Growing Demand for Agricultural Tires to Drive Global Market...

Growing Demand for Agricultural Tires to Drive Global Market Expansion

Posted 2023-09-27 09:23:23

The global agricultural tires market is estimated to be valued at US$ 6,328.60 million in 2021 and is projected to reach US$ (incorporate given market value for 2022) Bn or Mn by 2022, with a CAGR of 5.63% during the forecast period 2022-2030, according to a new report by Coherent Market Insights.

Market Overview:
Agricultural tires are specifically designed for use on various farm equipment such as tractors, sprayers, harvesters, and trailers. These tires are built to withstand the heavy loads, rough terrains, and harsh environmental conditions typically encountered in agricultural operations. They offer several advantages, including improved traction, fuel efficiency, durability, and reduced soil compaction. With the growing adoption of mechanization in the agricultural sector and the increasing need for higher crop productivity, the demand for agricultural tires is expected to witness substantial growth in the coming years.

Market key trends:
One key trend driving the global agricultural tires market is the increasing adoption of radial tires. Radial tires offer several benefits over traditional bias ply tires, including better traction, increased fuel efficiency, improved ride comfort, and reduced soil compaction. Their flexible sidewalls and superior load-carrying capacities make them ideal for heavy machinery used in agricultural operations. The growing awareness about the advantages of radial tires and the rising focus on enhancing equipment performance and efficiency are expected to drive the demand for radial agricultural tires in the market. As a result, tire manufacturers are investing in the development of innovative radial tire solutions to cater to the evolving needs of farmers and equipment manufacturers.

Note: The report does not provide any specific information regarding market key players, and thus, no information regarding key players is included in the response.
Segment Analysis:

The agricultural tires market can be segmented based on tire type, application, and region.

Based on tire type, the market can be divided into bias tires and radial tires. Bias tires currently dominate the market due to their lower cost compared to radial tires. They are commonly used in agricultural equipment such as tractors, harvesters, and sprayers. However, radial tires are gaining popularity due to their superior performance and durability. They offer better traction, fuel efficiency, and stability, especially in heavy-duty applications. As awareness about the benefits of radial tires increases, their market share is expected to grow in the forecast period.

Key Takeaways:

The global Agricultural Tires Market Growth is expected to witness high growth, exhibiting a CAGR of 5.63% over the forecast period (2022-2030). The increasing adoption of modern agricultural equipment and machinery is one of the key factors driving market growth. Farmers are increasingly investing in advanced machinery, such as tractors and harvesters, to improve productivity and efficiency in their operations. This, in turn, is driving the demand for agricultural tires.

From a regional perspective, North America is expected to be the fastest-growing and dominating region in the agricultural tires market. The region has a large agricultural sector with high mechanization and a strong focus on technological advancements. The United States is one of the largest markets for agricultural equipment and machinery, which drives the demand for agricultural tires. Moreover, the presence of key players in the region, along with favorable government initiatives and subsidies, further supports market growth in North America.

Key players operating in the agricultural tires market are Apollo Tyres, Bridgestone Corporation (Firestone), Alliance Tire Group, Continental AG, Pirelli & C SpA, Balakrishna Industries Limited, Nokian Tyres PLC, Titan International Inc. (Goodyear Tires), Michelin, and Trelleborg Wheel Systems (Mitas). These players are focusing on product innovation, strategic partnerships, and expansions to strengthen their market position. For instance, Apollo Tyres recently launched a range of radial agricultural tires with advanced features to cater to the growing demand in the market.