Market overview
The agricultural tires market Share is projected to be worth usd 10.87 billion by 2027, with a cagr of 5.41% during the forecast period. Per market research, the market was valued at usd 7.5 billion in 2020. Agricultural tires are the tires used for accessing and continuing agricultural machinery such as harvesters, tractors, trailers, etc. These tires are designed for better performance, fuel economy, and driver comfort in farming vehicles. This tire is designed to complete our agriculture requirements. The diagonal thread on these tires is oriented at a 45-degree angle. The tractor can travel in a super fast way, even in the mud.
These machines come in a variety of sizes and diameters. These are top-notch rubber for long-lasting performance and improved durability on and off the field. They are heavily ribbed and voided for traction on slick surfaces. These tires have improved hillside stability and fuel efficiency. During covid, the market fell down, but soon it reached its normal position with the help of key market players.
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One of the primary reasons for the increased need for mechanization in the agricultural tires market Share is the rising food demand. Tires are critical to the performance of agricultural machines, so the demand for ties is increasing. On the other hand, tires are harmful to the environment because they are not biodegradable. They contribute to landfill waste, even though the environmental protection agency classifies them as municipal solid waste rather than hazardous waste. Tires release toxins and oils that can be the reason for contaminating soil and groundwater. Strong growth for automation in farming activities to bridge the agricultural produce demand-supply gap, rising adoption of advanced farming technologies, and demand for heavy-duty tires are expected to drive the agricultural tires market Share over the forecast years.
Market segmentation
The agricultural tires market Share is classified into tire type, sales channel, application, and region. Based on the market tire type, it is classified into radial and bias tires. Based on the sales channel, the market is segregated into the oem and aftermarket. The agricultural tires market Share is divided into sprayers, tractors, combine harvesters, trailers and loaders. Among them, the tractor segment is increasingly rising in the market, which makes the key players valued in the industry.
Regional analysis:
The global agricultural tires market Share has been divided into four regions: Europe, north america, asia-pacific, and the rest of the world. North america will have the largest market share due to advancements in farming machinery and development in the agricultural industry, which is assisting in the growth of modern-day integrated farming activities. Furthermore, the increasing agricultural growth in india and china makes asia-pacific the next fastest-growing region. China and india account for a disproportionately large proportion of tractors worldwide. As a result, they present significant opportunities for agricultural tire manufacturers.
Industry news:
- In september 2022,hercules tire & rubber company will celebrate its 70th anniversary. The company completes its milestone with its strong efforts in the industry.
- In september 2022, cytk and macs will form strategic partnership. These 2 partners offer machine learning and natural language processing technology for better advancement.
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