Market Analysis
Market Research Future (MRFR) projects the global agricultural tires market to register a significant CAGR of 5% from 2020 to 2026 (forecast period).
Agricultural tires are specialty tires that are used for agricultural machinery like tractors, harvesters, trailers, and so on. These tires improve farming vehicles' fuel economy, performance, and driver comfort.
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Tractors were previously used for simple tasks such as plowing and tilling. Tractors now perform a variety of tasks such as irrigation, harvesting, and fertilizer spreader, necessitating the use of more specialized tires with larger rim sizes, which are more expensive. Until 2009, the largest agriculture tire had a circumference of 243 inches; however, tire manufacturers are now offering sizes up to 256 inches. The overall increase in tire size has fueled the tire price and, as a result, is boosting the market in terms of revenue.
Agriculture tires, as the name suggests, are intended for use on a farm or in agriculture. The diagonal thread on these tires is angled at 45 degrees. The traction provided by the treads allows the tractor to move quickly through mud and soil. These come in various sizes and diameters and are suitable for a wide range of equipment, including tractors, trailers, combine harvesters, sprayers, and skid steer loaders. These are made of high-quality rubber for long life and better performance on and off the field. They have large ribs and voids for traction in soft terrain. These tires improve fuel efficiency and hillside stability. Some tires have a diamond tread design for minimal soil disruption.
The agricultural tire market is changing dramatically as a result of digital innovations. For example, in December 2019, Continental AG, a leading German multinational automotive parts manufacturing company, announced the introduction of Agriculture TireTech, an innovative agriculture app that serves as a pressure and load calculator to achieve optimal safety and efficiency when using Continental agricultural tires. Companies in the agriculture tire market hope to expand their portfolio of comprehensive digital services and solutions for their customers by using mobile apps.
One of the primary reasons for the increased need for mechanization in the agricultural sector is the rising food demand. Tires play a vital role in the performance of agricultural machines, and hence the demand for agrarian ties is increasing. Tires, on the other hand, are harmful to the environment because they are not biodegradable. They contribute to landfill waste, despite the fact that the Environmental Protection Agency classifies them as municipal solid waste rather than hazardous waste (EPA). Tires emit toxins, and the oils they contain can contaminate soil and groundwater. Furthermore, solvents or volatile organic compounds (VOC) are used to produce heavy and treads for enhancing the adhesion of the tires, with the process emitting the greatest number of emissions into the atmosphere. The hazardous nature of agricultural tires may restrict the market growth in the near future.
COVID-19 Impact on the Global Agricultural Tires Market
The global outbreak of a novel coronavirus pandemic is likely to induce a slight slowdown in the industry. Due to labor shortages, manufacturing operations have come to a halt. This has resulted in a major decline in demand from end-use industries.
Market Segmentation
The global agricultural tires industry has been segmented by tire type, sales channel, and application.
By sales channel, the global agricultural tires market has been segmented into OEM and Aftermarket. The aftermarket segment earned a sizeable share and is predicted to grow at a significant CAGR in the coming years.
By application, the global agricultural tires market has been segmented into tractors, trailers, combine harvesters, sprayers, loaders, and others. The tractors segment earned a sizeable share and is projected to grow at a significant CAGR in the coming years.
By tire type, the global agricultural tires market has been segmented into Bias Tires and Radial Tires. The radial tires segment is expected to grow at a significant CAGR in the coming years.
Regional Analysis
North America earned the largest share of the market due to advancements in farming equipment and evolution in the agricultural industry, which is assisting in the growth of modern-day integrated farming activities. Furthermore, the increasing agricultural growth in India and China has made the Asia Pacific the next fastest-growing region. China and India account for a significantly high number of tractors in use worldwide. As a result, they present significant opportunities for manufacturers of agricultural tires.
Based on region, the global agricultural tires industry has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Key Players
Key players operating in the global agricultural tires market are Bridgestone Corp., Trelleborg AB, Continental AG, Balakrishna Industries Limited, Titan International, Inc., Michelin, Nokian Tires PLC, Pirelli & C SpA, Alliance Tire Group, and Apollo Tires.
Summary
The global agricultural tires market is predicted to register a significant CAGR of 5% from 2020 to 2026 (forecast period). The global agricultural tires market is anticipated to grow moderately during the forecast period, owing to rising demand for automation in farming activities and growing mechanization in agriculture. These factors are expected to propel the demand for agricultural tires in the coming years.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 PRIMARY RESEARCH
3.2 SECONDARY RESEARCH
3.3 MARKET CAPACITY ESTIMATION
3.4 FORECAST MODEL
3.5 LIST OF ASSUMPTIONS
3.6 LIMITATIONS OF THE STUDY
Continued………
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