Agricultural tires are tires that are designed for use on agricultural equipment and vehicles for use in agricultural operations, such as tractors, harvesters, and forestry equipment. Agricultural tires aid in reducing soil compaction from heavy machinery to prevent damage to crops, reduce downtime and repair costs, improve productivity and efficiency, and increase operator comfort. The global agricultural tires market is characterized by the presence of several large-scale players focusing on expanding their operational and geographical reach.
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 Dynamics:
Rising mechanization in farming is one of the major drivers of the global agricultural tires market. Farmers across the globe are increasingly relying on mechanized equipment and vehicles to reduce agricultural labor requirements and increase productivity. Agricultural equipment such as tractors require specialized tires suitable for off-road conditions and that can withstand heavy loads and vibrations. Furthermore, the driver explained above- rising mechanization in farming is leading to greater adoption of agricultural vehicles and equipment, thereby driving sales of agricultural tires. Another driver for the market is the need for tires that do not damage soil structure or compact the soil. Agricultural tires are designed specifically to distribute vehicle weight and prevent soil compaction thereby minimizing damage to soil health and crop yield. The features of agricultural tires such as soil-friendly tread patterns and self-cleaning capabilities address this need of protecting soil.
SWOT Analysis
Strength: Agricultural tires have an advanced tread pattern and strength that allows them to better withstand heavy loads on rough terrain. Their deep tread helps provide better traction on uneven ground and prevents slippage. Many agricultural tire brands also offer longer warranties and durable casings that can withstand abrasions from dirt and rocks.
Weakness: Agricultural tires are generally more expensive than standard passenger tires due to their durability requirements. Their rugged tread also leads to decreased fuel efficiency compared to other tire types. Farmer budgets are often tight, making the higher costs of agricultural tires a drawback.
Opportunity: As population growth increases global demand for food, more agricultural equipment and machinery will be needed to boost crop production. This rising mechanization of farms presents an opportunity to sell more agricultural tires. Governments also offer subsidies in some countries to support farmers, potentially increasing tire purchase budgets.
Threats: Changes in weather patterns from climate change can damage crops and threaten global food security. Severe weather events may damage agricultural vehicles and tires in use. Trade disputes and tariffs pose risks to the supply of imported agricultural goods and equipment.
Key Takeaways:
The global agricultural tires market is expected to witness high growth over the forecast period of 2023 to 2030, driven by increasing global demand for food. The market size was valued at US$ 7061.26 Mn in 2023 and is projected to grow at a CAGR of 5.6% through 2030.
Regional analysis:
The Asia Pacific region currently dominates the agricultural tires market and is expected to continue growing rapidly due to rising farm mechanization in nations such as India and China. These countries are the world's largest producers and consumers of agricultural products. North America and Europe are also major regional markets, though growth is projected to be faster in developing Asian and South American countries with ongoing agricultural modernization.
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). These companies produce specialized tire models tailored for agricultural equipment like tractors, harvesters, sprayers and more.
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https://www.trendingwebwire.com/agricultural-tires-market-size-share-growth-outlook-2023/
