According to the latest report by IMARC Group “Agricultural Tires Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global agricultural tires market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
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.
Market Trends:
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 product utilization 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 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.
Competitive Landscape:
- 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
- Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).
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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
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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