Agricultural Robotics Is Fastest Growing Segment Fueling The Growth Of Agricultural Tires Market


https://www.coherentmarketinsights.com/market-insight/agricultural-tires-market-5302
Agricultural Tires Market

Market Overview:

Agricultural tires are used over equipment such as tractors, harvesters, and other vehicles used for agricultural applications. These tires have features including no slip traction, rugged design, improved wear and tear resistance, which makes them suitable for agricultural applications in various soil and climatic conditions.

Market key trends:
Rising adoption of agricultural robotics technology is expected to drive the growth of the agricultural tires market during the forecast period. Agricultural robots are increasingly being used for weeding, spraying, crop monitoring and harvesting applications. These robots use tires for locomotion over the fields. Their tire design is focused on high traction, durability and puncture resistance suitable for outdoor agricultural operations. Precision agricultural techniques aided by robotics have grown in popularity over the past few years. This is projected to augment the dema
nd for agricultural tires during 2023-2030.

The global Agricultural Tires Market Growth is estimated to be valued at US$ 7061.26 Million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
Content: The global agricultural tires market is dominated by radial tires sub-segment due to rising demand for high traction in fields. Radial tires provide better traction, reduced slippage and lower fuel consumption as compared to bias tires. These advantages along with the ability to work in high load bearing conditions make radial agricultural tires the highest demanded sub-segment in the market.

Key Takeaways

The global agricultural tires market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing mechanization in agricultural processes and growing demand for high-efficiency tires from farmers. 

North America dominates the global agricultural tires market with over 30% share owing to large scale agricultural activities and well-established agricultural mechanization in countries like the US and Canada. However, Asia Pacific is projected to exhibit the highest CAGR during the forecast period due to growing use of heavy agricultural equipment in countries like India and China.

Key players operating in the agricultural tires market are Apollo Tyres, Bridgestone Corporation (Firestone), Alliance Tire Group, Continental AG, Pirelli & C SpA, Balakrishna Industries Limited, Nokian Tyres PLC, Titan International Inc. (Goodyear Tires), Michelin, and Trelleborg Wheel Systems (Mitas). Apollo Tyres, Bridgestone Corporation (Firestone) and Michelin capture over 35% of the global market share.


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