Delhi, RCN, December 21, 2021 (GLOBE NEWSWIRE) – The global agricultural tire market is growing at a high CAGR due to the growing demand for efficient and productive agricultural machinery, and the emergence of digital agriculture. In addition, the The growing food demand due to the increase in population and the growing demand for organic food products is also allowing the market to gain ground….
A recent study by strategic consulting and market research firm BlueWeave Consulting found that the global market agricultural tire market was worth USD 8.0 billion in 2021. The market is expected to grow at a CAGR of 5.8% during the forecast period (2022-2028), generating revenue of approximately USD 11.8 billion by the end from 2028. Due to the increasing demand for efficient and productive agricultural machinery, and the emergence of digital agriculture, the global agricultural tire market is expected to grow at a rapid CAGR. Moreover, the growing population and the demand for organic food products are also helping the market to gain ground.
Rising food demand due to increase in population is driving growth in global agricultural tire market
Agriculture is one of the most crucial sectors in the world as it stimulates the economies of several developed and developing countries. The world’s population is expected to grow from 7.6 billion in 2018 to over 9.6 billion in 2050, resulting in increased demand for food. However, natural resources such as fresh water and arable land are becoming increasingly scarce. In addition, although the productivity of farms and agricultural fields has increased with population in recent decades, around 690 million people still go hungry every day. The Food and Agriculture Organization of the United Nations (FAO) and the United Nations have estimated that agricultural productivity will need to be increased by almost 50% to meet the food demand of the increased population by 2050. In addition, the FAO estimates that Asia and Sub-Saharan Africa Saharan Africa will need to double its agricultural productivity by 2050 to meet increased food demand, while the rest of the world will need to increase its agricultural productivity. by more than a third. As farmers seek to increase the productivity of the soil, the demand for agricultural tools such as tractors, sprayers, combines and others is increasing and driving the growth of the global agricultural tire market.
Growing demand for organic food products is expected to drive agricultural tire growth globally
Organic farming is on the increase around the world and the demand for organic products continues to grow. Thus, many farmers have switched from conventional farming to organic farming and this has greatly affected the prospects of the agricultural industry. Organic farming does not allow the use of fertilizers and pesticides, which is why the use of agricultural tools such as sprayers, combines, combines and tractors becomes essential to maintain the floor in perfect condition.
According to the Food and Agriculture Organization, the area devoted to organic cultivation increased from 15 million hectares in 2000 to 71.5 million hectares in 2018. The trend indicates an increase in the consumption of organic products in recent years. According to the Organic Trade Association, sales of organic food products increased 12.8% in the United States in 2020, sales of fresh organic products increased by 11% and sales of frozen organic fruits and vegetables increased. by more than 28%. As the demand for organic products increases, farmers are turning to organic farming and the need for agricultural tools like tires is increasing and is expected to drive the growth of the global agricultural tires market during the forecast period.
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Global Agricultural Tires Market – By Tire Type
On the basis of tire types, the global agricultural tire market is segmented into bias tires and radial tires. Bias tires dominated the market in 2021 and held the largest share due to their high penetration in countries like China and India. Additionally, bias tires are made from natural rubber, which is produced largely in China and India. Low cost of raw materials, high flexibility of bias tires, thick sidewalls for protection against scratches, cuts and punctures contribute to the segment dominating share in the global agricultural tire market.
Global Agricultural Tires Market: Regional Insights
North America, Europe, Asia Pacific, Latin America, Middle East and Africa constitute the global agricultural tire market. The Asia-Pacific region dominates the market and holds a dominant share in the global agricultural tire market due to the presence of several agriculture-based economies like India, Indonesia, Philippines, Malaysia and Malaysia. others. In addition, increasing advancements in agricultural technology, easy availability of raw materials, a large domestic market, and growing food demand in the region have contributed to the region’s dominant share in the global agricultural tire market.
Impact of COVID-19 on the global agricultural tire market
From the start of the COVID-19 pandemic in 2020, the demand for agricultural tires has declined sharply. Demand has declined due to nationwide foreclosure restrictions, cash flow constraints, difficulties selling crops and supply issues. Tire manufacturers have been unable to source raw materials due to severe supply chain disruptions, container shortages, border restrictions and labor supply difficulties. ‘work. However, the reopening of markets and vaccination campaigns towards the end of the year heralded a market recovery.
The market recovery was halted by the second wave of COVID-19 followed by the emergence of the delta and now the Omicron variant of the coronavirus. Due to the reduction in production in 2020, companies have not been able to meet the increased demand for agricultural tires in 2021. Container shortages, labor shortages and energy crisis combined on the rise natural gas prices, as well as increasing Omicron cases, are expected to further slow the recovery of the global agricultural tire market. Analysts say it will take some time for the market to return to pre-pandemic levels.
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Global Agricultural Tire Market – Competitive Landscape
The major players in the global agricultural tire market are Asian Tire Factory Limited, MRL Tires Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tire) Pvt. Ltd., Continental AG, YOHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic as, Pirelli & C SpA , Apollo Tires, Nokian Tires PLC, JK Tire & Industries, Hankook Tire & Technology Co., Ltd., and other leading players.
The market is dominated by global and regional companies, such as Sumitomo Rubber Industries Ltd., Apollo Types, JK Tire & Industries, etc. Market players compete with each other in terms of launching new products, integrating new technologies, mergers and acquisitions, and collaborating with other players and organizations. In addition, companies operating in the global agricultural tire market seek to integrate new technologies and bring them to market as early as possible to gain an edge over their competitors.
In December 2021, Mitas Tires has launched two new high capacity (HC) radial tires for the next generation of self-propelled agricultural sprayers. The company’s latest agricultural tires are designed to provide a secure fit at low pressure while providing longer life. The tires are made with VF (Very High Flexion) construction, which allows 40% higher load capacity with improved traction levels.
In April 2021, Michelin has announced the launch of its latest range of agricultural tires. The tires are called “Agribib Row Crop IF (Improved Flexion)” and will be manufactured in the Troyes plant in France. The tires are specially designed for use on self-propelled sprayers and trailers and row crop tractors of low to medium power ranging from 70ps to 182ps.
Scope of the report
|Years considered||Historical data – 2017-2020|
Baseline year – 2020
Forecast – 2021 – 2027
|Facts covered||Turnover in billion USD|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia|
|Product service / Segmentation||By tire type, by application, by distribution channel, by region|
|Key players||Asian Tire Factory Limited, MRL Tires Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tire) Pvt. Ltd., Continental AG, YOHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic as, Pirelli & C SpA , Apollo Tires, Nokian Tires PLC, JK Tire & Industries, Hankook Tire & Technology Co., Ltd., and other leading players.|
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global agricultural tires market. It also highlights the factors that determine the forecast of the total market size. The report promises to provide recent technological trends in the global agricultural tire market and industry information to help policymakers make sound strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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