New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Agricultural Tires Market Information by Tire Type, Application, Sales Channel, and Region - Forecast till 2030”, Agricultural Tires Market could thrive at a rate of 5.51% between 2023 and 2030. The market size will be reaching around USD 10.4078 Billion by the end of the year 2030
Agricultural Tires Market Overview
Agricultural tires are specialized tires used in farming, forestry, and other agricultural activities. These tires are designed to provide the high tractive force, stability, and durability required for heavy-duty applications on rough terrain. They are usually made of a tough rubber compound that can resist cuts, punctures, and other forms of damage from rocks, debris, and harsh weather conditions.
Agricultural tires are primarily used in tractors, combines, sprayers, and other heavy agricultural machinery. They are also used in forestry equipment, such as skidders, feller bunchers, and harvesters. Agricultural tires play a crucial role in ensuring the efficiency and productivity of these machines by providing better traction, reduced slippage, and improved fuel efficiency.
Market Competitive Landscape:
The affluent companies in the Agricultural Tires market include
- Bridgestone Corp.
- Continental AG
- Balakrishna Industries Limited
- Titan International Inc.
- Trelleborg AB
- Michelin
- Nokian Tyres PLC
- Pirelli & C SpA
- Alliance Tire Group
- Apollo Tyres
- Brunswick Corporation
- Among others.
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November 2020
Titan International, a leading player in the agricultural tire market, announced the expansion of its tire manufacturing plant in Brownsville, Texas. The expansion will increase the company's production capacity and allow for the introduction of new tire lines to the market.
Agricultural Tires Market Segmentation
By Tire Type
The Tire Type in the market includes Bias Tires, Radial Tires
By Application
The Application in the market includes Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Others
By Sales Channel
The Sales Channel in the market includes OEM, Aftermarket
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 10.4078 Billion |
| CAGR during 2022-2030 | 5.51% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application,Sales Channel, and Region |
| Key Market Opportunities | Growing agriculture activities |
| Key Market Dynamics | Increased demand for food security amid increasing population augmented farm mechanization. |
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Agricultural Tires Market USP Covered:
Market Drivers:
One of the key driving factors for the agricultural tires market is the increasing demand for food and the need to improve agricultural productivity. The growing global population is driving the demand for more efficient and sustainable farming practices, which in turn is leading to a higher demand for agricultural machinery and tires. Another factor is the trend toward precision agriculture, which relies heavily on technology and machinery, driving the demand for specialized tires that can handle the needs of modern farm equipment. Finally, government initiatives promoting mechanization and modernization of agriculture in developing countries are also driving market growth.
Market Restraints:
One of the primary market restraints for agricultural tires is the volatility of raw material prices, such as natural rubber, which accounts for a significant portion of the cost of tire production. Fluctuations in the prices of these raw materials can affect the profitability of tire manufacturers, leading to increased prices for end-users. Another restraint is the impact of climate change on agriculture, which can lead to unpredictable harvests and a decline in demand for agricultural machinery and tires.
Agricultural Tires Market COVID 19 Analysis
The COVID-19 pandemic has had a mixed impact on the agricultural tires market. The global supply chain disruptions caused by the pandemic led to a shortage of raw materials and components, which affected the production and availability of agricultural tires. However, the pandemic also led to an increase in demand for food, which in turn led to increased demand for agricultural machinery and tires. In the post-COVID scenario, the demand for agricultural tires is expected to continue to grow as countries strive to improve their food security and agricultural productivity.
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Agricultural Tires Market Regional Insights
North America dominates the market due to the high adoption of mechanized farming practices and the presence of key players in the region. In North America, the US is the largest market for agricultural tires, followed by Canada and Mexico. The strong agricultural sector in the region, favorable government policies, and the use of advanced farming equipment have contributed to the growth of the agricultural tires market in the region. Moreover, the adoption of precision farming practices and the use of autonomous tractors and other machinery have led to an increase in the demand for high-performance and durable tires.
Europe is the second-largest market for agricultural tires, with significant demand from countries such as Germany, France, and the UK. The region is characterized by a large number of small and medium-sized farms and the demand for agricultural tires is influenced by factors such as government policies, farm mechanization, and the adoption of precision farming practices. Moreover, the growing focus on sustainable agriculture and the increasing demand for organic food products are expected to drive the demand for specialized tires in the region.
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The Asia-Pacific region is expected to witness significant growth in the agricultural tire market due to factors such as the growing population, increasing urbanization, and the adoption of precision farming practices in countries like China and India. In China, the government has implemented policies to support the development of the agricultural sector and promote the use of advanced agricultural machinery, which is expected to drive the demand for agricultural tires in the country. Moreover, the growing demand for food products and the adoption of modern farming practices are expected to create significant opportunities for agricultural tire manufacturers in the region.
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