According to the latest report by IMARC Group, the Agricultural Tires Market grew at a CAGR of around 5% in value terms during the historical period of 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Agricultural tires help in transporting various farming equipment, such tractors, combines, grain carts, field sprayers, skid steer loaders, etc. They provide traction, directional stability, steering, and braking while resisting various surfaces' rough action. Furthermore, agricultural tires also control shock loads at a low level of floor pressure and protect the vehicle against minor surface disturbances.
The growing penetration of automation trends in the agriculture sector, along with the increasing consumption of plant-based food products, is driving the need for agricultural tires to promote high productivity. Moreover, the rising productutilization in precision farming and advanced logistics, storage, transportation, and processing facilities is further propelling the market growth. Additionally, growing investments in rural agriculture infrastructure by numerous governing authorities are also catalyzing the market growth. Besides this, several key manufacturers are introducing developed farming tractors and off-road vehicles that promote soil preservation and product safety. In the coming years, the increasing preferences for modern and integrated agriculture practices, which will augment the demand for efficient agricultural tires in the coming years.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Agricultural Tires Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apollo Tyres Limited, Balkrishna Industries Limited (BKT), Bridgestone Corporation, CEAT Ltd. (RPG Group), Continental AG, JK Tyre & Industries Ltd., MRF Limited, Specialty Tires of America Inc., Sumitomo Rubber Industries Ltd., TBC Corporation (Michelin), The Carlstar Group LLC, Titan International Inc., Trelleborg AB and Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).
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https://www.imarcgroup.com/agricultural-tires-market
The report has segmented the market on the basis of Product Type, Distribution Channel, Packaging Type and Region.
Breakup by Product Type:
- Bias Tires
- Radial Tires
Breakup by Application:
- Tractors
- Harvesters
- Forestry
- Irrigation
- Trailers
- Others
Breakup by Distribution Channel:
- OEM
- Aftermarket
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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