IMARC Group, a leading market research company, has recently released a report titled “Agricultural Tires Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global agricultural tires market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Agricultural Tires Industry?
According to the report, The global agricultural tires market size reached US$ 7.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
What is Agricultural Tires?
Agricultural tires represent a circular and ring-shaped automotive component that carries numerous types of farming equipment, including tractors, combines, grain carts, field sprayers, skid steer loaders, etc. They offer traction, braking, steering, and directional stability while resisting the abrasive action of several surfaces. Agricultural tires also absorb shock loads at a low level of ground pressure and cushion the vehicle against minor surface irregularities. Consequently, they aid farmers in maximizing crop productivity and reducing the risk of power hopping as well as soil compaction for unparalleled performance.
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What are the growth prospects and trends in the Agricultural Tires industry?
The rising demand for food across countries, on account of the expanding global population, is among the key factors stimulating the agricultural tires market. Moreover, the increasing focus of farmers on improving productivity is acting as another significant growth-inducing factor. Besides this, the widespread adoption of precision farming and continuous advancements in logistics, transportation, storage, and processing facilities are positively influencing the global market. Furthermore, the growing investments by government bodies in rural agriculture infrastructures are propelling the market growth.
Apart from this, the emerging trend of automation in the agriculture sector is augmenting the utilization of upgraded farming equipment, which is further catalyzing the global market. Additionally, the development of advanced farming tractors and off-road vehicles by leading manufacturers to enhance soil conservation and the safety of products is bolstering the market growth. In line with this, they are also focusing on using modern and integrated sustainable practices, which is anticipated to fuel the agricultural tires market over the forecasted period.
Competitive Landscape:
- Apollo Tyres Limited
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT Ltd. (RPG Group)
- Continental AG
- JK Tyre Industries Ltd.
- MRF Limited
- Specialty Tires of America Inc.
- Sumitomo Rubber Industries Ltd.
- TBC Corporation (Michelin)
- The Carlstar Group LLC
- Titan International Inc.
- Trelleborg AB
- Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).
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The report has segmented the market on the basis of Product Type, Distribution Channel, Packaging Type and Region.
Breakup by Product Type:
- Bias Tires
- Radial Tires
Breakup by Application:
- Tractors
- Harvesters
- Forestry
- Irrigation
- Trailers
- Others
Breakup by Distribution Channel:
- OEM
- Aftermarket
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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