Agricultural tires are used in farm equipment and machinery to carry heavy loads across fields with minimal soil compaction. They provide better traction and grip on different types of terrains in all weather conditions. With rapid farm mechanization, there is a growing demand for automotive tires for tractors and harvesters used in agricultural operations.
The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 million in 2023 and is expected to exhibit a CAGR of 5.3% % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased farm mechanization is one of the key trends boosting the agricultural tires market growth. Farmers around the world are increasingly adopting modern agricultural machinery and equipment such as tractors and harvesters to improve productivity and efficiency. Agricultural tires are specialized tires designed to withstand heavy loads and provide stability and traction required for these farm vehicles across different soil conditions and weather. Their durable nature and ability to minimize soil compaction makes them ideal for mechanized farming operations. This rising mechanization of agriculture is expected to drive significant demand for agricultural tires during the forecast period.
Segment Analysis
The global agricultural tires market is dominated by radial segment owing to its advantages such as high resistance to damage, longer service life, strength and ability to keep tires cooler than bias ply tires. Radial tires provide better traction and enable heavy duty operations on farms and fields. Construction equipment such as tractors generally use radial tires which further drives the segment's growth.
Key Takeaways
The global Agricultural Tires Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region is expected to witness fastest growth in the global agricultural tires market owing to increasing mechanization of farms and growing demand for high quality tires in countries such as India and China. North America dominates the global market led by countries like the US and Canada due to high demand for new tractors and agricultural equipment.
Key players operating in the agricultural tires market are Phytex Australia, Michelin, Bridgestone Europe, Continental AG, Pirelli, TBC Corp, Titan International, Inc, and Mitas. Phytex Australia leads the market with wide distribution network and focus on product innovation. Michelin operates its plants across geographies to ensure timely deliveries and better services for customers.
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