New York, US, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Agricultural Tires Market Research Report: by Tire Type, Application, Sales Channel, and Region-Forecast till 2027, the market is anticipated to acquire a valuation of approximately USD 10.87 Billion by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 5.41% during the assessment timeframe.
Agricultural Tires Market Overview:
Farm Tires refer to specialty tires utilized for agricultural machinery such as trailers, harvesters, tractors, etc. These tires offer improved fuel economy, driver comfort, and performance for farming vehicles. As the name suggests, these tires are devoted to complete agriculture or farm use. These tires have diagonal thread angled at 45 degrees. The steps offer full traction, thus permitting the tractor to hurry through soil and mud. These are available in several diameters and sizes for many types of equipment, such as skid steer loaders, trailers, tractors, sprayers, and combine harvesters. The tires are made using supreme quality rubber for better performance and lifelong to keep on durable on and off the field. They have significant voids and ribs for traction in soft terrain. The agricultural tires have raised efficiencies and hillside stability. Some tires have a diamond tread layout for minimal soil disturbance.
Competitive Analysis
The inventory of renowned members across the global market for agricultural tires consist of companies such as:
- JK Tyre & Industries Ltd.
- Bridgestone Corp.
- Pirelli & C SpA
- Continental AG
- Alliance Tire Group
- Balakrishna Industries Limited
- Apollo Tyres
- Titan International, Inc.
- Trelleborg AB
- Trelleborg AB
- Compagnie Générale des Établissements Michelin (CGEM)
- Michelin
- Sumitomo Rubber Industries, Ltd.
- Nokian Tyres PLC
- Mitas
- Specialty Tires of America, Inc.
- TBC Corporation
- The Carlstar Group, LLC
- Hankook Tire
- CEAT
- MRF Limited
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 10,443.10 Million |
| Growth Rate | CAGR of 5.51% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Growing agriculture activities |
| Key Market Drivers | Increasing demand for food security amid increasing population Augmented farm mechanization |
Market USP Covered
Market Drivers
The global market for agricultural tires has logged gigantic development in the previous few years owing to the factors such as rising food demand, increased need for mechanization, rising demand for automation in farming activities, increasing demand for heavy-duty tires, and rising adoption of advanced technologies.
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Market Restraints
On the other hand, the hazardous impacts on the environment of these tires may limit the market’s growth.
COVID-19 Impact
The world has witnessed several significant changes given the arrival of the global health crisis in the form of COVID-19, which affected most of the industry sectors across the globe. Considering the travel restrictions and social distancing norms, the global market for agricultural tires has witnessed several unexpected changes during the pandemic. On the other hand, with all the industrial and financial activities returning to normal, the global market for agricultural tires is anticipated to grow substantially during the assessment timeframe.
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Agricultural Tires Market Segment Analysis
Among all the products, the bias tire segment is anticipated to hold the leading rank across the global market for agricultural tires over the evaluation period. The availability at low cost and crosshatch construction of the bias tire is considered the main factors causing an upsurge in the segment’s growth.
Based on the distribution channels, the aftermarket segment is projected to ensure the highest rank across the agricultural tires market over the upcoming years. the growth of the segment is credited to the aspects such as rising demand for the replacement of tires and the growth of new vehicle sales.
Among all the applications, the tractors segment is anticipated to dominate the global Agricultural Tires Market during the review era, credited to their multipurpose nature.
Agricultural Tires Market Regional Analysis
According to the research reports by MRFR, the North American region is predicted to secure the top position across the global Agricultural Tires Market over the assessment era. The up-gradation in agricultural equipment and development in the agricultural sector supporting the growth of modern-day integrated farming activities across the region is considered to be the significant parameter supporting the growth of the regional market.
The agricultural tires market for the Asia-Pacific region is anticipated to show the maximum growth rate over the assessment era. The rising development of agriculture in China and India is believed to be the central aspect causing an upsurge in the regional market’s growth. India and China contribute to a substantially high number of tractors in use globally. Therefore, they provide considerable opportunities to manufacturers of agriculture tires. The availability of necessary raw materials like natural rubber, high domestic demand for tires, and inexpensive labor have supported the rise and expansion of key players in the region. The growing population across the region is another prime aspect causing an upsurge in the regional market’s growth.
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Furthermore, the factors such as rapid industrialization & urbanization and the rising disposable income of the middle-class population are also predicted to influence the growth of the regional market over the coming years. Moreover, the presence of small and large-scale manufacturers across the region is anticipated to catalyze the regional market’s growth over the forecasted era. The region has nations such as Indonesia, Thailand, Malaysia, China, Vietnam, and India, having abundant availability of natural rubber, which is likely to boost the growth of the regional market.
The European regional market for agricultural tires is anticipated to record substantial growth over the review timeframe. The regional governments are imposing several favorable government policies, such as low-interest rates and funding support, which is believed to be the prime parameter supporting the growth of the regional market. Furthermore, the aspects such as the expansion of agricultural activities and ascending demand for agricultural vehicles in several economies are also predicted to influence the growth of the regional market over the coming years.
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