Agriculture tire market has significant growth scope and is expected to reach USD 7.3 billion by 2025. The reports forecast the agriculture tire market by sales channel, application, product type, and region. It highlights COVID-19 impact on the agriculture tire industry.

Description

Agriculture Tire Market: by Sales Channel (OEM and Replacement), by Application (Tractors, Harvesters, Sprayers, and Others), by Product Type (Radial and Bias), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025) 

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The global agriculture tire market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the global agriculture tire industry.

Global Agriculture Tire Market Overview 

The global agriculture tire market size is USD 5.6 billion in 2029 and is expected to register a CAGR of 4.67% during the forecast period, 2020-2025. The agriculture tires have a superior quality, which enhances the agriculture machinery performance. Also, the increase in the use of agriculture machinery reduces wastage and raises productivity in the agriculture field. Such a factor is the major trend in the global agriculture tire industry.

Factors Affecting the Global Agriculture Tire Market Over the Forecast Period

• Growth in the global population significantly enhances the global food demand, which raises the need for enhanced productivity and increases the use of various agricultural machinery. Such demand for farm machinery and equipment will grow the demand and consumption for the agriculture tire market during the forecast period.
• Emerging economies such as China, India, Mexico, and Brazil are widely adopting machinery to increase their food production capability and reduce the human workload. The global market also witnesses the rise in demand for heavy agriculture machinery, which can lift more weight and work efficiently. This is expected to drive heavyweight agriculture tires demand in the global market throughout the forecast period.
• The companies are developing advanced techniques for agriculture tire designing that can help machinery perform better and give good results. In countries such as India, China, Japan, the US, the EU, and Brazil, there is a high demand for heavyweight agriculture tires, which are expected to open opportunities for the agriculture tires companies. 
• However, the agriculture tires manufacturing cost depends on raw materials such as natural rubber and Brent crude. Ongoing volatility in the market price harms the demand and consumption of agriculture tires globally.

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Impact of COVID-19 on Global Agriculture Tire Market

The Covid-19 pandemic has disrupted the manufacturing houses' market as to work under the safety guidelines, which makes production slow & most of the manufacturing houses as been temporarily shut down. The global supply chain during the pandemic is disturbed, which gives opportunities to the local players. The developing countries have also seen a dip in agriculture tire's consumption due to this pandemic. 

Global Agriculture Tire Market: Scope of the Report

The report outlines the agriculture tire market study based on sales channel, application, and product type. 

Global Agriculture Tire Market, by Sales Channel –

• OEM
• Replacement

Global Agriculture Tire Market, by Application –

• Tractors
• Harvesters
• Sprayers
• Others

Global Agriculture Tire Market, by Product Type –

• Radial
• Bias

Global Agriculture Tire Market: Geographical Outlook

The global agriculture tire market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East and Africa. In 2019, Asia Pacific held the largest share in the global agriculture tire market, followed by North America and Europe. Europe market is the fastest-growing market in demand for the agriculture tire during the forecast period due to the growth in mechanization rate, boosting tractors' usage. Moreover, the presence of crucial developed agriculture economies such as Germany, the UK, Italy, France, and Turkey are expected to be significant contributors to the region's growth in the global agriculture tire market in the coming years.

Key Agriculture Tire Market Competitors

Manufacturing companies in the global agriculture tire market are expected to benefit from forming strategic partnerships and collaborations with global players involved in the agriculture tire industry. Major agriculture tire manufacturers in the global market include

• Michelin
• Bridgestone
• Titan International Inc.
• BKT Tires
• Continental
• Campo
• Apollo Tires Ltd
• Artic Investment
• Armour Tires
• CEAT
• Trelleborg Wheel System
• JK Tyre & industry Ltd
• Mitas
• Goodyear
• Vredestein

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