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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.
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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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