crop sizes, for better flotation is likely to boost the demand for farm tires during the forecast period. Rapid development in agricultural technology, such as the development of high horsepower tractor and demand for eco-friendly tires, is likely to propel the farm tire market during the forecast period. Industrialization of agribusiness, a transformation of traditional agricultural activities, increase in the utilization of several agricultural machines, and continuous development in tire technology are anticipated to drive the farm tire market during the forecast period.
The global farm tire market has been segmented based on application, equipment horsepower, tire type, sales channel, and region. In terms of application, the farm tire market has been bifurcated into tractors, harvesters, implements, irrigation, forestry, and others. The tractors segment held a major share of the farm tire market and is expected to maintain its dominant position during the forecast period. Supportive initiatives by governments, demand for precision farming methods, and rise in affordability of tractor and income of farmers are likely to propel the tractor segment during the forecast period. Various activities in farms, such as land cultivation, sowing, crop care, and harvesting require different implements, which in turn is anticipated to boost the implements segment and subsequently, drive the farm tire market during the forecast period.
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Towering frames and water flowing nozzles are important components of an irrigation system. Irrigation tires are reliable, long-lasting and they help reduce compaction at minimum maintenance cost. Minimum maintenance, cost factors and ease of work are anticipated to boost the demand for irrigation tires during the forecast period.
Agricultural tractor and related equipment are driven by horsepower engines that require high quality tires for traction and for overall performance. Increasing demand for farm mechanization among small- and medium-sized landowners is likely to boost the 0-80 HP segment during the forecast period. However, increase in usage of tractor for activities other than agricultural is likely to propel the high horsepower segment during the forecast period. Consequently, demand for farm tires is likely to remain high during the forecast period, owing to rapid increase in demand for high power tractor and other equipment during the forecast period.
In terms of tire type, the farm tire market has been classified into bias and radial. The bias segment dominated the farm tire market, and it is likely to maintain its dominance during the forecast period. High load carrying capacity of bias tires, which are susceptible to rapid wear and tear owing to use of bias tires in farm equipment high load carrying capacity of bias tires is likely to increase. Bias tires are utilized in applications such as old tractor, and fertilizer applicators and manure spreaders. However, farm tires are undergoing changes and preference among consumers is shifting from bias to radial owing to their price. Moreover, radial tires offer higher traction and hence, the radial tire segment is likely to expand at a rapid pace during the forecast period.
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In terms of region, the global farm tire market has been segmented into five major regions. Among them, Asia Pacific held a prominent share, owing to the high production of tractor and other farm related equipment in the region coupled with the presence of major tire manufacturers in Asia Pacific, primarily in Japan, China, and India. Availability of human resources, natural resources, such as land, capital, and developing technology in Asia Pacific is boosting the development of agricultural infrastructure and industry, which in turn is driving the demand for agricultural vehicles that are utilized to carry out these activities. This, in turn, is propelling the production of farm tires in region.
Major companies in the global farm tire market are expected to benefit from the formation of strategic associations with global players involved in the cooling fan system market. The market witnesses the existence of key players who have strong worldwide existence and firm establishments, coupled with diverse product portfolios. Prominent players operating in the global farm tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, TBC Corporation, Titan International, Inc., Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A.
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