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.
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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.
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.