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Global Farm Tyre Market to Grow at a CAGR of 5.20% During 2022-2027, Aided by the Growing Demand for the Product in the Agriculture Industry

According to a new report by EMR titled, ‘Global Farm Tyre Market Report and Forecast 2022-2027’, the market attained a value of about USD 7.8 billion in 2021. The industry is further expected to grow at a CAGR of 5.20% between 2022 and 2027 to reach USD 10.6 billion by 2027.

The farm tyre industry is driven by the growing demand for the product in the agriculture sector, which is being aided by the growing global demand for food. This can be attributed to the rising population and increasing disposable income. The rising demand for heavy and durable tyres with low ground densification, coupled with high-load capacities is likely to aid the market for farm tyres in the forecast period. The market is anticipated to be augmented by the increasing sales of tractors for different farming activities.

In September 2021, the newest plant of Balkrishna Industries Limited (NSE: BALKRISIND) in Waluj, India, started the production of tyres for agricultural and industrial applications. The plant has become fully operational with around five hundred people at work.

In January 2022, Continental AG (OTCMKTS: CTTAY) bolstered its presence in the international large tractors business by announcing the availability of agricultural tyres for large tractors from John Deere.

In terms of region, North America is likely to account for a significant share in the market, owing to the rising demand for food and grains in the United States and Canada. The growing irrigation and forestry operations to produce a high quality yield in order to feed the increasing population are likely to be the major factors driving the market in the region. Furthermore, the expansion of the large and medium rubber companies and the technological advancements in the automotive industry are some other trends which are anticipated to drive the market growth in the region in the forecast period.

Market Breakup by Product, Application, Distribution Channel, and Region:

  • The market is segmented based on product into bias tyre and radial tyre.
  • The different applications of the product include tractors, harvesters, forestry, irrigation, implements, and sprayers.
  • The market segmentation, on the basis of distribution channel, includes OEM and aftermarket.
  • Region-wise, the global market for farm tyre can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for farm tyre is being driven by the rising demand for farm tyres from the thriving agriculture industry.
  • The growing sales of tractors, owing to the adoption of modern farming practices by farmers, are likely to propel the market in the forecast period.
  • The technological advancements in the agriculture and automotive sector are likely to aid the market growth.
  • The market will further be aided by the growing urbanisation, coupled with the expansion of the medium and large tyre and rubber companies.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for farm tyre for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, applications, distribution channels, and regions of farm tyre.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global farm tyre market are Balkrishna Industries Limited, Bridgestone Corporation, Continental AG, Michelin, and Titan International, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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