Global Farm Tire Market

Global Farm Tire Market Size, Share, Growth Analysis, By Product(Bias and Radial), By Application(Tractors, Harvesters) - Industry Forecast 2024-2031

Report ID: SQMIG20H2023 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 64 | Figures: 76

Global Farm Tire Market News

  • In February 2024, Titan International, Inc. (NYSE: TWI), a prominent global manufacturer specializing in off-highway wheels, tires, assemblies, and undercarriage products, revealed the acquisition of Carlstar Group LLC. ("Carlstar") for roughly $296 million. This deal, completed on February 29, 2024, involves a combination of cash and stock, pending wire transfers per the purchase agreement and issuance of the stock consideration. The acquisition price is equivalent to around 4 times Carlstar's adjusted EBITDA of $73 million for FY 2023. Titan anticipates immediate enhancement in earnings per share and operating margins for 2024 due to this transaction.

  • In October 2023, International Tractors Limited (ITL) introduced five new tractor models, featuring their electric model, the Solis SV Series, aimed at revolutionizing global farming practices. These new series boast advanced technology, power, and versatility, promising to improve productivity and efficiency for farming communities across the globe.

  • In October 2023, the indigenous tractor manufacturer revealed five new offerings, including an all-electric tractor targeted at global markets. Additionally, the company announced plans to establish a specialized export plant with a capacity of 100,000 units, located next to its current facility in Hoshiarpur, Punjab.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Farm Tire Market size was valued at USD 7.70 billion in 2022 and is poised to grow from USD 8.11 billion in 2023 to USD 12.26 billion by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).

The market for agricultural tires will expand even more as a result of major market participants spending a lot on R&D to diversify their product offerings. Significant market changes include the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. Market participants are also engaging in a variety of strategic initiatives to increase their market share. 'Michelin (France)', 'Bridgestone (Japan)', 'Continental AG (Germany)', 'Pirelli (Italy)', 'Titan International Inc. (United States)', 'Trelleborg AB (Sweden)', 'Balkrishna Industries Limited (BKT) (India)', 'Sumitomo Rubber Industries Ltd. (Japan)', 'Yokohama Rubber Company Ltd. (Japan)', 'Mitas (Czech Republic)', 'Alliance Tire Group (Israel)', 'CEAT Ltd. (India)', 'Maxam Tire International Ltd. (United States)', 'Nokian Tyres (Finland)', 'JK Tyre & Industries Ltd. (India)', 'Linglong Tire Co. Ltd. (China)', 'Giti Tire (Singapore)', 'Double Coin Holdings Ltd. (China)', 'Apollo Tyres Ltd. (India)', 'Deestone Company Limited (Thailand)', 'Eurotire (Luxembourg)'

The trend of agricultural mechanization is on the rise globally, with farmers adopting advanced machinery and equipment for efficient farm operations. Farm tires play a crucial role in supporting the heavy loads and providing traction for agricultural machinery such as tractors, combines, harvesters, and sprayers. The growing mechanization in agriculture is driving the demand for farm tires.

Increasing Demand for Radial Tires: There is a growing preference for radial tires in the farm tire market. Radial tires offer several advantages over bias-ply tires, including better traction, reduced soil compaction, improved ride comfort, and increased fuel efficiency. Farmers are increasingly recognizing the benefits of radial tires, leading to a shift in demand from bias-ply to radial tires in the agricultural sector.

With a 42.8% revenue share in 2022, the Asia Pacific region's market dominated the global market. This is ascribed to elements including population growth, middle-class population income growth, and the quick industrialization and urbanization of the people. The expansion of the farm tire sector is also anticipated to be aided by the presence of both small and large-scale manufacturers in the area.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Global Farm Tire Market

Report ID: SQMIG20H2037 | Region: Global | Published Date: April, 2024 | Pages: 204 | Tables: 93 | Figures: 74

Global Indoor Farming Robots Market
Buy Now GET FREE SAMPLE
Global Farm Tire Market

Report ID: SQMIG20H2035 | Region: Global | Published Date: April, 2024 | Pages: 274 | Tables: 61 | Figures: 75

Global Grain Processing Equipment Market
Buy Now GET FREE SAMPLE
Global Farm Tire Market

Report ID: UCMIG20H2021 | Region: Global | Published Date: April, 2024 | Pages: 165 | Tables: Figures:

Plant Biotechnology Equipment Market
Buy Now GET FREE SAMPLE
Global Farm Tire Market

Report ID: SQMIG20H2031 | Region: Global | Published Date: April, 2024 | Pages: 165 | Tables: 92 | Figures: 76

Global Irrigation Controllers Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Farm Tire Market

Product ID: SQMIG20H2023

$5,300
BUY NOW GET FREE SAMPLE