Pune, India- As per Fact.MR, the global farm tires market is valued at US$ 8.2 billion in 2023 and is forecasted to reach US$ 14 billion by 2033. Worldwide sales of farm tires are predicted to increase at a CAGR of 5.5% from 2023 to 2033.
Tractor sales are predicted to expand strongly over the coming years as more farmers become less dependent on labor, which will boost demand for tractor tires throughout the forecast period.
Farm tires, usually referred to as agricultural tires, are used on a variety of farm machinery and vehicles, including tractors, harvesters, and sowers. The employment of cutting-edge equipment in agriculture has significantly increased crop productivity. As a result, more and more farmers and producers are using agricultural machinery.
Tractor tires account for a leading 60% share of the global market in 2023 since tractors are the most widely used equipment on farms.
Three out of five sales across the world are accounted for by radial tires.
Growing agricultural activities, rising food demand, and increasing farmer awareness of the benefits of adopting modern farming methods over traditional ones are key elements driving market growth. Rising demand for agricultural machinery from emerging economies, growing use of farm vehicles in the industry, and rising adoption of modern farming methods by farmers to increase agricultural yield are some of the most significant factors that will boost market expansion over the coming years.
“Growing Preference for High Load-carrying Capacity & Low-Pressure Farm Tires”
Over the past few years, the majority of tire manufacturers have followed the IF and VF trends, developing their versions of tires with flexible sidewalls that promise lower soil compaction and greater load-carrying capacity. The trend has gained increased emphasis recently, with a dramatic rise in the size, power, and weight of agricultural equipment.
The current generation of farm tires carry relatively more weight and are sturdy and resilient in fields against steel and rubber belt-piercing stalks of GMO crops. The performance of these tires on roads at greater speeds for longer distances has augmented their demand among farmers worldwide. Low-pressure tires that produce a larger tire footprint are perceived as having a higher preference, as they distribute the weight of the tractors and other agriculture machinery over a larger area, reducing soil compaction.