Some of the prominent participants in the global farm tire market are Bridgestone Corporation, Balkrishna Industries Limited (BKT), Continental AG, TBC Corp., The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., Pirelli & C. S.P.A., Titan International, and Sumitomo Rubber Industries Ltd.
In order to gain an edge over their competitors, keen players in the global market for farm tire are pouring money to upgrade their production processes and also trying to improve their product portfolios. While well-entrenched big players are banking on better production processes to reduce operational costs and increase profit margins, upcoming players are setting up manufacturing facilities in emerging economies of China and India to take advantage of low cost labor and land.
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A report by Transparency Market Research predicts the volume in the global market for farm tire to rise at a CAGR of 6.2% from 2017 to 2025. At this rate, the volume in the market will likely become worth 25,391.4 thousand units by 2025-end from 14,843.5 thousand units in 2016.
Depending upon the type of tire, the global farm tire market can be segmented into radial and bias. Among the two, the segment of radial tire rakes in maximum revenue. This is because radial tire, built from steel belts that are at a 90 degree angle of the tread center line, provide about 10% to 15% greater traction. They also help to save fuel and thereby up efficiency.
From a geographical standpoint, Asia Pacific leads the market with maximum revenue. Volume-wise too, it holds a dominant position. The region is also slated to outpace all others vis-à-vis growth by clocking a CAGR of 7.2%. A burgeoning population that has been continuously driving up the demand for food in the region is primarily responsible for stoking growth in Asia Pacific.
Burgeoning Population Fuelling Market Growth
At the forefront of driving demand in the global farm tire market is the growing population generating a pressing need for food. This has necessitated improved farming methods to up production. Realizing the need, farmers worldwide are swiftly adopting mechanized farming methods. This in turn has been driving up the demand for farming machineries such as tractors and harvesters that require farm tire.
Supportive Policies by Governments Have Positive Influence on Market
Another factor proving beneficial to the global farm tire market is the helpful policies by governments of most nations pertaining to subsidies for agro machinery and the purchase of farming-related equipment, as well as easy access to credit.
“All the countries in the world are adopting mechanized farming processes at their own pace, to cater to the rising demand of agricultural products needed to feed an ever-increasing population. As a result both tractors and harvesters are seeing soaring demand. Currently, equipment with 81-200 HP sub segment grosses most of the revenue in the global farm tire market. However, even the relatively lower average power ranged segment, 0-80 HP, is considerably used in different regions of the world including Asia Pacific and Middle East.”