The latest report by IMARC Group, titled "Agricultural Tires Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the global agricultural tires market share. 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.
Agricultural tires, also known as farm tires, are specialized tires designed for agricultural machinery and vehicles primarily used in farming and agricultural operations. They are specifically engineered to meet the unique demands of working in rugged and challenging terrains, providing traction, stability, and durability to ensure optimal performance in various farming activities. They are manufactured from robust materials and reinforced sidewalls to withstand heavy loads and resist punctures and impacts from rocks, debris, and uneven surfaces. They are designed to carry heavy equipment, such as tractors, combines, harvesters, sprayers, and trailers, which exert significant weight and put immense pressure on the tires. They are commonly available in various designs and configurations to cater to different farming applications. Implement tires are designed for equipment, including plows, cultivators, and seeders. They are typically narrower than tractor tires to fit between crop rows and minimize damage to plants. Additionally, manufacturers have introduced flotation tires that minimize soil disturbance and compaction, benefiting farming practices that prioritize soil health and conservation. At present, agricultural tires find extensive applications in agriculture, forestry, construction, landscaping and groundskeeping, mining and quarrying, and livestock and dairy farming sectors across the globe.
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Agricultural Tires Market Trends and Drivers:
The global agricultural tires market is primarily driven by the increasing global population and the subsequent need for higher agricultural productivity. Moreover, the surging adoption of mechanized equipment and vehicles by farmers requiring specialized tires that can withstand the challenging terrains and heavy loads commonly encountered in farming operations is positively influencing the market growth. Apart from this, favorable initiatives taken by governments of numerous countries for promoting agricultural mechanization and modernization in various countries and to improve farm efficiency, reduce manual labor, and enhance productivity has accelerated the product adoption rate. Additionally, commercial farming operations often involve large-scale cultivation and require high-performance tires that can withstand heavy usage and provide optimal traction and durability. In line with this, the rapid expansion of the commercial farming sector, particularly in emerging economies, has catalyzed market growth. Besides this, the surging adoption of precision farming techniques, such as GPS-guided tractors and equipment, has augmented the demand for technologically advanced agricultural tires that offer improved accuracy and efficiency. Furthermore, farmers are opting for tires that minimize soil compaction, reduce fuel consumption, and improve overall farm productivity while ensuring minimal environmental impact. In addition, the rising awareness of soil compaction issues and the need for sustainable agricultural practices are contributing to market growth. Other factors, including ongoing research and development (R&D) activities, rapid industrialization, and inflating consumer disposable incomes, are also anticipated to create a positive market outlook in the coming years.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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
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