Agriculture Tire Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Introduction:

Agricultural tires are an integral component of the agricultural farming vehicles and are manufactured using raw materials such as natural rubber, nylon tire cord fabric, and carbon black materials. Agriculture tires are used in different agriculture vehicles and equipment such as tractors, sowers, and harvesters. The use of advanced machine has had a significant improvement in crop yield and is leading to cultivators and farmers increasingly using agriculture vehicles and equipment which is boosting the market growth of agricultural tires.

Global Agriculture Tire Market Size & Growth:

Global Agriculture Tire Market is anticipated to reach up to $1.5 billion at a CAGR of 5.4% during 2018-2024. The demand for agricultural tractor tires will witness a sluggish growth rate during 2018 to 2024 mainly due to the growth of the replacement market. One of the critical challenges, the agricultural tires manufacturers face is the exposure to frequent raw material price fluctuations primarily of steel and rubber. With a raw material intensive industry, the profit margins of the manufacturers are correlated with the raw materials prices, among which natural rubber constitutes around 40 to 45% of the total costs. Moreover, it worked as an advantage, for the past three years, as the prices dropped by 55-60% (especially in the United States), further accelerating the agricultural tire business.

Global Agriculture Tire Market Segments Analysis:

By placement type, replacement tires are projected to dominate the agricultural tractor tires market in each geography. This is mainly due to the number of registered agriculture tractors remains lower than the number already in use, and rear tractor tires are the most critical agricultural tires, designed with thick multi-angled lugs that provide agricultural and farm tractors with the maximum traction required for hauling heavy loads or pulling large farm equipment.

By Geography, Agricultural tires market is projected to dominated by APAC region with the share of approximately two third of the overall market value and this share is expected to increase over the next decade owing to the increasing demand for the agricultural tires especially in the agricultural oriented economies including India, China and some other emerging economies.

Global Agriculture Tire Market Industry Analysis:

From the Global Agriculture Tire Market Industry Analysis, as the market framework is positive, the farmer’s income and purchasing power are too dependent on the economic status. Major relevant factor handling the demand for agriculture tires across the world is the growing demand for food products and the need for enhancing the production.

Global Agriculture Tire Market Outlook:

From Global Agriculture Tire Market Outlook, Upgrade economic environment and improve significance towards mechanisation of agriculture activity will pick up the market. The growing demand for agriculture equipment due to increased adoption of modern farming techniques. As there is a rapid increase of agriculture yield, farmers are using advanced agriculture equipment such as sprayers grain harvesters, combines, hay forage, cutters, and shredders; agricultural tires market is projected to gain momentum over the coming decade.

 Global Agriculture Tire Market Trends:

• In 2017, Continental AG made strategies to invest $53.78 million on agricultural tires production at Lousado plant, to increase its portfolio over the next three years and this investment covers the output of about 100 different tires.
• Bridgestone came up with new tire design (VT- Combine) which is suitable for combine harvesters, forage harvesters, sugar beet and potato harvesters.

Global Agriculture Tire Market Research Report Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as       

• Firestone
• Michelin
• Mitas Tires North America Inc.
• Titan International Inc.
• Trelleborg Wheel Systems Americas Inc.