Agricultural Tires Market Overview:
Agricultural tires are specialty tires that
are used for agricultural machinery like tractors, harvesters, trailers, and so
on. These tires improve farming vehicles' fuel economy, performance, and driver
comfort.
Agriculture tires, as the name suggests, are
intended for use on a farm or in agriculture. The diagonal thread on these
tires is angled at 45 degrees. The traction provided by the treads allows the
tractor to move quickly through mud and soil. These come in various sizes and
diameters and are suitable for a wide range of equipment, including tractors,
trailers, combine harvesters, sprayers, and skid steer loaders. These are made
of high-quality rubber for long life and better performance on and off the
field. They have large ribs and voids for traction in soft terrain. These tires
improve fuel efficiency and hillside stability. Some tires have a diamond tread
design for minimal soil disruption.
One of the primary reasons for the increased
need for mechanization in the agricultural sector is the rising food demand.
Tires play a vital role in the performance of agricultural machines, and hence
the demand for agrarian ties is increasing. Tires, on the other hand, are
harmful to the environment because they are not biodegradable. They contribute
to landfill waste, despite the fact that the Environmental Protection Agency
classifies them as municipal solid waste rather than hazardous waste (EPA).
Tires emit toxins, and the oils they contain can contaminate soil and groundwater.
Furthermore, solvents or volatile organic compounds (VOC) are used to produce
heavy and treads for enhancing the adhesion of the tires, with the process
emitting the greatest number of emissions into the atmosphere. The hazardous
nature of agricultural tires may restrict the market growth in the near future.
Market Research Future (MRFR) projects the
global Agricultural
Tires Market to register a significant CAGR of 5% from
2020 to 2026 (forecast period).
Tractors were previously used for simple
tasks such as plowing and tilling. Tractors now perform a variety of tasks such
as irrigation, harvesting, and fertilizer spreader, necessitating the use of
more specialized tires with larger rim sizes, which are more expensive. Until
2009, the largest agriculture tire had a circumference of 243 inches; however,
tire manufacturers are now offering sizes up to 256 inches. The overall increase
in tire size has fueled the tire price and, as a result, is boosting the market
in terms of revenue.
The agricultural tire market is changing
dramatically as a result of digital innovations. For example, in December 2019,
Continental AG, a leading German multinational automotive parts manufacturing
company, announced the introduction of Agriculture TireTech, an innovative
agriculture app that serves as a pressure and load calculator to achieve
optimal safety and efficiency when using Continental agricultural tires.
Companies in the agriculture tire market hope to expand their portfolio of
comprehensive digital services and solutions for their customers by using
mobile apps.
Key Players
Key players operating in the global Agricultural
Tires Market are Bridgestone Corp., Trelleborg AB, Continental AG, Balakrishna
Industries Limited, Titan International, Inc., Michelin, Nokian Tires PLC,
Pirelli & C SpA, Alliance Tire Group, and Apollo Tires.
Summary
The global Agricultural Tires Market is
predicted to register a significant CAGR of 5% from 2020 to 2026 (forecast
period). The global Agricultural Tires Market is anticipated to grow moderately
during the forecast period, owing to rising demand for automation in farming
activities and growing mechanization in agriculture. These factors are expected
to propel the demand for agricultural tires in the coming years.
COVID-19 Impact on the Global Agricultural
Tires Market
The global outbreak of a novel coronavirus
pandemic is likely to induce a slight slowdown in the industry. Due to labor
shortages, manufacturing operations have come to a halt. This has resulted in a
major decline in demand from end-use industries.
Market Segmentation
The global agricultural tires industry has
been segmented by tire type, sales channel, and application.
By tire type, the global Agricultural Tires
Market has been segmented into Bias Tires and Radial Tires. The radial tires
segment is expected to grow at a significant CAGR in the coming years.
By sales channel, the global Agricultural Tires
Market has been segmented into OEM and Aftermarket. The aftermarket segment
earned a sizeable share and is predicted to grow at a significant CAGR in the
coming years.
By application, the global Agricultural
Tires Market has been segmented into tractors, trailers, combine harvesters,
sprayers, loaders, and others. The tractors segment earned a sizeable share and
is projected to grow at a significant CAGR in the coming years.
Regional Analysis
Based on region, the global agricultural
tires industry has been segmented into North
America, Europe, Asia Pacific, and the rest of the world.
North America earned the largest share of
the market due to advancements in farming equipment and evolution in the
agricultural industry, which is assisting in the growth of modern-day
integrated farming activities. Furthermore, the increasing agricultural growth
in India and China has made the Asia Pacific the next fastest-growing region.
China and India account for a significantly high number of tractors in use
worldwide. As a result, they present significant opportunities for
manufacturers of agricultural tires.
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