Farm Tire Market is Likely to Garner Revenue of US$ 16.3 billion at a Steady CAGR of 5.1 % by the Year 2031-end: Transparency Market Research, Inc.

WILMINGTON, DE / ACCESSWIRE / June 16, 2023 / The global farm tire industry was valued at US$ 10.5 Bn in 2022 and is projected to reach US$ 16.3 Bn by the end of 2031. Increase in adoption of farm tires for advanced agriculture machinery is expected to fuel the global farm tire market.

Recent market trends indicate that demand for farm machinery is driven by efforts of governments to promote mechanization of agriculture. Numerus government initiatives, such as disbursal of low-interest loans and subsidies to farmers owning small acres of agricultural land, has spurred demand for farm tractors, which is accelerating market development.

Surge in demand for durable and flexible agriculture tires that can operate in various on-road and off-road conditions is expected to augment market growth.

To Remain Ahead of Your Competitors, Request for a Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=30698

Market Snapshot:

Key Findings of Study

• Rapid Adoption of Tubeless Bias Tires in Tractors: Significant adoption of tubeless tires is propelling the farm tire market. Steady demand for new generation of farm tires is expected to fuel utilization of tubeless tires in agriculture vehicles. However, bias ply tires are more prone to damage due to heat buildup and reduced traction than radial tires. Nevertheless, due to the fact that tubeless tires are made from natural rubber, their usage in the manufacture of farm tires has increased in China and India considerably.
• Rise in Development of Low-pressure Radial Tires: Continuous innovation in tubeless tires has led to development of low-pressure radial tires. Characterized by high traction and lower rolling resistance, radial farm tires are durable and can be used in different road conditions.
• Radial tires have several advantages such as larger footprint, which reduces the problem of soil compaction, longer-lasting tread for larger lifespan, and enhanced traction for more comfort to the farmer.

Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=30698<>

Key Growth Drivers of Farm Tire Market

• Surge in demand for harvesters and tractors in agriculture is a key driver of the farm tire market. Increase in focus of agriculturists on augmenting farm productivity is likely to fuel adoption of tractors among farmers.
• Consistent technological advancement in farm equipment is likely to bolster demand for durable on-road and off-road tires by farmers across the globe. Tire manufacturers are adopting advanced technologies to develop farm tires that show a combination of flexibility and robustness aspects, which is likely to broaden market outlook.
• Rapid growth of export volume of food crops in several countries, especially in Asia Pacific and Europe, is anticipated to boost the farm tire market

Regional Growth Dynamics

Asia Pacific accounted for the leading market share in 2022 and is projected to retain its leading position in the near future as well. Rapid development of the agriculture sector is likely to augment demand for farm tractors, which, in turn, is expected to propel the market in the region.

Presence of several regional and international tire manufacturers in the region is projected to propel the market in Asia Pacific in the next few years. Rise in demand for bias-ply farm tires and other affordable high-quality tires in the agriculture industry is anticipated to fuel market development.

Surge in production of bias tires for use in agricultural applications in several countries in Asia is anticipated to augment market growth in Asia Pacific. Bias-ply tires are suitable for farmers handling heavy loads.

The market in North America is witnessing significant growth due to considerable demand for farm tires.

Steady expansion of the agriculture sector in Europe is likely to create significant business opportunities for companies in the market.

Competition Landscape

The market landscape is fragmented, with the presence of large number of companies holding significant stake. Leading players are stepping up their efforts to strengthen supply chain in order to consolidate their positions in the farm tire market. Most prominent companies are also focusing on merger & acquisition and product portfolio expansion strategies to increase market share.

Key players operating in the farm tire market are:

• Alliance Tire Group (ATG)
• Apollo Tires
• Bridgestone Corporation
• Balkrishna Industries Limited
• Copper Tire & Rubber Company
• Continental AG
• China National Tire & Rubber Co.
• CEAT Tires
• JK Tyre & Industries Ltd.
• MICHELIN
• Nokian Tyres PLC
• Titan International Inc.
• The Goodyear Tire & Rubber Company
• Yokohama Rubber Co Ltd.

Get Customization on this Report for Specific Research Solutions: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=30698

Segmentation

The global farm tire market is segmented based on

Tire Type

• Tube
• Bias Tires
• Radial Tires
• Tubeless
• Bias Tires
• Radial Tires
• Solid
• Pneumatic

Tire Size

• Less than 10 Inch
• 10 Inch - 15 Inch
• 15 Inch - 20 Inch
• Above 20 Inch

Application

• Tractors
• Harvesters
• Mini Harvesters
• Trailers
• Irrigation
• Forestry
• Sprayers
• Others

Sales Channel

• OEM
• Aftermarket/Replacement

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Latest Automotive Industry Reports : -

Vehicle Battery Market Growth Share from 2023 - 2031

Railcar Leasing Industry Growth from 2023 - 2031

Motorcycle Accessories Market Growth Report 2023 - 2031

Last Mile Delivery Transportation Market Size & Share Report, 2023-2031

Tugboat Market Size, Share | Industry Report, 2023-2031

Automotive Fleet Market Size & Share Report, 2023 - 2031

Truck Rental Market Size | Industry Report, 2020-2031

Automotive Solar Sunroof Market Growth Share from 2023 - 2031

Automotive Electric Oil Pump Industry Growth from 2023 - 2031

Copper and Silver Components in Electric Vehicle Market Growth Report 2023 - 2031

Copper and Silver Components in Power and Industrial Market Size & Share Report, 2023-2031

Automotive Camera Cleaning System Market Size, Share | Industry Report, 2023-2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]

SOURCE: Transparency Market Research Inc.