Agricultural tires are specially designed heavy-duty tires that provide better traction and flotation on various surfaces to assure optimal performance of agricultural equipment. They possess deep tread patterns and cleats that offer superior traction on tillage lands and ensure sturdy grip for transportation of heavy farm loads. The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for better traction and flotation properties from tires among farmers and agricultural equipment manufacturers has been a major trend propelling the growth of the agricultural tires market. Deep tread patterns and cleats provided by agricultural tires allow farming vehicles to move easily on wet or muddy surfaces without getting stuck. They also help distribute the weight of heavy farm machinery and tractor-trailer units over a larger ground contact area to prevent soil compaction. This has significantly improved performance during critical farming operations like ploughing, harvesting, fertilizing, etc. and boosted productivity.
SWOT Analysis
Strength: Agricultural tires have strong tread patterns and are designed to handle rough terrains. They provide better traction and stability for farming vehicles on fields.
Weakness: Agricultural tires are more expensive than normal tires due to their specialized tread design and material used. Their replacement cycle is also shorter than regular tires.
Opportunity: Growth in mechanization of agriculture and rising use of heavy farming machinery and equipment is creating strong demand for high quality agricultural tires globally.
Threats: Price volatility of raw materials like rubber can increase production costs for tire manufacturers. Strict environmental regulations on tire disposal pose challenges.
Key Takeaways
The Global Agricultural Tires Market Share is expected to witness high growth. Asia Pacific region currently dominates the market and is projected to maintain its lead position during the forecast period. Countries like China, India, Indonesia are witnessing increasing mechanization of agriculture which is driving sales of agricultural tires in the region.
Key players operating in the agricultural tires market are 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). The companies are focusing on developing innovative tread designs for varied soil conditions and are expanding their distribution networks globally especially in emerging markets to tap the growth opportunities.
The global market size for agricultural tires was valued at US$ 7061.26 Mn in 2023 and is forecast to reach US$ 11531.32 Mn by 2030, expanding at a CAGR of 5.6% during the forecast period. With increasing mechanization on farms and rising usage of tractors, harvesters, and other heavy duty vehicles, the demand for high quality and durable agricultural tires is projected to surge substantially over the coming years.
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