CHICAGO, UNITED STATES, January 18, 2023 /EINPresswire.com/ — The global agricultural tires market was valued at USD 9,312 Million in 2021 and is expected to reach a valuation of USD 14,215.9 Million by 2030. The market is forecast to record a CAGR of 5.0% during the forecast period 2022-2030.
Request Sample Report at: https://www.astuteanalytica.com/request-sample/agricultural-tires-market
As their name suggests, agriculture tires are solely intended for use in farming or agriculture. These are made of high-quality rubber for long-lasting and improved performance that will keep them reliable on and off the field. For traction on slick surfaces, they have deep ribs and voided surfaces. Both hillside stability and fuel efficiency have increased with these tires. Some tires have diamond tread patterns for the least amount of soil disruption. The two basic construction types used in agricultural tires are bias tires and radial tires.
Factors Contributing to the Market Growth
Sustainability
Due to many affordable options, the demand for low-rolling resistance tires has expanded in emerging nations. Retread tires for agriculture may also grow if affordable alternatives are offered to new replacement tires. Due to the need to minimize CO2 emissions and fuel consumption on roadways, low-rolling tires have become increasingly popular in industrialized nations. The developed countries are anticipated to embrace new tire materials more quickly than developing markets initially due to environmental legislation and restrictions.
Fuel Prices
Tires are intricate products that require several components, and the selection of these elements directly affects tire performance. A key factor influencing the demand for tires is the price of fuel. Low gasoline prices frequently cause a direct correlation between mileage and demand for spare tires. While farmers cannot control gasoline prices, there are several measures they may take to cut fuel use from their tractors. Fuel is the biggest expense on a farm. Optimal wheel slip and pressure can also reduce additional costs, such as field time, soil compaction from lower yields, and machine wear, in addition to improving fuel efficiency. The number of tires sold, the number of vehicles sold, and the number of kilometers traveled are affecting the overall demand for tire materials. Fuel expenses and economic activities also affect material costs. The weight and size of tires sold and the volume of manufacturing and recycling in the market are additional significant elements influencing the demand for or consumption of tire materials.
Rising Mechanization in Agriculture
Global demand for tractors is growing due to precision farming and the rising use of farm technologies to boost production. An expansion in farm training programs that promote the wider use of agricultural machinery benefits the tractor sector.
Study of COVID-19
The COVID-19 pandemic had a negative influence on global economic activity and migration. Customers were hesitant to buy any agriculture equipment because of the nationwide lockdowns of major economies, particularly in the early 2020s. On the other hand, a dramatic increase in employment or income failures across sectors forced a number of people, particularly in developing nations, to turn to farm and agriculture as a source of survival. This contributed to a steady increase in the need for agricultural tires.
The need for agricultural tires has increased significantly due to the anticipated rise in demand for environmentally friendly products and organic food. In recent years, government incentives and increased investments in farming equipment have further fueled demand. These elements will increase demand, which will aid in the market’s gradual recovery from the effects of COVID-19.
Segmentation Summary
Tire Type Insights
In 2021, the bias tires segment held a dominant share of the global industry. Bias tires are affordable, flexible, and provide excellent traction at a slow speed. A low price and the availability of natural rubber in the Asia Pacific region lead to the wide use of bias tires in developing countries.
Additionally, radial tires are evolving more prevalent among farmers globally. Thus, the radial tire segment will record a lucrative growth rate during 2022-2030. The smoother ride of radial tires makes them better suited for handling heavy machinery. Additionally, their larger footprint lessens soil compaction, improving agricultural production. However, the bias tire market is likely to maintain its dominance due to growing demand from numerous small-to-medium-sized farmers in Asian nations like Bangladesh, India, and China.
Application Insights
In 2021, the tractor segment dominated the global agriculture tire industry. The most common piece of agricultural machinery among farmers in most areas is the tractor. The harvester portion then came next. Many industrialized nations in North America and Europe employ harvesters for agricultural purposes. Modern technology has found its way into a growing number of harvesters, allowing them to perform multiple duties at once, including cleaning, threshing, and reaping. Large farmers’ increasing desire for such equipment is likely to fuel the harvester market’s expansion. Due to the use of multi-purpose tires in numerous agricultural chores, the market demand for them is also anticipated to increase dramatically.
End User (Distribution Channel) Overview
In 2021, the aftermarket segment recorded a maximum share of the global industry. The retread tires segment will exhibit surpassing growth throughout the forecast years. This can be attributable to the fact that agricultural tires typically have a lifespan of five years. The tires experience wear and tear during their lifetime, lowering their quality and needing fast adjustments.
Rim Size Analysis
In 2021, the 24-42” segment acquired a significant share of 31.1%. Contrarily, the 15–24-inch size segment will record a CAGR of 5.6% between 2022-2030. There are numerous load/speed indices for these 15″ farm tires. It makes sense for the user to select the tire type that is suitable for their vehicle and intended use. The firm offers three different load/speed indices for a single tire type. Tubeless is the option that is most usually selected.
Regional Insights
In terms of region, Asia Pacific held a significant market share in 2021. Due to the abundance of farmers who utilize agricultural machineries, such as tractors and sprayers, for their regular farming tasks, the region is one of the top consumers of agricultural tires. A further factor driving the need for agricultural equipment to grow high-yield crops is the necessity to keep up with the rising demand for agricultural products owing to the area’s fast-expanding population.
North America and Europe exhibit a promising growth rate due to the region’s increasing demand for agricultural products, which is driving more people into farming. The markets in South America, the Middle East, and Africa, on the other hand, present fewer growth opportunities as a result of the presence of a significant number of impoverished farmers in those regions who might not be able to afford modern farm equipment and a smaller amount of arable land in the Middle East. With the world’s population expanding quickly and the need for food rising as a result, the market as a whole is likely to develop strongly in the future years.
Browse Detailed Summary of Research Report: https://www.astuteanalytica.com/industry-report/agricultural-tires-market
Leading Competitors
The prominent companies in the global agricultural tires market are:
Toyo
Bridgestone
Giti
Michelin Group
Zhongce Rubber
Goodyear
Cheng Shin
Continental AG
Yokohama
Sumitomo
Hankook
Pirelli
Other Prominent Players
Segmentation Outline
The global agricultural tires market segmentation focuses on Tire Type, Application, End Users (Distribution Channel), Rim Size, and Region/Country.
By Tire Type
Bias
Radial
By Application
Tractor
o Front
o Rear
Harvesters
Attachments/ Implements
Sprayers/ Irrigation
Forestry
MPT (Multi-purpose Tires)
Others
By End Users (Distribution Channel)
OEMs
After Market
o Online
o Offline (Specialized/ Tire Retail store)
Retread Tires
By Rim Size
<15’’
15-24’’
24-42’’
>42’’
By Region/Country
North America
The U.S.
Canada
Mexico
Europe
Western Europe
UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Myanmar
South Korea
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
Looking For Customization: https://www.astuteanalytica.com/ask-for-customization/agricultural-tires-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
Twitter
LinkedIn
You just read:
News Provided By
January 18, 2023, 13:59 GMT
EIN Presswire’s priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content.
As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome. EIN Presswire, Everyone’s Internet News Presswire™,
tries to define some of the boundaries that are reasonable in today’s world. Please see our
Editorial Guidelines
for more information.