by Market Overview:
Agricultural tires are specifically designed tires for agricultural vehicles and farming equipment. These tires provide better traction on uneven fields and loose soils. Their deep tread pattern and multi-directional lugs provide better grip.
Market key trends:
One of the key trends in the agricultural tires market is the growing demand for radial tires. Radial tires offer various advantages over bias tires such as high load carrying capacity, better traction, reduced soil compaction, and improved fuel efficiency. As a result, most agriculture equipment are now being fitted with radial tires. Furthermore, agricultural tire manufacturers are focusing on developing tires with advanced compounds and designs to improve tread wear and reduce rolling resistance without compromising traction. Development of multi-lug tread patterns and use of new rubber mixtures is expected to drive the demand for high-performance agricultural tires.
The global Agricultural Tires Market Growth is estimated to be valued at US$ 7061.26 Million 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.
SWOT Analysis
Strength: Agricultural tires have deep tread patterns and extra-large voids to allow for operation in muddy conditions. Their self-cleaning tread design allows the tires to clear debris for improved traction.
Weakness: Agricultural tires have higher purchase and replacement costs compared to conventional tires. Their specialized tread patterns also makes retreading of agricultural tires difficult.
Opportunity: Growing mechanization in agriculture and rising farm incomes in developing nations is driving the demand for high-performance agricultural equipment tires. Furthermore, introduction of advanced tire technologies is expanding application areas for agricultural tires.
Threats: Volatility in raw material prices can squeeze profit margins for agricultural tire manufacturers. Strict emission regulations on off-road vehicles also poses a challenge for the development of fuel-efficient and low-emission agricultural tire designs.
Key Takeaways
The global Agricultural Tires market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing mechanization of farming activities and growing demand for high-crop yields.
Regional analysis:
North America dominated the global market in 2022 and is expected to maintain its leading position during the forecast years as well. However, Asia Pacific region is expected to witness the fastest growth over the next few years owing to growing population, rising farm incomes, and increasing mechanization in countries like India and China. Government initiatives to modernize agricultural infrastructure in several countries across Asia and Latin America will further support the market expansion.
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). Leading tire manufacturers are investing in R&D to provide innovative products with advanced features focused on improving productivity, fuel efficiency, and safety.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
