Global Farm Tyre Market Report and Forecast 2024-2032

Global Farm Tyre Market Outlook

The global farm tyre market size reached approximately USD 8.63 billion in 2023. The market is projected to grow at a CAGR of 5.20% between 2024 and 2032, reaching a value of around USD 13.66 billion by 2032.

Key Takeaways

• Technologies such as IF/VF, which allow tyres to operate under lower pressure for reduced soil compaction, are gaining traction.

• There is a rise in the development of tyres using eco-friendly materials and production processes due to sustainability concerns.

• With growing mechanisation in emerging regions like Asia, Africa, and South America, these markets are becoming increasingly important.

A farm tyre is defined as a type of tyre that is used in farm vehicles and pulls farm machinery. It provides the energy that is required for the optimal functioning of machinery. Heavyweight, durability, low ground densification, and high load capacity are some of the properties of farm tyres due to which they are extensively used in farming applications.

There is a global trend towards increased mechanisation in farming operations to enhance productivity and efficiency. This shift is one of the major factors driving the farm tyre market growth as agricultural tyres can perform in various soil conditions and farming environments. With the world population growing, there is an increasing demand for food production and this pressure is pushing the agricultural sector to maximise crop yields, driving the need for efficient farming practices supported by reliable agricultural tyres. Moreover, governmental support for agriculture, through subsidies for agricultural machinery and inputs, also influences the market positively.

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Key Trends and Developments

Sustainability and eco-friendly materials; growth in precision agriculture; Increased Flexion (IF) and Very High Flexion technology (VF); and adoption of smart tyre technologies are the major trends impacting the farm tyre market expansion

Farm Tyre Market Trends

The trend towards sustainability in the market reflects a broader shift within the agricultural sector and manufacturing sectors towards environmental responsibility and resource efficiency. Manufacturers are exploring and incorporating renewable, bio-based materials into tyre construction as opposed to solely relying on traditional petroleum-based rubber and synthetic materials. For example, the use of natural rubber from sustainably managed rubber plantations, bio-based fillers, and other renewable materials reduces dependence on non-renewable resources and lowers the carbon footprint associated with tyre production.

Additionally, increasing research and development activities to address challenges and improve tyre performance are expected to support the market growth. In May 2023, Yokohama Off-Highway Tires (YOHT) introduced their latest agricultural tye, the AGRI STAR II R – I to the Indian market, highlighting a groundbreaking 'Stratified Layer Technology' (SLT). This technology effectively ensures that the tyre's traction, performance, and efficiency are maintained throughout its lifespan, even as it wears. It addresses a common challenge in agricultural tires: maintaining optimal performance as the tire tread wears down, which is critical for operations that require consistent traction and efficiency in various soil conditions.

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Market Segmentation

“Farm Tyre Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Bias tyre accounts for a substantial farm tyre market share owing to its cost-effectiveness and ease of traction

The bias tyre segment accounts for a significant share of the market as bias tyres are flexible and facilitate a smooth ride. These tyres are cost-effective as well and offer good traction at slow speeds and while travelling in a straight line, due to which its demand is significantly surging. Bias tyres are also ideal for operation in extreme conditions during farming activities, owing to their thick sidewall. Moreover, the tyres efficiently resist cuts and punctures, which is escalating their demand in the agriculture sector and invigorating market growth. Over the forecast period, the rising awareness regarding the affordability of these types of tyres is likely to support their demand.

Radial tyres are also anticipated to witness a robust growth in the forecast period. Radial tyres are constructed with steel belts running at a 90-degree angle to the direction of travel, which significantly enhances their durability and lifespan. This construction allows for better distribution of stresses and heat dissipation, reducing wear and tear over time. For farmers, this means lower replacement costs and decreased downtime, directly impacting the economic efficiency of their operations.

Tractors maintain their dominance in the market due to their increased usage in farming applications

Tractors are widely used to perform various agricultural activities, and farm tyres are an essential component in this machinery. As farm tyre-enabled tractors provide the ideal amount of traction, increase the productivity of the vehicle, improve efficiency, and reduce the fuel consumption of the farm equipment, their demand is increasing. The farm tyre market benefits from the increasing sales of farm tyre-enabled tractors for farming applications as well as the growing adoption of lawn tractors and the introduction of different types of harvesters to cope with specific farming requirements. The significant growth attained by commercial farming and subsistence farming also provides impetus to the segment.

Harvesters are also anticipated to contribute to the farm tyre market expansion in the coming years, as they are essential machinery in the agricultural sector, used for gathering mature crops from the fields. Their importance in ensuring efficient and timely harvesting operations directly impacts a farm's productivity and profitability. Harvesters operate under heavy loads, often in challenging conditions that include wet and muddy fields, which further demand tyres with excellent traction, durability, and resistance to punctures and other damage.

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Competitive Landscape

The market players are expanding their agricultural product line featuring high-end tyres to gain a competitive edge in the market

Other major players in the farm tyre market include Titan International, Inc., among others. Key players are mainly engaging in a variety of strategic actions to navigate the competitive landscape, address the evolving needs of the agricultural sector, and capitalise on emerging opportunities.

Farm Tyre Market Analysis by Region

The market in North America is driven by the expansion of medium and large rubber companies and the rising investments in the agriculture sector owing to the growing demand for food and grains. The market growth can also be attributed to rapid urbanisation and industrialisation, which is surging the demand for farm tyres. The increasing forestry operations aimed towards protecting the archaeological sites are likely to favour the market growth. Furthermore, the market is expected to be aided by the rising number of farm vehicle manufacturers, especially in the United States and Canada.

The Asia Pacific farm tyre market is expected to witness a robust growth in the foreseeable future. The region is undergoing rapid mechanisation of its agricultural sector. Countries that have traditionally relied on manual labour are increasingly adopting modern agricultural machinery, including tractors, harvesters, and irrigation systems, to improve productivity and efficiency. This transition is a primary driver for the increased demand for farm tyres, as more machinery in use directly translates to a higher need for tyres.

Key Highlights of the Report