The agriculture tires market is poised to observe promising growth opportunities due to the vigorous pursuit of agricultural activities and diverse applications in multiple end-use industries. Agriculture tires are manufactured with improved and deeper tread designs for various agriculture vehicles. These tires are well-equipped to offer more traction during off-road activities and on non-paved pathways. Owing to their superior strength and characteristics, agriculture tires are being utilized in various industries for a wide range of purposes, such as construction, mining, and farming among others. All these factors are playing a vital role in increasing the demand for agriculture tires, creating lucrative outcomes for business expansion.
Registering the valuation of nearly US$10 Bn in 2022, the global agriculture tires market is poised to exceed US$12.5 Bn in revenue by the end of 2027. The report predicts a stable growth outlook for the market, at more than 4% CAGR, during 2021-2027. The report offers comprehensive analysis and competitive insights into some of the leading market players, including Yokohama Rubber, Sumitomo Rubber Industries, Ltd., Continental AG, Balakrishna Industries Ltd. (BKT), and Bridgestone Corp.
Uptick in Technology Adoption Strongly Impacts Demand for Agriculture Tires
Technological breakthroughs and the adoption of emerging technologies by industry leaders have generated fruitful results across the agriculture tires market. Growing food production, rising crop yields, an increase in people’s purchasing power, and rapid industrialization have created an optimistic scenario for the production of advanced agriculture tires. Moreover, economies with lesser labor availability are relying on specialized agricultural vehicles that are built by leveraging sophisticated technologies. Developing countries are steadily progressing toward adopting mechanized systems for agricultural activities, which is expected to reduce reliance on manpower, improve efficiency, and enhance overall productivity. Thus, influenced by these factors, the demand for agriculture tires is set to surge over the coming years.
Tractor Remains Bestseller Category, Bias Tires Attract Greater Demand on the Back of Sustainable Characteristics
On the basis of application, the agriculture tires market is segmented into tractors, irrigation, harvesters, implements, forestry, and others. Among these, tractors are predicted to command the most significant share of the market owing to the rising demand for food. It is expected that bias tires will be preferred by agriculture vendors. Such tires incur low manufacturing costs, are made from natural rubber, and have better flexibility as opposed to radial tires. They also have higher durability as they are manufactured with synthetic content and steel ply. The demand for bias tires will also gain pace due to their eco-friendly attributes and sustainable nature. In the near future, as countries race toward embracing sustainable and high-tech solutions to address food security challenges, the demand for bias tires is projected to gain momentum.
Asia Pacific Emerges as a Formidable Regional Player
Rising demand for food, government support for agriculture activities, and the presence of a flourishing agriculture sector are expected to drive the Asia Pacific’s agriculture tires market to robust maturity. Although North is the largest regional market with an expected value CAGR of over 4% by 2027, Asia Pacific is emerging as a strong contender. During the forecast period, a considerable number of manufacturers are set to establish their agriculture tires manufacturing units in the Asia Pacific owing to greater ease of doing business, wider availability of raw materials, and conducive government policies.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/agriculture-tires-market
