Agriculture Tire & Tire Cord Market to Exceed US$ 14.9 Bn by 2030, TMR Study
- Companies in the agriculture tire & tire cord market are growing R&D in wear-resistant tread compounds to tap into massive profitable avenues in on- and off-road tires
- Vast demand for pneumatic agricultural tires among farm owners to boost agricultural transportation; Asia Pacific offering abundant lucrative avenues, mainly emerging from sales of tractors
ALBANY, N.Y., March 2, 2022 /PRNewswire/ -- Growing demand for agricultural trucks and tractors has spurred the sales of tires and tire cords. Farm owners are reaping the benefits of reduced downtimes by adopting all-terrain agricultural tires. Companies are garnering significant revenues from the rapid adoption of affordable tires especially in agriculture-intensive economies. The agriculture tire & tire cord market is projected to surpass valuation of US$ 14.9 Bn by 2030.
Wear-resistant tread compounds have opened up a massive avenue for manufacturers in the agriculture tire & tire cord market to meet a wide range of demand for on- and off-road tires. Firms are leaning on exploring new ingredients for rubber recipes to cater to the demand for durable and all-terrain tires for tractor and truck owners.
New tire designs minimize soil compaction have unlocked lucrative opportunities, observe the analysts in a detailed report on the global agriculture tire & tire cord market. Mobile apps are generating interest among agriculturists for monitoring vehicle performance and managing agriculture transportation.
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Key Findings of Agriculture Tire & Tire Cord Market Study
- On- and Off-road Tires to Offer Steady Revenue Streams: The sales revenues from the adoption of on- and off-road agriculture tires have grown considerably in several economies. Enormous demand for durable tires for tractors, harvesters, and in irrigation is propelling revenue gains is bolstering revenue prospects. Nylon 66 materials find prevalent use in making specialist and high-performance tires, thereby underpinning profitable opportunities in the agriculture tire & tire cord market.
- Shift toward Pneumatic Agricultural Tires Bolster Sales: Pnemuatic tires have gained preference over metal products for transport and logistics tasks in the agriculture sector, note the TMR study. The demand for these can be ascribed to their role in increasing fuel efficiency as well as in transporting in all terrain. Furthermore, manufacturers are expected to witness new avenues by unveiling low-cost radial tires for farmers in developing economies.
- Tractors and Irrigation Lucrative Application Segments: The past few years have witnessed extensive commercialization of tractors among farmers and in commercial agriculture applications. The sales of large tractors have grown, especially in Asia Pacific, in recent years. This has generated steady revenues to players in the market, note the analysts of the TMR study. The demand for products in irrigation application is expected to grow substantially over the years, thus rendering vast revenue possibilities to the segment during the forecast period.
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Agriculture Tire & Tire Cord Market: Key Drivers
- The increasing trend of the mechanization in agriculture, especially in the Middle East & Africa and Latin America, is driving the agriculture tire & tire cord market.
- Governments and food organizations notably the FAO is promoting the role of mechanization in boosting farm productivity. The adoption of new methods of irrigation such as pivot irrigation is driving the need for advancements in irrigation tires, notes an in-depth study on the agriculture tire & tire cord market.
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Agriculture Tire & Tire Cord Market: Regional Growth Dynamics
- Asia Pacific held a sizable share of the global agriculture tire & tire cord market in 2019. China and India have contributed massive revenues to the regional market over the years. Rise in demand for tractors especially in commercial farms has spurred the revenue prospects, note the authors of the agriculture tire & tire cord market.
- The Europe agriculture tire & tire cord market is projected to expand at promising pace during the forecast period. Uptake of products in Germany, France, Italy, and Turkey have generated profitable opportunities for stakeholders, notes the TMR study.
Agriculture Tire & Tire Cord Market: Key Players
Some of the key players in the agriculture tire & tire cord market are Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Titan International, Inc., Trelleborg AB, China National Rubber Tire Co., Mitas, MICHELIN, Continental AG, Bridgestone Corporation, and Balkrishna Industries Limited (BKT).
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Global Agriculture Tire & Tire Cord Market: Segmentation
- Agriculture Tire & Tire Cord Market, by Application
- Tractors
- Harvesters
- Implements
- Irrigation
- Forestry
- Others
- Agriculture Tire & Tire Cord Market, by Tire Type
- Radial
- Bias
- Agriculture Tire & Tire Cord Market, by Equipment Horsepower
- 0-80 HP
- 80-200 HP
- Agriculture Tire & Tire Cord Market, by Sales Channel
- OEM
- Aftermarket
- Agriculture Tire & Tire Cord Market, by Fabric Type
- PET
- PA6
- PA66
- Aramid
- Others
- Agriculture Tire & Tire Cord Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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