Agricultural Tires Market worth USD 10.87 billion by 2027, registering a CAGR of 5.41% – Report by Market Research Future (MRFR)
New York, July 22, 2021 (GLOBE NEWSWIRE) — Agricultural Tires Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Agricultural Tires Market Research Report, Tire Type, Sales Channel, Application, Region and Region – Forecast till 2027” the market is projected to be worth USD 10.87 billion by 2027, registering a CAGR of 5.41% during the forecast period (2021 – 2027), The market was valued at USD 7.5 billion in 2020.
Growing Demand for Automation in Farming Activities and Increasing Use of Tractors
Increasing demand for automation in farming activities to bridge the agricultural produce demand-supply gap, increased adoption of modern farming technologies, and rising demand for heavy-duty tires are expected to boost the agricultural tires market growth over the forecast years. Growing mechanization in agriculture in the Middle East and Africa, as well as Latin America, is expected to enhance the agriculture tire market in these regions. Financial assistance and subsidies from various governments and food organizations, such as FAO, are increasing tractor use in developing nations and are expected to boost the agriculture tire market share in these countries.
Tractors were previously employed for simple tasks such as plowing and tilling. Tractors now perform a variety of tasks like irrigation, harvesting, and fertilizer spreader, necessitating the use of more specialized tires with greater rim sizes, which are more expensive. Until 2009, the largest agriculture tire had a circumference of 243 inches; nevertheless, tire manufacturers are now offering sizes up to 256 inches. The overall growth in tire size has propelled the tire price and, as a result, is boosting the market in terms of revenue.
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Key Players
Key players in the agricultural tires market are –
- Bridgestone Corp.
- Continental AG
- Michelin
- Balakrishna Industries Limited
- Titan International Inc.
- Trelleborg AB
- Nokian Tyres PLC
- Pirelli & C SpA
- Alliance Tire Group
- Apollo Tyres.
Competitive Landscape
Small-scale players focus on the country or region in which they operate and compete on the basis of product distinction by offering unique products. They also compete based on regional demand and market penetration in regional marketplaces. Many regional players pursue an expansion strategy by partnering with global players as distribution partners. The presence of huge multinational corporations catering to worldwide demand distinguishes the market. These major competitors compete on the basis of manufacturing technology and the application scope of farm tires.
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Hazardous Nature of Agricultural Tires
Tires pose a threat to the environment since they are not biodegradable. They add to landfill waste, despite the fact that the Environmental Protection Agency categorizes them as municipal solid waste rather than hazardous waste (EPA). Tires emit pollutants, and the oils they contain can contaminate soil and groundwater. In addition, solvents or volatile organic compounds (VOC) are employed to make heavy and treads for better tire grip, with the process emitting the greatest quantity of emissions into the atmosphere. The hazardous nature of agricultural tires may stifle market expansion in the near future.
COVID-19 Impact Adds to Volatility in Tire Industry
The pandemic situation, as well as the subsequent lockdowns, created massive disruption and pressure on the entire tire value chain. While mainstream raw material suppliers were concerned about the domestic and international prohibition on transportation and logistics, manufacturers faced the fury of zero output in the midst of the whole lockdown. As a result, operating profits were squeezed, and daily overheads skyrocketed, putting huge financial strain on manufacturers and eventually hurting final deliveries.
Although the demand is showing indications of recovery, there is still volatility. Despite the devastating impact of the pandemic, agricultural activities have maintained market momentum. All of these things contribute to the tire industry’s uncertainty. Potential operational advantages, such as obtaining real-time data from tires for greater vehicle maneuverability and deploying nanotechnology for enhanced performance, are projected to open up new avenues for market players to grow.
Market Segmentation
The worldwide agricultural tires industry has been segmented into tire type, sales channel, and application.
By tire type, the global agricultural tires industry has been segmented into bias tires and radial tires.
By sales channel, the global agricultural tires industry has been segmented into OEM and Aftermarket.
By application, the global agricultural tires industry has been segmented into tractors, combine harvesters, sprayers, trailers, loaders, and others.
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Regional Analysis
North America to Lead the Global Market
North America will have the largest market share due to developments in farming equipment and evolution in the agricultural business, which is supporting in the growth of modern-day integrated farming activities.
APAC to Follow North America
The increased agricultural expansion in India and China has made Asia Pacific the second-fastest expanding region. China and India account for a disproportionately large proportion of tractors in use worldwide. As a result, they present enormous prospects for agricultural tire manufacturers. The availability of important raw materials like natural rubber, as well as cheap labor and a large local demand for tires, has aided the emergence and expansion of significant participants in the region.
Industry News
In September 2020, Michelin launched the TRAILXBIB, its newest agriculture tire for slurry wagons, spreaders, and trailers. It is designed for exceptional endurance, long tire life, and reduced soil compaction. The tire was co-created by the company and farmers from different continents. The Michelin TRAILXBIB is air-systems ready and has Michelin VF Ultraflex Technology to aid with soil compaction and yield optimization. In fields, the tire has a low-pressure impact and is puncture and aggression resistant.
Segmentation of Market covered in the research:
Information by Tire Type (Bias Tires and Radial Tires), by Sales Channel (OEM and Aftermarket), by Application (Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)
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