According to the report, the global agriculture tire & tire cord market is projected to surpass US$ 14.9 Bn by 2030, expanding at a CAGR of ~5% during the forecast period, owing to rise in mechanization rate of farming and increase in use of tractors across the globe. Developing countries depend heavily on agriculture, and their growing populations are fueling the demand for high farm yield. Consequently, governments and international organizations have been initiating various schemes to promote mechanization in the agriculture sector. China, India, and the U.S. hold a key share of the agriculture tire & tire cord market globally, owing to the presence of a larger number of in-use tractors and high sales of new tractors in these countries.
Expansion of Agriculture Tire & Tire Cord Market
Population boom around the world is boosting the demand for better agriculture yield, which is a key factor propelling the global agriculture tire & tire cord 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 & tire cord market. 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.
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Regional Analysis of Agriculture Tire & Tire Cord Market
In terms of region, the global agriculture tire & tire cord 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 & tire cord 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 & tire cord 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 an 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 & tire cord 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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