The global agricultural tires market exhibited moderate growth during 2015-2020.
Looking forward, the analyst expects the market to grow at a CAGR of around 5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Agricultural tires carry different types of farming equipment, such as tractors, combines, grain carts, field sprayers, and skid steer loaders. They offer traction, braking, steering and directional stability while resisting the abrasive action of various surfaces. They also absorb shock loads at a low level of ground pressure and cushion the vehicle against minor surface irregularities. Consequently, they help farmers maximize crop productivity and reduce the risk of power hopping and soil compaction for unparalleled performance.
At present, there is a significant rise in the demand for food across the globe on account of the continuously increasing global population. However, factors like water scarcity, rapid urbanization, unfavorable weather conditions and declining arable land are unable to meet the escalating demand. As a result, farmers are focusing on increasing productivity, which, in turn, is positively influencing the sales of agricultural tires worldwide. Additionally, the rising adoption of precision farming and advanced logistics, transportation, storage, and processing facilities are bolstering the market growth. Apart from this, governing agencies of numerous countries are investing in rural agriculture infrastructure significantly, which is contributing to the market growth. This is further promoting automation in the agriculture industry and leading to the increased adoption of upgraded farm equipment. Furthermore, the leading manufacturers are developing advanced farming tractors and off-road vehicles to improve soil conservation and the safety of products. This, along with the growing emphasis on modern, integrated agriculture practices worldwide, is anticipated to propel the need for efficient agricultural tires.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global agricultural tires market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on product, application and distribution.
Breakup by Product: Bias Tires Radial Tires
Breakup by Application: Tractors Harvesters Forestry Irrigation Trailers Others
Breakup by Distribution: 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
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company). Key Questions Answered in This Report: How has the global agricultural tires market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global agricultural tires market? What are the key regional markets? What is the breakup of the market based on the product? What is the breakup of the market based on the application? What is the breakup of the market based on the distribution? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global agricultural tires market and who are the key players? What is the degree of competition in the industry?
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