The Global Agricultural Tires Market Growth Accelerated By Increased Mechanization And Modern Agricultural Practices

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


Agricultural tires are a type of tire developed specifically for agricultural equipment such as tractors, combines, harvesters, plows, and other heavy-duty machines used in farming operations. Agricultural tires have deep tread patterns and openings that provide better traction and allow the tires to effectively grip muddy and uneven soil surfaces. They also possess reinforced sidewalls to endure heavy loads and resist punctures from sharp farm objects.

The global Agricultural Tires Market is estimated to be valued at US$ 8134.58 Mn  in 2023 and is expected to exhibit a CAGR of 5.3%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends driving growth in the agricultural tires market is the increasing mechanization and adoption of modern agricultural practices across farms. As manual labor has become relatively costly, farmers are increasingly relying on mechanized farm equipment to boost productivity and efficiency. The mechanization of farming operations has led to higher demand for high-quality agricultural tires suitable for heavy-duty machinery. Furthermore, widespread mechanization allows smaller farms to be managed more productively through the use of tractors and harvesters. The growing demand for food due to rising global population is also propelling the trend of agricultural modernization in developing countries. Advanced tires featuring self-cleaning technology and higher load capacities are gaining traction among mechanized farmers worldwide.


Segment Analysis

The global Agricultural Tires Market Share is segmented by tire type, application, and region. By tire type, radial agriculture tires are dominating the market. Radial tires provide better traction, fuel efficiency and comfort on the field as compared to bias agriculture tires. Radial tires are becoming the preferred choice for agriculture machinery and equipment manufacturers.

Key Takeaways

The global Agricultural Tires market is expected to witness high growth during the forecast period of 2024 to 2031. The global Agricultural Tires Market is estimated to be valued at US$ 8134.58 Mn  in 2023 and is expected to exhibit a CAGR of 5.3%  over the forecast period 2024 to 2031.

Regional analysis:
The Asia Pacific region is expected to dominate the global agricultural tires market during the forecast period. Countries like India, China, and Japan have large tracts of agricultural lands and a growing agricultural machinery market. The growing mechanization of agriculture in these countries is driving the demand for agriculture tires in the region.

Key players:
Key players operating in the Agricultural Tires market are Phytex Australia., Aspen Holdings, LGM Pharma, Midas Pharma GmbH, Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP.

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