Farm Tractor Tires Market Forecast and CAGR

As per the ongoing study, the farm tractor tires market is anticipated to exhibit promising growth over 5% to 7% during 2021-31. Demand for Farm Tractor Tires will witness high growth due to development of agriculture sector in countries like India, China and also in the Africa region. Growth in the advancement of technology for manufacturing tires that helps farmers maximize their productivity on the field is also boosting the demand for tractor tires in the forecast period.

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What is Driving Demand for Farm Tractor Tires?

The economy of many developing countries like India and China depend on agriculture and hence agricultural activities are of upmost importance in such regions. In many economies, the growth in population and industrialization is increasing the importance of farming in the population.

Many manufacturers are making different types of farm tractor tires that provide flotation and minimum ground disturbance on agricultural grounds. Many tire manufacturers use multi- angle bar design on farm tractor tires that provides traction in wet and muddy soil for the driver and exhibits less vibration of the vehicle.

The replacement market for tractor tires is also increasing due to increase in tractor sales in developing regions due to growth in agriculture sector in many regions. Many manufacturers provide replacement tires to end users depending on the model and size of the tractors as these tires are exposed to many objects & conditions that create cuts on exterior rubber which need to be replaced eventually.

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Aftermarket Likely to Accelerate Farm Tractor Tires Sales

The normal life span of tractor tire depends on the tire wear as it is caused by variations in soil conditions and intensity of use of the tire. The maintenance cost of tractor tires is low but any major accident may lead to tire replacement which is likely to accelerate the tractor tire sales in the aftermarket.

Many manufacturers supply their tires to OEMs as well as for aftermarket to repair & maintenance shops due to high demand for tire replacement owning to high use of tractors. Tractor tires are generally replaced after five years as they are made from rubber and can worn out on fields which can result in excess fuel consumption. Hence due to these factors, the aftermarket of tires is likely to accelerate the tractor tire sales.

US and Canada Farm Tractor Tires Demand Outlook

US is one of the largest markets for farm tractor tire globally. The farm tractor tires market is forecasted to increase in the coming years in the US market due to high rate of manufacturing in US. The automotive industry has experienced a down fall during COVID-19 due to closing of production facilities all over the world. The market is slowly regaining its lost value with the opening of business activities all around the world.

Tire manufacturers in the US are making tractor tires for different models which have long service life due to deep tread lugs used in the tires. Tractor tires are made from damage resistant rubber and these tires have more load capacity than a standard tire. Many manufacturers in North America have many manufacturing facilities with latest technologies to produce radial tires for high- performance of agricultural equipment.

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How is the demand in Europe for Farm Tractor Tires?

Europe market has seen rise in agricultural activities in past few years which has affected the agricultural machinery market in Europe and that is accelerating the demand in the region as well. Many countries in Europe region have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities but the market is recovering gradually.

The demand of farm tractors will increase in the forecasted period and manufacturing of tractor tires has been changing with increasing requirements for traction, comfort, durability and soil protection. The manufacturers in Europe are using LSW technologies for tires that offers better performance of tractors and allows low inflation pressures on tires thus reducing soil compaction which is contributing to the growing demand of tractor tires in Europe.

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Who are the Key Manufacturers and Suppliers of Farm Tractors Tires?

Some of the leading manufacturers and suppliers of farm tractors tires include

Bridgestone
Michelin
Continental AG
Goodyear Tire & Rubber Co.
CEAT
Trelleborg Wheel Systems
Others
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