Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Agriculture Tires Market - Global Industry Analysis (2019 - 2020), Growth Trends, and Market Forecast (2021 - 2027)" report has been added to ResearchAndMarkets.com's offering.
Throughout the forecast period, the agriculture tires market is expected to grow at a CAGR of nearly 4.1%. Having gained a valuation of nearly US$10 Bn in 2022, the global agriculture tires market is set to reach US$12.5 Bn in revenue by the end of 2027.
The agriculture tires market is driven by the various factors including increasing worldwide demand for food due to rising population, technological advancements in agriculture, rise in government initiatives, and growing trend of sustainable farming. The analyst provides a perspicacious view of the global agriculture tires market to predict the market growth over the period of 2021-2027.
To remain competitive, key market players are leveraging advanced engineering techniques to create durable and performance-driven tread designs. Additionally, some industry participants are increasingly investing in R&D activities to innovate products and meet the diverse demands of consumers. Manufacturers are also implementing growth strategies that include product differentiation, strategic joint ventures, and pricing strategies with after-sales services, to boost sales.
Burgeoning Rates of Technology Adoption Across Agriculture Sector Unlock Revolutionary Growth Opportunities
The growing incorporation of modern farming equipment and vehicles is creating positive dynamics for the agriculture tires market growth. Due to the high labour costs, farmers in developing states are inclined towards mechanised systems, integrated into tractors that significantly reduce human effort, and error.
Additionally, modern agriculture vehicles are capable of performing a wide range of activities such as sowing, fertilization, and harvesting. The rising need to automate complex agriculture procedures is further promoting automation across the agriculture sector.
The growing automation and increased utilization of agriculture vehicles to yield more crop production in turn are soaring the demand for agriculture tires. Such a scenario is set to accelerate the growth trajectory of the global agriculture tires market in the upcoming years.
Global Agriculture Tires Market Receives Strong Tailwinds from Asia Pacific
Asia Pacific is expected to emerge as a key region in the global agriculture tires market. The agriculture sector across major economies in the region is rapidly expanding owing to the rise in food production demand, growing population, and favourable government policies. In addition to this, manufacturers in the region are increasingly adopting mechanisation such as tractors.
Besides this, Asia Pacific has emerged as a favourable region due to low labour costs, wide availability of raw materials, and rising demand for food production. All these trends together are anticipated to amplify the demand for agriculture tires.
Key Insights and Emerging Trends Across Agriculture Tires Market
- Agriculture tires will continue to witness surging demand with the growing prominence of mechanised farming
- Biased tires gain substantial momentum on the back of cost-effective & eco-friendly attributes
- Asia Pacific, the dominant agriculture tires market, is projected to maintain its lead with a CAGR of 4.17% through 2027
- The presence of prominent industry participants is growing in Asia Pacific due to low labour costs, better raw materials, and rising demand for food production
- More than 46% of the market revenue remains concentrated around the top five to six players, leaving the rest of the competitive landscape fragmented
Leading Market Players
- Trelleborg AB
- Pirelli & C. S.p.A.
- Bridgestone Corporation
- Sumitomo Rubber Industries Ltd.
- The Yokohama Rubber Co. Ltd.
- Continental Aktiengesellschaft
- Compagnie Générale des Établissements Michelin (CGEM)
- Goodyear Tire & Rubber Company
- Balkrishna Industries Limited
- Titan Tire Corporation
- Prometeon Tyre Group S.r.l.
Global Agriculture Tires Market Outlook, 2019 - 2027
Global Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
- Tractors
- Harvesters
- Implements
- Irrigation
- Forestry
Global Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
- Bias
- Radial
Global Agriculture Tires Market Value Forecast, by Sales Channel, 2019 - 2027, (US$ Mn)
- OEM
- Aftermarket
Global Agriculture Tires Market Value Forecast, Equipment Horsepower, 2019 - 2027, (US$ Mn)
- 0-80 HP
- 80-200 HP
For more information about this report visit https://www.researchandmarkets.com/r/dyiawt
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