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Global Agriculture Tire Market Set for Consistent Growth: Projected to Grow at a CAGR of 5.8% by 2028 | BlueWeave

/EIN News/ -- Delhi, NCR, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Global agriculture tire market is growing at a high CAGR owing to the increasing demand for efficient and productive agricultural machinery, and emergence of digital farming. Additionally, the growing food demand due to increasing population, and rising demand for organic food products are also enabling the market to gain grounds….

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global agriculture tire market was worth USD 8.0 billion in 2021. The market is projected to grow at a CAGR of 5.8% during the forecast period (2022-2028), earning revenue of around USD 11.8 billion by the end of 2028. Due to the increasing demand for efficient and productive agricultural machinery, and the emergence of digital farming, the global agriculture tire market is projected to grow at a fast CAGR. Moreover, the increasing population and demand for organic food products are also helping the market gain traction.

Growing food demand due to increasing population is driving the growth of the global agriculture tire market

Agriculture is one of the most crucial sectors globally as it boosts the economies of several developed and developing nations. It is expected that the global population will grow from 7.6 billion in 2018 to over 9.6 billion in 2050, which will lead to an increase in food demand. However, natural resources such as fresh water and arable land are becoming scarce. Moreover, though the productivity of the agricultural farms and fields has grown with the population in the last few decades, yet approximately 690 million people still go hungry every day. The Food and Agriculture Organization (FAO) and The United Nations have estimated that the agriculture productivity will have to be increased by almost 50% to meet the food demand of the increased population by 2050. In addition, the FAO estimates that Asia and sub-Saharan Africa will need to double their agricultural productivity by 2050 to meet the increased food demand, while the rest of the world will need to increase agriculture productivity by over a third. As farmers look to increase the productivity of soil, the demand for agriculture tools like tractors, sprayers, combine harvesters, and others are increasing and are driving the growth of the global agriculture tire market.

The growing demand for organic food products is expected to propel the growth of agriculture tire globally

Organic farming is on a rise around the world and the demand for organic products is growing steadily. Thus, many farmers have shifted from conventional farming to organic farming and it has greatly affected the outlook of the agriculture industry. Organic farming does not allow the use of any fertilizers and pesticides, therefore the use of agricultural tools like sprays, harvesters, combine harvester, and tractors becomes essential to maintain the soil in topnotch shape.

According to the Food and Agriculture Organization, the area designated for organic cultivation increased from 15 million hectares in 2000 to 71.5 million hectares in 2018. The trend indicates an increase in the consumption of organically produced goods in recent years. According to the Organic Trade Association, sales of organic food products increased by 12.8% in the US in 2020 with fresh organic produce sales witnessing a growth of 11% and frozen organic fruits and vegetable sales increased more than 28%. As demand for organic products increases, farmers are turning to organic farming and the need for agricultural tools like tires is increasing and is expected to drive the growth of the global agriculture tire market in the forecast period. 

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Global Agriculture Tire Market - By Tire Type

Based on tire types, the global agriculture tire market is segmented into bias tires and radial tires. Bias tires dominated the market in 2021 and held the largest share owing to their high penetration in countries like China and India. Moreover, bias tires are manufactured using natural rubber, which is produced largely in China and India. Low cost of raw materials, high flexibility of bias tires, thick sidewall for protection against scratch, cuts, and puncture contributes to the dominant share of the segment in the global agriculture tire market.

Global Agriculture Tire Market: Regional Insights

North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa make up the global agricultural tire market. The Asia-Pacific region dominates the market and holds a dominant share in the global agriculture tire market owing to the presence of several agriculture-based economies like India, Indonesia, the Philippines, Malaysia, and others. Additionally, the growing advancements in farming technology, easy availability of raw materials, a large domestic market, and the growing food demand in the region have contributed to the dominant share of the region in the global agriculture tire market.

Impact of COVID-19 on the Global Agriculture Tire Market

As soon as the COVID-19 pandemic broke out in 2020, the demand for agriculture tires witnessed a sharp decline. The demand went down owing to nationwide lockdown restrictions, cash constraints, difficulties in selling crops, and procurement issues. The tire manufacturers were unable to procure raw materials due to severe disruptions in the supply chain, shortage of containers, border restrictions, and difficulties in labor procurement. However, the reopening of the markets and vaccination drives towards the end of the year hinted at the recovery of the market.

The recovery of the market was halted by the second wave of the COVID-19 followed by the emergence of delta and now, the Omicron variant of the coronavirus. As a result of reducing production in 2020, the companies were unable to meet the increased demand for agriculture tires in 2021. Container shortages, labor shortages, and the energy crisis in combination with rising natural gas prices, as well as increased cases of Omicron, are expected to further slowdown the recovery of the global agriculture tire market. According to the analysts, it will take some time for the market to return to pre-pandemic levels.

For more info please visit press release page: https://www.blueweaveconsulting.com/press-release/global-agriculture-tire-market-showing-positive-trends-forecast-to-grow-at-a-cagr-of-6-1-by-2027

Global Agriculture Tire Market -Competitive Landscape

The leading players in the global agriculture tire market are Asian Tire Factory Limited, MRL Tyres Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tyre) Pvt. Ltd., Continental AG, YOHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic a.s., Pirelli & C SpA, Apollo Tyres, Nokian Tyres PLC, JK Tyre & Industries, Hankook Tire & Technology Co., Ltd., and other prominent players.

The market is dominated by global as well as regional companies, such as Sumitomo Rubber Industries Ltd., Apollo Types, JK Tyre & Industries, etc. The market players compete with each-others in terms of new products launches, integration of new technology, mergers & acquisitions, and collaboration with other players and organizations. Furthermore, the companies operating in the global agriculture tire market are looking to integrate new technologies and commercialize them as soon as possible to gain an advantage over their competitors.

Recent Developments

In December 2021, Mitas Tyres launched two new high-capacity (HC) radial tires for the next generation of self-propelled agricultural sprayers. The company’s latest agricultural tires are designed to deliver a secure fit at low pressures while also providing a longer service life. The tires are manufactured with VF (Very High Flexion) construction, which enables 40% higher load capacity with improved levels of traction.

In April 2021, Michelin announced the launch of its latest range of agricultural tires. The tires are called “the Agribib Row Crop IF (Improved Flexion)” and will be manufactured at the company’s Troyes plant in France. The tires are specifically designed for use on self-propelled and trailered sprayers and low- to medium-horsepower row crop tractors ranging from 70ps to 182ps.

Scope of the Report

Attributes Details
Years Considered Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Tire Type, By Application, By Distribution Channel, By Region
Key Players Asian Tire Factory Limited, MRL Tyres Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tyre) Pvt. Ltd., Continental AG, YOHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic a.s., Pirelli & C SpA, Apollo Tyres, Nokian Tyres PLC, JK Tyre & Industries, Hankook Tire & Technology Co., Ltd., and other prominent players.

Don’t miss the business opportunity of the global agriculture tire market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global agriculture tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global agriculture tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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