Agricultural Tires Market

Farm tires are a sub-segment of specialty tires that are used by farm vehicles and machinery. Farm tires are used on a variety of farm machinery including sprayers, tractors, trailers, and harvesters.  Choosing the right farm tire depends on numerous different factors. The size of the tractor tire, soil compaction, fuel economy, traction requirements, and weight of the equipment is to be considered before purchasing farm tires. The farm tire market is divided into two segments namely, replacement farm tires and original equipment (OE) farm tires. These segments are further subdivided into radial and bias tires. A radial tire has the plies running perpendicular to the bead and the ground. A bias tire consists of numerous rubber plies overlapping each other. Radial tires can absorb shocks, impacts, and bumps due to their superior strength and flexibility as compared to bias tires. Bias tires are unable to absorb bumps on the ground due to stiffness and the impact and shaking are felt by the machine and driver. Bias tires do not make as much contact with the ground as a radial tire which leads to more ground damage and loss of engine power transmission.

COVID-19 Impact Analysis

• With the closure of all the large industries, there is no demand for agricultural tiers or vehicles, which is anticipated to hinder the market growth. Furthermore, the inventory maintained by tire manufacturers has increased the production of one month. Producers are working on methods to decrease stockpiling such as output reduction, employment losses, and others. The tires industry is directly connected with the Original Equipment Manufacturers (OEM); hence it will face huge losses until the lockdown is over. The producers are also working on strategies, such as production cuts, to reduce stockpiling as the tire manufacturers are also experiencing the storage space due to lockdown. 

Top impacting Factors
Technological advancements in agricultural equipment, increase in the sales of agricultural vehicles, and development of low-pressure tires drive the growth of the market.
Changes in agriculture machinery design and increase in penetration into newer unknown terrain hinder the growth of the market.
Government offering attractive subsidies act as an opportunity for the market investments.

The Global Agricultural Tires Market Trends are as follows:
Increase in Farm Mechanization

• Agricultural vehicles are utilized in the farm and agriculture industry to carry out major day-to-day operations. Vehicles are utilized for agricultural operations as an example in crop plotting and scouting, for selecting rocks, for irrigation purposes, and so on. Nowadays, most of the work is done using this machinery in the fields, which leads to the replacement of tires at regular intervals which is expected to boost the growth of the global agriculture tire market during the forecast period.

Development of Low-Pressure Tires

• Low-pressure tires generate less soil compaction, as lower-pressure radial tires have a longer soil footprint that distribute the weight tractor. According to research conducted at the Harper Adams University lowering tire pressure may have substantial economic implications, including an average 4% yield increase using lower-pressure tires. More versatile tires as a result are being launched in the market, which reduces soil compaction and saves time of farmers, while fulfilling all the safety standards. In September 2020, Michelin introduced the TRAILXBIB, its newest agriculture tire for slurry wagons, spreaders, and trailers designed for outstanding endurance, prolonged tire life, and low soil compaction. The tire was co-created by the firm and the farmers from several continents. The Michelin TRAILXBIB is air-systems ready and designed with Michelin VF Ultraflex Technology to help reduce soil compaction and optimize yields. The tire has a low-pressure impact in fields, and it is puncture and aggression resistant. Technology companies are expanding their existing portfolio of comprehensive services, with a digital solution for end customers, dealers, and contractual partners, and they are further expanding their activities in the agricultural sector. For instance, In December 2019, Continental launched its all-new agriculture app, Agriculture TireTech, aimed at the farming industry. The core element of the Agriculture TireTech is its pressure-load calculator, where users can check the right pressure for their tires depending on the load.

Key Benefits of the Report:

• This study presents the analytical depiction of the global agricultural tires market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the global agricultural tires market.
• The current market is quantitatively analyzed to highlight the growth scenario of the global agricultural tires market.
• The report provides a detailed global agricultural tires market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Global Agricultural Tires Market Research Report:

• Who are the leading market players active in the global agricultural tires market?
• What is the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global agricultural tires market?
• What are the future projections that would help in taking further strategic steps? 

 Agricultural Tires Market Report Highlights