The global agricultural tires market size was valued USD 7.49 billion in 2020 and is projected to expand at a CAGR of 5% during the forecast period, 2021-2028. The growth of the market is attributed to rising demand for farm tires in agricultural vehicles.
Agriculture tires have deep tread pattern designed for tractors and other agricultural vehicles in order to provide additional grip during off-road operations or on non-paved routes such as sand, mud, dirt, or gravel, With the constant demand for higher and better agricultural yields to feed the world's growing population, a surge in demand for highly productive and efficient agricultural technology & equipment has grown exponentially.
Agriculture tires, unlike winter tires, do not have studs inserted in them, while they have broader grooves that let them to sink into mud or gravel for increased traction. Over the last decade, the worldwide farm tire industry has grown at a rapid rate. Increased utility across a variety of end-use areas, such as mining, construction, and farming, is expected to create a positive impact on the market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for efficient and productive agricultural machinery is projected to drive the market growth.
- The COVID-19 pandemic negatively impacted the supply chain, hindering the market growth. However, restriction on relaxations on the manufacturing operations is expected to help the market recover by end of 2021.
- Development of radial tires is anticipated to create immense opportunities for the market players.
Key Players
- Bridgestone Corporation (Firestone)
- Titan International Inc. (Goodyear Tires)
- BKT
- Continental Reifen Deutschland GmbH
- Michelin
Competitive Landscape
The major players in the agricultural tires market include Bridgestone Corporation (Firestone), Titan International Inc. (Goodyear Tires), BKT, Continental Reifen Deutschland GmbH, Michelin.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. Small-scale players focus on the country or region in which they operate and compete on the basis of product differentiation by offering innovative products. They also compete based on regional demand and market penetration in regional markets. Many regional players pursue an expansion strategy by partnering with global players as a distribution partner.
To Get a New Sample Request: https://growthmarketreports.com/request-sample/2397
Contact Us
- Growth Market Reports
- Phone: +1 909 414 1393
- Email: sales@growthmarketreports.com
- Web: https://growthmarketreports.com
