The global agricultural tires market is estimated to account for US$ 6,805.53 Mn in terms of value by the end of 2022. Agricultural tires come in many styles and materials, and each has different benefits. By learning about each type and how to care for them, consumer can choose the best tires for their needs. Along with being a great option for farmers, agricultural tires are also designed for road vehicles. Some models feature special tread designs for paved surfaces, however, the overall design of an agricultural tire is geared towards off-roading. Moreover, agricultural tires feature low-inflation pressure, which makes them a great choice for all-terrain conditions. They are durable and will last for a long time.
Global Agricultural Tires Market: Drivers
The need for operational efficiency and costs of labor is increasing all over the world, and this factor is expected to propel growth of the global agricultural tires market during the forecast period. The cost of farm labor and demand-supply economics along with transferring labor to rural from urban areas depends on the percentage of the whole population of a country engaged in agriculture. Thus, farmers are increasing focusing on investing in agricultural equipment to reduce the labor cost as well as time required for farming. Thus, the market is likely to witness strong growth in the near future due to growing need for operational efficiency and high cost of labor.
Global Agricultural Tires Market: Opportunities
Growing urbanization along with rise in living standards are expected to create lucrative environment for growth opportunities for market players in the global agricultural tires market during the forecast period. The growing living standards of people around the globe are imposing high pressure on production and productivity of food globally. In order to cater the growing demand for food products, the agricultural sector continues to expand worldwide. This is further likely to create demand for agricultural vehicles, and drive growth of the global agricultural tires market in the future.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/agricultural-tires-market-5302
Global Agricultural Tires Market: Restraints
Environmental effects of using agricultural tires are anticipated to impede growth of the global agricultural tires market over the forecast period. The use of tractor tires directly affects potential of the soil. These tires cause soil compaction, which further reduces development of roots affecting the quality of crop. Moreover, it leads to poor water circulations decreasing the storage and adding into the risk of erosion. Thus, such environmental effects of agricultural tires affecting productivity and quality of the crop are posing a major challenge in the market.
Global Agricultural Tires Market - Impact of Coronavirus (Covid-19) Pandemic
The virus outbreak in December 2019, in Wuhan, China ended up spreading across more than 100 nations around the world. It affected several industries, as many countries announced preventative measures such as nationwide lockdowns. Under the lockdown period, various market activities were disrupted in many industries. The production and demand in agricultural tires market was significantly impacted during the pandemic due to the lack of workforce and raw material supply. Moreover, disrupted transportation activities also affected the market. Thus, the pandemic negatively impacted the global agricultural tires market. However, market activities are growing around the world, as the epidemic situation has returned to normal in most of the regions.
Key Takeaways:
The global agricultural tires market was valued at US$ 6,328.60 Mn in 2021 and is forecast to reach a value of US$ 10,621.00 Mn by 2030 at a CAGR of 5.63% between 2022 and 2030.
Bias Tire segment held dominant position in the global Agricultural Tires market in 2021, accounting for 58.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Agricultural Tires Market Trends:
Growing integration of advanced technology for improving the production process is growing in Europe, which is expected to fuel growth of the global agricultural tires market during the forecast period. For instance, according to the Coherent Market Insights data, in 2019, nearly 1,300 agricultural tractors were reported to be delivered in Germany, the overall registration of tractors increased by 5% in the country compared to 2018. Thus, the increasing demand for advanced technology is driving the market growth in European region.
Moreover, growing demand for radial tires is another trend in the global agricultural tires market that is driving the market growth. Due to growing introduction of novel technologies, the demand for radial tires is increasing around the world. In order to cater this demand, market players are focusing on launch of tires in both options to maintain their position in the radial tires segment of the market. For instance, in 2019, Bridgestone Americas Inc. announced the launch of Firestone Maxi Traction IF radial. These new tires include AD2 technology of the company and their R-1W tread depth having design of dual-angle tread pattern boosts the contact with the soil for more traction.
Global Agricultural Tires Market: Competitive Landscape
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).
Global Agricultural Tires Market: Recent Developments
In November 2019, Continental launched novel hybrid tires incorporating pressure sensors that help operators minimizing compaction of the soil in the field and to decrease wear on the road. These tires come with ContiConnect for fleets and ContiPressureCheck for single vehicles as smart solutions for agriculture.
In January 2020, Trelleborg launched TLC Plus App in the market of North America at the National Farm Machinery Show. This app comes with sensor-based check-up system that can measure potential gaps of tire pressure between the actual tire inflation pressure and the ideal pressure and sends this data to the PC, or mobile device of the farmer through wireless connectivity.
In June 2019, Michelin announced the launch of the novel VF CargoxBib High Flotation tires for trailer offering maximum soil protection as well as endurance.
