As companies in the agriculture tire market were gaining confidence for the year 2020 after countering trade tensions and bad weather in 2019, that hampered the rubber planting and harvesting activities throughout North America, the COVID-19 (coronavirus) outbreak has caused more disruption in the market landscape. On the other hand, Indian tire manufacturer Apollo Tyres Ltd. is scaling back its production of passenger vehicles and is instead focusing on the production of agricultural tires in the Netherlands, Europe.
Manufacturers are abiding by the guidelines mentioned in the local health advisory to pursue their production activities amidst the COVID-19 era. As such, many production units have been temporarily shut down to flatten the curve of COVID-19 cases. In due course, companies in the agriculture tire market are taking efforts to evaluate market conditions in order to reopen their manufacturing facilities.
Digital innovations are bringing about a significant change in the agriculture tire market. For instance, in December 2019, leading German multinational automotive parts manufacturing company Continental AG announced the launch of Agriculture TireTech, an innovative agriculture app, which serves as a pressure and load calculator in order to achieve optimal safety and efficiency, while using Continental agricultural tires. With the help of mobile apps, companies in the agriculture tire market are aiming to expand their portfolio in comprehensive digital services and solutions for its customers.
Various stakeholders in the agriculture tire market such as tire dealers and contractual partners are able to expand their business activities with the help of agriculture mobile apps. One of the key usage of these mobile apps is its ability to assess the right pressure in agriculture tires depending on the load.
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Disruptive Technologies in Smart Agriculture Tires Keep Users Informed with Digital Platforms
Companies in the agriculture tire market are increasing their R&D activities in interconnected products in order to make farming more versatile and efficient. For instance, Nokian Tyres— a global leader in cars, trucks, and heavy-duty equipment tire manufacturing, participated in the Agritechnica 2019 exhibition to showcase its Nokian Tyres Intuitu, which is a novel introduction in the sphere of smart agriculture tire solutions. On the other hand, companies in the agriculture tire market are directing their investments toward the development of multi-use tractor tires used for agriculture and contracting. This is evident since tractor applications dictate the highest revenue among all applications in the agriculture tire market, which is estimated to reach a value of ~US$ 15 Bn by the end of 2030.
The trend of connected tires is bolstering market growth. This has catalyzed innovations in sensor and digital technologies in tires as companies develop digital platforms that deliver insights on users’ mobile phones.
Manufacturers Develop Tires with High Contraction to Support Hillside Farming Operations
Manufacturers in the agriculture tire market are developing wheels that support farming operations on hill slopes. In order to achieve this, the sidewalls of tires are engineered to bulge in instead of out. For instance, European agriculture tire manufacturer, Mitas, which is part of the Trelleborg AB group, is increasing its marketing efforts for its Trelleborg PneuTrac tire that delivers unbeatable traction and stability regardless of pressure. Such innovations are triggering growth in the agriculture tire market.
There is a growing demand for agriculture tires in tractors that can withstand challenging applications on plots where high capacity, weight, and soil compaction are a constant conflict.
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Collaborations with Tractor Manufacturers Help Fulfill Demanding Applications of Tires
The agriculture tire market is expected to expand at a favorable CAGR of ~5% during the forecast period. However, the ever-evolving nature of the agriculture industry creates new challenges for companies in the agriculture tire market. Hence, companies are collaborating with tractor and agricultural machine manufacturers to meet specific requirements of end users. As such, there is a high demand for winter and all-round agriculture tires.
Intelligent hybrid tires are a novel introduction in the agriculture tire market. Manufacturers are increasing their R&D activities to integrate pressure sensors in tires to help the operator minimize soil compaction in fields and reduce wear on the road. Hybrid agriculture tires allow the operator to efficiently adjust the pressure according to the task.