Press release
Farm Tire Market Key Growth Factors and Industry Analysis 2016-2024
Farm tires are a sub-segment of specialty tires that are used by vehicles and machines used for farm activities. Sprayers, tractors, trailers, and harvesters are a few examples of farm machinery that use farm tires. Choosing the right farm tire depends on numerous different factors. The size of the tractor tire, soil compaction, fuel economy, traction requirements, and weight of the equipment are to be considered before purchasing farm tires. The farm tire market is divided into two segments namely, replacement farm tires and original equipment (OE) farm tires. These segments can be further divided into radial and bias tires. A radial tire has the plies running perpendicular to the bead and to the ground. A bias tire consists of numerous rubber plies over lapping each other. The overlapped plies form a thick layer that is more sensitive to overheating and less flexible. Radial tires have several advantages over bias tires including less ground damage, lower fuel consumption, greater productivity and reduction in tire replacement. Radial tires have the ability to absorb shocks, impacts and bumps due to its superior strength and flexibility as compared to bias tires. Bias tires are unable to absorb bumps on the ground due to stiffness and the impact and shaking is felt by the machine and driver. Bias tires do not contact as much ground as radial tire which leads to greater ground damage and loss of engine power transmission.
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U.S. and Global Farm Tire Market: Regional Evaluation
The growth in end user industries is expected to increase the consumption of farm tires. The growth in agricultural industry is expected to boost demand for farm tires. In addition, rising demand for agricultural machinery from emerging economies of Asia Pacific is expected to further boost demand for farm tires. However, availability of substitutes and fluctuating raw material prices could hamper the growth of the market.
Europe is expected to be the largest market for farm tires followed by North America and Asia Pacific. Asia Pacific is expected to be the fastest growing market for farm tires due to presence of established end user industries. China and India are expected to be major markets in Asia Pacific due to increase in demand for agricultural machinery & equipments from agricultural industry. Republic of Korea, Vietnam, Australia, Japan, New Zealand and Malaysia are other major markets in Asia Pacific. Europe and North America are expected to experience moderate growth. Brazil, Argentina and Peru are expected to be major consumers of farm tires in Latin America.
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U.S. and Global Farm Tire Market: Leading Companies Mentioned in the Report
The global farm tire market is dominated by large and medium tire and rubber companies. Some of the key players in this market are Amco Industrial Enterprises Private Limited (India), Titan Tire Corporation (U.S.), Superking Manufacturers (Tyre) Pvt. Ltd.(India), Bridgestone Americas Inc (U.S), Alliance Tire Americas Inc.(U.S.), Trelleborg Wheel Systems Americas Inc.(U.S.), Michelin (France), Shandong Yunzhou Wheel Co., Ltd. (China), Qingdao Puregain Tyre Co., Ltd.(China), Asian Tire Factory Ltd. (India), Malhotra Rubbers Limited (India), Sinotyre Industrial Qingdao Limited (China), Shandong Henry Rubber Co., Ltd.(China), Qingdao Koowai Tyre Co., Ltd.(China), Tianjin Rocket International Trade Co., Ltd. (China), Yancheng Tuopu Tyre Co., Ltd.(China), Qingdao Melton Tire Co., Ltd.(China), Dongying Bintai Rubber And Plastic Co., Ltd. (China), Gaomi Xinrui Rubber Products Co., Ltd.(China) and Comar Tyre & Rubber Industrial Co., Ltd. (China) among others. Countries are using strategic acquisitions and mergers to increase their market share.
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