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The global farm tire market, by geography, has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. In the global farm tire market, Asia Pacific dominates the market in terms of revenue and volume owing to the increasing population and the need for mechanization in its limited arable land. Thus, rising demand for agricultural machinery among farmers is expected to fuel the demand for farm tires and boost agricultural growth in Asia Pacific. Moreover, encouraging government policies such as subsidies on agricultural products and agricultural machinery are estimated to trigger the adoption of farm tires. Within Asia Pacific, China and India are the biggest revenue contributors and are anticipated to drive the growth of farm tire market.
Farm tire market in the North America region is anticipated to witness considerable growth during the forecast period from 2017 to 2025. It is expected to be the second largest market in terms of volume, after Asia Pacific, contributing significantly to the overall farm tire market. Within North America, U.S. is anticipated to drive the expansion of the farm tire market followed by Canada. The expansion of the agricultural industry is estimated to boost the demand for farm tires. However, fluctuating raw material prices, farm output, and changing government policies could hamper the expansion of the market during the forecast period.
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As compared to all the regions, the farm tire market in Europe region is anticipated to witness relatively slower market growth during the forecast period. However, it is expected to be the second largest market in terms of revenue, after Asia Pacific, contributing considerably to the overall farm tire market. Countries including Germany, and France among others are expected to account for significant market share, both, in terms of revenue and volume during the forecast period, in spite of declining sales in the region.
In the global farm tire market, Middle East and Africa is anticipated to witness relatively faster adoption, in terms of volume as compared to South America and Europe and hence the growth rate as compared with other regions. Owing to scarcity of labour, the trend of increasing mechanisation is rising in MEA. Within Middle East and Africa, Turkey is driving the growth of farm tire market.
Farm tire market in South America occupies a relatively smaller pie of the global farm tire market and is expected to register steady growth during the forecast period. Within South America, Brazil is driving the growth of the market. This growth is driven by widespread commercial agriculture sector that have large average land holdings. Also, the Brazil government is supporting agricultural development by providing loans and policies for agricultural assurance. However, high rate of interest on loans is expected to act as hindrance for the farm tire market in South America
Key players profiled in the global Farm tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Mitas Tires Global Inc., TBC Corp., Titan International, Sumitomo Rubber Industries Ltd., and Pirelli & C. S.P.A.