The Global Agricultural Tires Market Growth Accelerated By Increasing Mechanization In Agriculture
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| Agricultural tires market |
Agricultural tires are used in
tractors and heavy equipment for various agricultural applications such as
harvesting, irrigation, spraying, tilling and harrowing. These tires have deep
tread patterns and large contact patches to provide better traction on fields.
Agricultural tires minimize soil compaction and help in protecting delicate
crops. 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:
One of the key trends driving
growth in the agricultural tires market is increasing mechanization in
agriculture. With growing farm sizes and labor shortage issues, farmers are
increasingly relying on mechanized equipment for crop production. Higher
mechanization has led to rise in demand for large tractors and harvesters with
high load bearing capacities. Agricultural tires for such heavy-duty vehicles
need to provide reliable traction, stability and durability. Manufacturers are
developing agricultural tires with wider tread patterns, reinforced sidewalls
and beefed up construction to handle heavier loads and stresses of mechanized
field operations. This is fueling sales of high capacity agricultural tires and
contributing to market expansion over the forecast period.
Segment Analysis
The global Agricultural tires
market is dominated by radial tires segment. Radial tires hold more than 70% of
market share as they provide better traction, can carry heavier loads and last
longer than bias ply tires. Radial tires can cover longer distances with a
lesser amount of flexing, thus reducing slippage. They are more fuel efficient
and offer better stability at high speeds.
Key Takeaways
The Global
Agricultural Tires Market Share is expected to witness high growth. The
market is projected to grow at a CAGR of
5.6% during the forecast period of 2023 to 2030. By 2030, the market size
is estimated to reach US$ 12356.13 Mn.
Regional analysis
North America currently dominates
the global Agricultural tires market with over 30% market share. Increased
mechanization of farming activities and rising demand for highly efficient
tires from tractor and harvesting equipment manufacturers are driving the
demand in the region. Asia Pacific is expected to be the fastest growing market
during the forecast period. Countries like India, China, Thailand are
witnessing rapid expansion of organized farming and increased usage of
harvesting equipment.
Key players
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). Apollo Tyres
has the largest market share of over 15% owing to its wide product range and
pan India distribution network. Bridgestone Corporation is also a leading brand
focusing on heavy agricultural and off-road radial tires segment.
Get More Insights Here
https://www.newsstatix.com/agricultural-tires-market-size-share-growth-outlook-2023/
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