Agricultural raw material prices are anticipated to remain low during November and December 2024 in the coronavirus (COVID-19) era. The World Bank’s Raw Materials Price Index projects prices for agricultural raw materials, such as natural rubber, will gauge a modest recovery by the first quarter of 2024. However, the recovery is not expected to offset the losses incurred in 2024. Pandemic-related mobility restrictions have caused a slowdown in economic growth of the agriculture tire & tire cord market.
Tractor makers are expected to innovate in vehicles to bolster volumes during the COVID-19 pandemic. Though tractor sales are gaining momentum, manufacturers need to innovate in vehicles to tide over uncertainties stemming from the pandemic. Rental programs and shared business usage models are projected to revive growth in the agriculture tire & tire cord market.
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Manufacturers Target Growth Opportunities with Small Farmers in India
Virtual design modelling and new tire compound recipes are helping companies in the agriculture tire & tire cord market gain competitive edge over other players. Since India is an agriculture-intensive economy, tire manufacturers are establishing supply chain routes in this country. Apart from Apollo and Good Year Tyres, companies such as BKT and Birla Tyres are increasing efforts to gain recognition in the India agriculture tire & tire cord market. There is a growing demand for agriculture tires & tire cords that deliver safety at farms.
Manufacturers are designing agricultural tires with standard rubber combinations at affordable prices, as Indian manufacturers are budget-strapped. Companies are increasing their production capacities for radial agricultural tires in order to enhance the convenience and productivity of Indian farmers. In countries other than India, manufacturers are innovating in smart tires with sensor technologies for agricultural applications.
On- and Off-road Tires a Game Changer for Agricultural Transportation
The agriculture industry has become one of the largest transport users. Farmers in Germany transport several million tons of goods annually over a distance of 4 to 90 kms on an average. However, companies in the agriculture tire & tire cord market are still making slow progress to develop trucks that can withstand challenging applications in transport and logistics tasks. As such, the market is slated to advance at a modest CAGR of ~5% during the assessment period.
In order to overcome challenges in transportation and logistics, truck manufacturers are utilizing on- and off-road tires. For instance, the Alliance 398 MPT agricultural tire is being highly publicized for on- and off-road applications between destinations of warehouses, factories, and agricultural sites. Manufacturers in the agriculture tire & tire cord market are establishing stable revenue streams in truck manufacturing, since trucks are more fuel-efficient than tractors.
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Reduced Downtime in Vehicles Leads to Improved Bottom Lines for Farm Owners
The agriculture tire & tire cord market is projected to surpass the US$ 14.9 Bn mark by 2030. However, users are challenged with downtime associated with agricultural trucks and tractors. Hence, tire companies are increasing awareness about preventative tire maintenance measures to reduce downtime. They are educating farm owners about agriculture tire tread depth measurement and precision inflation to reduce the downtime pertaining to agricultural trucks and tractors.
The agriculture tire & tire cord market has transformed from metal to pneumatic products to deploy better fuel economy and power in agricultural vehicles. Pneumatic agricultural tires are helping farm owners to boost productivity levels in various activities. These tires are gaining popularity for its increased traction, fuel efficiency, and reduced compaction. Reduced downtime in agricultural vehicles results in improving bottom lines for farm owners.
Wear-resistant Tread Compounds Help in Production of All-terrain Agricultural Tires
Apart from tractors and trucks, manufacturers in the agriculture tire & tire cord market are tapping into value-grab opportunities within slurry tankers and towing trucks. For instance, Nokian Tyres— a tire manufacturer in Finland, is increasing its R&D capabilities to adapt its production processes according to the ever-evolving nature of the agricultural industry.
Companies in the agriculture tire & tire cord market are setting their collaboration wheels in motion to team up with tractor and truck manufacturers to spark innovations in all-round tires. Rugged agricultural tires are useful in winters and other demanding applications such as for soil compaction, tread wear, and sidewall strength at super-low inflation rates. All-terrain mobility combined with on-road performance is being preferred by tractor and truck owners. Manufacturers are using high-grade and wear-resistant tread compounds in tires to deploy long-lasting performance in agricultural vehicles.
Mobile Apps Aid in Recommended Adjustments to Tractor’s Tire Performance
It has become important for manufacturers in the agriculture tire & tire cord market to adapt to the changing needs of vehicle manufacturers to stay abreast with latest developments. Trelleborg Wheels— an expert in farming, material handling, and construction industries, is capitalizing on this opportunity to introduce its Progressive Traction technology, which helps to manufacture tires that are meant for high-power tractors. Companies in the agriculture tire & tire cord market are taking cues from established companies to innovate in tires that reduce vibration, minimize fuel consumption, and decrease energy dissipation.
Mobile apps are a breakthrough innovation in the market landscape, as advanced sensor-based control systems are capable of measuring potential differences between optimal pressure and actual tire pressure. Moreover, wireless connectivity between mobile devices and a farmer’s computer deploys the recommended adjustments in the tractor’s tire performance.
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