Farm Tire Market Faces Challenges in Oligopolistic Environment
Farm tires are custom-built tires manufactured with deep tread designs that enhance tractor functioning to provide additional traction while off-roading or travelling on gravel, mud, or dirt roads. Farm tires have wide grooves that allow them to easily sink into mud and grip the road. An ever-increasing use of farm tires in diverse industries other than agribusiness is benefiting demand in the farm tire market.
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Successive COVID-19 Waves Make it Difficult for Farm Tire Manufacturers to Break Even
COVID-19 has massively impacted global supply chains with the automotive industry bearing the brunt. Raw material suppliers had to account for logistical issues such as international bans and even production freezes or cuts by manufacturers. Operating profits plummeted and the overheads rose exponentially making it challenging for farm tire manufacturers to break even. As lockdown restrictions slowly ease worldwide, demand has risen at a slow pace due to the fear of impending coronavirus waves. Although agriculture is expected to recover more rapidly than construction and mining, short-term fluctuations in the farm tire market are to be expected.
Ideal Climate and Acres of Farmland Allow Europe to Lead Global Farm Tire Market
The agricultural, mining, and construction industries are the three primary end-users in the farm tire market. A higher disposable income in emerging economies and an increased desire to indulge in off-road adventures has compelled manufacturers to launch specialized vehicles that cater to this demand. Technological acceptance is considerably higher in Europe than other continents because of a smaller population, favourable climatic conditions, and acres of arable land. European farmers are richer on a per capita basis and the lack of farm labour makes them prefer capital-intensive production techniques. Mechanized systems seamlessly integrated into tractors have the added benefit of virtually eliminating human effort and error.
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Farm Tire Makers Capitalize on Government Policy to Establish Plants in APAC Region
China and India have large sections of their population involved in agriculture and are modernizing at an unprecedented rate. Favourable governmental policies coupled with technological developments in farming should spur demand for farm tires in this dynamic continent. Companies are cognizant of this and have established local manufacturing units to tap into the plentiful labour, raw materials and booming demand that characterizes the APAC farm tire market.
Innovate With Tread Designs to Outpace Rivals in Farm Tire Market
Key stakeholders in the farm tire market are advised to focus their efforts on new tread designs that offer the right blend of durability, reliability, and performance. Companies must spend huge sums on R&D to remain competitive as the farm tire market is highly consolidated and in the hands of a few players. The companies profiled in this in-depth report include Trelleborg AB, The Yokohama Rubber Co., Ltd., Bridgestone Corporation, Pirelli & C. S.p.A., Continental Aktiengesellschaft, Sumitomo Rubber Industries Ltd., Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin (CGEM), Titan Tire Corporation, Balkrishna Industries Limited, and Prometeon Tyre Group S.r.l.
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