Agriculture Tire Market: Introduction
According to the report, the global agriculture tire market is projected to reach ~US$ 15 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. The population boom around the world is boosting the demand for better agriculture yield, which is a key factor propelling the global agriculture tire market. Attractive financing options on purchase of new tractors and subsidies on agricultural tractors and equipment by governments are driving the demand for agriculture tires. Government stimulus such as Common Agriculture Policy (CAP) by European Union (EU) for EU member countries, funding by Food & Agriculture Organization (FAO) & other African food organizations in Middle East & Africa are providing financial support to develop and help purchase agriculture machinery for farms in these regions, which, in turn, is estimated to propel the agriculture tire market.
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Rapid urbanization and economic expansion have fueled the demand for utilization of harvesters, combines, and tractors. The shift from subsistence to larger commercial farming has necessitated the use of tractors, which in turn is boosting the demand for agriculture tires. Based on tire type, the bias segment held a dominant share of the global agriculture tire market, as they are cost-effective as compared to radial tires and less susceptible to wear & tear. The radial segment accounted for a notable share of the market in Europe and North America in 2019. These tires provide 10% to 15% more traction as compared to that offered by bias tires. However, Asia Pacific accounts for a prominent share of the global agriculture tire market and the market in the region is dominated by bias tires, thus the bias segment accounted for a dominant share of the global market.
In terms of sales channel, the aftermarket segment is projected to hold a leading share of the market during the forecast period. It is imperative to maintain good health of agriculture tires and replace them periodically due to wear & tear. Damaged tires erode soil and cause more compaction, which leads to poor yield. Rise in consumer awareness and expansion of tire dealers and retailers in developing countries is expected to further propel the demand for agriculture tires in the aftermarket segment.
Regional Analysis of Agriculture Tire Market
In terms of region, the global agriculture tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a leading share of the global agriculture tire market with China and India witnessing significantly high sales of tractors and a large number of tractors in use. North America accounted for a considerable share of the global agriculture tire market in 2019, owing to high rate of mechanization of farms in the U.S. and consumer awareness about periodic replacement of tires. The market in Middle East & Africa is projected to expand at a notable growth rate during the forecast period, owing to the increase in income among farmers and government subsidies boosting the adoption of agricultural machinery, which in turn is driving the demand for agriculture tires.
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Prominent players operating in the global agriculture tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, China National Rubber & Tire Co., Titan International, Inc., Trelleborg AB, Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A.
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