Pune, 13, Dec, 2022: As per Maximize Market research, a global business research and consultancy firm, the total Farm Tire Market was 7.64 Bn in 2021 and is expected to grow at CAGR of 5% over the forecast period to reach 11.29 Bn. by 2029.
Farm Tire Market Scope and Research Methodology
The study analyses the market segments for farm tires, for which Areas and market participants have provided information. A complete overview of the current state of affairs and the rapid technological changes taking place across all industry sectors is provided by the farm tire market Study. Using facts, figures, graphs, and presentations, key data analysis for both the past and present eras is offered. The study covers the market drivers, limitations, opportunities, and difficulties for Farm Tire. Information on revenue, financial standing, portfolio, technological adoption, mergers and acquisitions, and market share breakdowns for the top market participants are all included in Farm Tire’s competitive environment.
The market size and its estimation by various segments were validated using the bottom-up methodology. Both primary and secondary sources were used to acquire the data. The key approaches were surveying participants, delivering questionnaires, and contacting business owners, thought leaders in the field, and marketing experts. To ensure that the inferences were as reliable as possible, secondary information was painstakingly gathered from a well-chosen collection of sources. This also includes paid databases, official databases from various organisations and government websites, trade journals, white papers, annual reports, and product announcements from manufacturers and suppliers in the sector.
SWOT analysis was conducted to identify the strengths and weaknesses of the farm Tire market, while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the farm Tire market.
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Farm Tire Market Overview
Tractors, harvesters, and sowers, among other agricultural vehicles and equipment, employ farm tires, also referred to as farm tires. Crop yields increased significantly as a result of the use of modern agricultural equipment. As a result, farmers and growers are gradually implementing agricultural technology and vehicles. Furthermore, farm Tires are a distinct type of Tire that is used in a variety of machinery. Some of the important aspects taken into consideration while buying the best farm Tire are soil compaction, fuel efficiency, equipment weight, and others.
Farm Tire Market Dynamics
The farm Tires’ treads, which have a 45-degree slant, offer the best traction and enable quick movement in muck and soil. For tractors, combine harvesters, sprayers, trailers, and skid steer loaders, among other pieces of machinery, these come in a variety of sizes and diameters. The fact that they are made of high-quality rubber, which will endure for a long time and offer better performance both on and off the field, is said to be a major element in the product’s demand. For grip on slick surfaces, farm Tires are heavily ribbed and grooved. Additionally, these Tires now have increased fuel efficiency and hillside stability. Some Tires have diamond tread patterns to cause the least amount of soil disturbance.
Production of high-quality products is expected to rise in response to the rising demand for goods with remarkable characteristics, such as high puncture and wear and tear resistance. Furthermore, the market is expected to develop due to the high production of farm Tires and rising global consumption. The market for multi-tread farm tires is being driven by causes such as the increasing global demand for food, the gradual expansion of conventional farming practises, and the requirement for farm vehicles to boost product productivity.
Farm Tire Market Regional Insights
North America is dominating the farm Tire market. Agricultural exports in 2021. To serve a larger market, Tire manufacturers have grown their production capabilities and introduced additional Tire varieties. Modern integrated farming practises are growing thanks to improvements in farming machinery and changes in the agriculture sector. This is expected to drive market growth for farm Tires over the forecast years.
Followed by North America, the Asia-Pacific farm Tire market dominated the global market in 2021.Thanks to the growing population and middle-class discretionary income are increasing, and industrialization and urbanisation are occurring quickly. Additionally, the region’s existence of both small- and large-scale producers is expected to boost farm Tire market growth. Bias Tires are made with materials and manufacturing processes that provide high load capacities at reasonable prices.
Farm Tire Market Segmentation
By Product:
- Bias tires
- Radial tires
By Application:
- Tractors
- Harvesters
- Others
By Distribution Channel
- OEM
- Aftermarket
Farm Tire Market Key Manufacturers:
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire & Rubber Company
- Michelin
- Mitas Tires Global Inc.
- TBC Corp.
- Titan International
- Sumitomo Rubber Industries Ltd.
- Pirelli & C. S.P.A.
- Goodyear
- Camso
- Apollo Tires
- Trelleborg Wheel Systems
- Armour Tires
- Firestone
- Compagnie Générale des Établissements Michelin (CGEM)
- Hankook Tire
- MRF Limited
- JK Tire & Industries Ltd.
- CEAT
- The Carlstar Group, LLC
- Specialty Tires of America, Inc.
- Alliance Tire Group (ATG)
- Trelleborg AB
Key questions answered in the Farm Tire Market are:
- What is Farm Tire?
- What are the key factors driving the growth of Farm Tire market?
- What is the growth rate of Farm Tire Market for the forecast years?
- What is the nature of competition in Farm Tire industry in developed and developing economies?
- Who are the key players in the Farm Tire Market?
- Who are the market leaders in Farm Tire in Europe?
- Who are the market leaders in Farm Tire in USA and Canada?
- Who are the market leaders in Farm Tire in India, China, Japan and South Korea?
- Who held the largest market share in Farm Tire Market?
- What are the factors for the growth of Asia-Pacific region in Farm Tire Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Application, Distribution Channel, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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Farm Tractor Market – Farm Tractor Market size is expected to reach USD 104.36 billion by 2029 at a CAGR of 5.1 percent during the forecast period. Precision farming, as well as the increasing adoption of farm technology to increase production, are driving up demand for farm tractors.
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