Market Overview:
Agricultural tires are specifically designed tires meant for tractors and other agricultural machinery. These tires provide better traction on uneven soil conditions, have deeper tread with stronger tread compound for maximum traction, and can withstand rugged farm workloads of heavy machines. Agricultural tires facilitate mechanized farming practices by enabling heavy farm machinery to operate smoothly across agricultural lands.

Market Dynamics:
Increasing Adoption of mechanized Farming Practices- With growing population and arable land area remaining same, there is a need to increase farm productivity and output. Mechanized farming through use of tractors and other machinery has helped boost yields. This has led to increased demand for agricultural tires suitable for various farm vehicles and machinery. The agricultural tires market iswitnessing growth owing to rising sales of tractors and other agricultural implements across major farming countries.

Growth of Agricultural Exports- Strong growth in global demand for food grains and other commodities has made many countries focus on boosting their agricultural exports. This has stimulated higher investments in farm productivity enhancing equipment and technologies. Use of suitable agricultural tires ensures smooth operation of heavy farm vehicles and transport vehicles, thereby facilitating increased agricultural production and exports. Growing emphasis on exports is expected to drive global demand for agricultural tires over the forecast period.

The global Agricultural Tires Market Growth is estimated to be valued at US$ 7061.26 Million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Agricultural tires have strong tread patterns and thick rubber compounds which make them durable for plantation activities. They provide better traction and suit various terrains. Many tire manufacturers offer customized agricultural tire designs for different types of farm equipment.

Weakness: Agricultural tires have high replacement cost compared to normal tires as they need to withstand heavy loads and rough conditions. Due to frequent replacement, it increases overall operational costs for farmers. Specific tire sizes suitable for small farming equipment are also limitedly available in the market.

Opportunity: Growing mechanization of farming activities and use of heavy machinery offers scope to sell more agricultural tires. Expanding agricultural lands and cultivation of high-value crops boosts the demand. Digitization of farms and precision farming techniques require advanced tire technology.

Threats: Changes in climate patterns poses risks of decreased agricultural yields. Growing preference for renting farm equipment instead of ownership threatens individual tire sales. Trade wars and shortage of raw materials increases overall tire production costs.


Key Takeaways:

The global Agricultural Tires market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing mechanization of farming activities and usage of heavy machinery.

Regional analysis
North America dominates the global agricultural tires market with over 30% share owing to large scale mechanized farming in countries like United States and Canada. Asia Pacific exhibits fastest growth at a CAGR of 6.8% during 2023 - 2030 led by rising mechanization in major agricultural economies like India and China.

Key players
Key players operating in the Agricultural Tires market are Apollo Tyres, Bridgestone Corporation (Firestone), Continental AG, Pirelli & C SpA, Nokian Tyres PLC, Titan International Inc. (Goodyear Tires), Michelin, and Trelleborg Wheel Systems (Mitas). They are focusing on developing customized tire designs suitable for varied agricultural machinery and climatic conditions.

 Read More: https://blogger-veritas.blogspot.com/2023/11/agricultural-robotics-is-fastest.html