High Load-carrying Capacity & Low-Pressure Farm Tires to Gain Momentum || Key Players: Bridgestone Corp., Continental AG, Compagnie Générale des Établissements Michelin SCA, Goodyear Tire & Rubber Co.

The latest study by Fact.MR projects the farm tires market to grow at 6% CAGR through 2028. The report finds that sluggishness in the US farm sector remains a key restraining factor for the growth of farm tires market. Weak commodity prices have cut farm earnings, which has led to a decline in equipment spending. The sluggishness continues to impact sales of both new and replacement tires.

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The market turnaround brought about by ageing agricultural machinery, and growing emphasis on sustainable agricultural practices for tackling food security, continue to influence demand for farm tires worldwide. With rising pressure on farm fundamentals, OEMs are perceiving demand stoked by the impetus from farmers that seek equipment replacement. Although few farmers still try to squeeze extra work out of their old tractors, a major chunk of the customer base is eyeing to capitalize on benefits offered by the up-to-date machinery. This further has a great influence on demand for farm tires.

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Demand for Farm Tires Higher in Tractors vis-à-vis Harvesters

Demand for farm tires is higher in tractors segment as compared to harvesters. According to the report, demand for farm tires is highest in the 45 to 140 HP category. The demand for farm tires in the 300 to 450 HP harvesters is the highest. The report projects these two vehicle types to remain at the forefront of adoption for farm tires during the assessment period. Spreaders remain the least attractive segment for farm tire manufacturers, and the status quo is likely to remain unchanged during the assessment period.

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High Load-carrying Capacity & Low-Pressure Farm Tires to Gain Momentum

Over the past couple of years, majority of tire manufacturers have joined the suit of IF, VF, and LSW trend, developing their own versions of tires with flexible sidewalls, which promise lower soil compaction and greater load-carrying capacity. The trend has gained increased emphasis recently, with dramatic rise in size, power, and weight of agricultural equipment.

Current generation of farm tires carry relatively more weight, and are sturdy & resilient in fields against steel and rubber belt-piercing stalks of GMO crops. High performance of these tires on roads at greater speeds for longer distances have augmented their demand among farmers worldwide. Lower-pressure tires that produce larger tire footprint are perceiving higher preference, as they distribute weight of the tractors and other agriculture machinery over the largest possible area for reducing soil compaction.

The report finds that manufacturer focus has shifted to digitalization and adoption of innovative technology. Product differentiation has emerged as a key strategy for market players to increase sales. The prevailing low commodity prices are influencing farm owners to boost operational efficiency, while reducing overheads. These developments have compelled farm tire manufacturers to launch technologically superior and cost-efficient products in the market. In view of the evolving end-user demand, launch of innovative agriculture tires that are equipped with sensors is likely to gain ground during the assessment period.

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This release was published on openPR.