Agricultural Tires Market
The Global Agricultural Tires Market size was estimated at USD 5.32 billion in 2022, USD 5.90 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.42% to reach USD 7.98 billion by 2030.
On the global Agricultural Tires Market, the combined effects of Covid-19, the Russia-Ukraine Conflict, and High Inflation are anticipated to have substantial long-term consequences. The continuing study takes into account how the epidemic has affected government actions, supply chain disruptions, and consumer behaviour. The current political and economic unrest in Eastern Europe brought on by the conflict between Russia and Ukraine is also taken into account in the study, along with any possible effects it may have on demand-supply dynamics, pressure on price variations, import/export, and trade. The paper also discusses how high inflation affects the world economy and provides information on fiscal measures and countermeasures to lessen its impacts on demand, supply, cash flow, and currency exchange.
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Agricultural Tires Market carry different types of farming equipment, such as tractors, combines, grain carts, field sprayers, and skid steer loaders. They offer traction, braking, steering and directional stability while resisting the abrasive action of various surfaces. They also absorb shock loads at a low level of ground pressure and cushion the vehicle against minor surface irregularities. Consequently, they help farmers maximize crop productivity and reduce the risk of power hopping and soil compaction for unparalleled performance.
Growth Influencers:
The expansion of the global agriculture tires market is influenced by several factors:
1. Rising Sales of Agricultural Vehicles:
As farming practices become more mechanized, the demand for agricultural vehicles such as tractors, harvesters, and sprayers rises. This is especially true in developing countries, where many farmers are transitioning from traditional methods to more modern, machine-based farming. As the number of agricultural vehicles increases, so does the demand for agriculture tires, directly influencing the growth of this market.
2. Favorable Government Initiatives and Subsidies:
Many governments worldwide are providing subsidies and launching initiatives to promote modern farming techniques. These subsidies make agricultural machinery and equipment, including tires, more affordable for farmers, which leads to increased demand. For example, in countries like India, the government has several schemes like the "Krishi Sinchai Yojana" to promote efficient water use and better agricultural practices, including the use of mechanized farming.
3. Technological Advancements:
The introduction of advanced technologies in the tire manufacturing process has resulted in more durable, efficient, and long-lasting agriculture tires. These advancements have led to the production of tires that can withstand heavy loads, have better traction, and offer high performance in all types of agricultural environments. Such advancements have encouraged farmers to replace their old tires with new ones, boosting the market growth.
4. High Replacement Rate:
The rough and tough use of tires in agricultural activities leads to a high rate of wear and tear. This results in a high replacement rate of agriculture tires, further propelling the market's growth.
5. Increasing Population and Demand for Food Products:
With the global population increasing, the demand for food products is also on the rise. This puts pressure on the agriculture sector to enhance productivity, leading to a greater reliance on mechanized farming and, consequently, more demand for agriculture tires.
6. Adoption of Radial Tires:
Radial tires, compared to their bias counterparts, offer better ride quality, longer tread life, and improved fuel efficiency. As farmers become more aware of these benefits, the adoption rate of radial tires is expected to increase, providing a boost to the market
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Segment Overview:
The market is segmented by tire type, application, and end-user.
Agricultural Tires Market, By Tire Type
Bias
Radial
Agricultural Tires Market, By Application
Tractor
Harvesters
Attachments/Implements
Sprayers/Irrigation
Forestry
MPT (Multi-purpose Tires)
Others
Agricultural Tires Market, By End User (Distribution Channel)
OEMs
After Market
Online
Offline (Specialized/Tire Retail store)
Retread Tires
Competitive Landscape:
The global agriculture tires market is characterized by the presence of several players, with the cumulative market share of the ten major ones being close to 25%. These players are continuously investing in research and development activities to innovate new products and gain a competitive edge in the market.
A key player in the market is Continental AG, a renowned German automotive manufacturing company specializing in tires, brake systems, interior electronics, automotive safety, and other parts for the automotive and transportation industries. The company has made significant contributions to the global agriculture tires market.
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