Developing countries are heavily dependent on agriculture and their growing populations are driving the demand for high agricultural production. Therefore, governments and international organizations have launched a variety of programs to promote the mechanization of the agricultural sector. China, India, and the U.S. have significant shares in the global market for agricultural tires and tire cables due to numerous tractors in use in these countries and the high sales of new tractors. Thus, growing mechanization in the agriculture sector and financial support and subsidies from various governments and food organizations, such as FAO are expected to drive the growth of the global agriculture tire & tire cord market. However, fluctuating prices of raw materials along with rising competition among the players hinder the growth of the global agriculture tire & tire cord market.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted the global agriculture industry adversely, directly affecting the agriculture tire & tire cord market. It has led to disruptions in the agricultural supply chain by lack of supplies from other states, issues in the arrangement of the transport vehicles, and transportation restrictions. Furthermore, the pandemic has affected the global export and import of agricultural products because of global trade restrictions. Furthermore, because of the pandemic, the demand for tractors and trucks for agriculture use has decreased. All these activities have impacted the global agriculture tire & tire cord market. However, the players in the market are taking the required steps to overcome the loss incurred because of the pandemic.
Top Impacting Factors
- Growth in the mechanization in agriculture sector and financial support and subsidies from various governments and food organizations, such as FAO, rise in the production of vehicles across the globe and rapid urbanization drive the growth of the global agriculture tire & tire cord market.
- Fluctuating prices of raw material along with rising competition among the players hinder the growth of the global agriculture tire & tire cord market.
- Growth in the automotive industry along with increase in demand for electric vehicles provide lucrative opportunities for the global agriculture tire & tire cord market.
Market Trends
On- and Off-Road Tires a Game Changer for Agricultural Transportation
Agriculture has become one of the largest transport users. Farmers in Germany transport millions of tons of goods each year, with an average distance of 4 to 90 kilometers. However, companies in the agricultural tire and tire cable markets are still making slow progress in developing trucks that can withstand challenging applications in transportation and logistics tasks. Truck manufacturers use the road and off-road tires to overcome the challenges of transportation and logistics. Alliance 398 MPT, for example, are highly advertised in on-road and off-road applications between warehouses, factories, and agricultural destinations. Besides tractors and trucks, manufacturers in the agricultural tire and tire cable market are seizing value capture opportunities in tanker trucks and trailers. Companies in the agricultural tire and tire cable market are launching their collaborative wheels, collaborating with tractor and truck manufacturers to inspire innovation in all-purpose tires. Rugged agricultural tires are suitable for winter and other demanding applications such as soil compaction, tread wear, and sidewall resistance at ultra-low inflation rates. The combination of off-road mobility and on-road performance is the first choice for tractor and truck owners. Manufacturers use advanced wear-resistant tread compounds in tires to deliver long-lasting performance in agricultural vehicles. These upcoming trends are expected to bring a revolutionary change to the market and will boost the overall agriculture tire & tire cord market globally.
Key Benefits of the Report:
- andThis study presents the analytical depiction of the agriculture tire & tire cord industry along with the current trends and future estimations to determine the imminent investment pockets.
- andThe report presents information related to key drivers, restraints, and opportunities along with challenges of agriculture tire & tire cord market.
- andThe current market is quantitatively analyzed to highlight the growth scenario of the agriculture tire & tire cord market.
- andThe report provides a detailed agriculture tire & tire cord market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Agriculture Tire & Tire Cord Market Research Report:
- andWho are the leading market players active in the agriculture tire & tire cord market?
- andWhat would be the detailed impact of COVID-19 on the market?
- andWhat are the current trends that would influence the market in the next few years?
- andWhat are the driving factors, restraints, and opportunities in the agriculture tire & tire cord market?
- andWhat are the future projections that would help in taking further strategic steps?
Agriculture Tire & Tire Cord Market Report Highlights
| Aspects | Details |
 By Tire Type |
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 By Fabric Type |
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 By Equipment Type |
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 By Sales Channel |
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 By Region |
|
 Key Market Players | The Goodyear Tire & Rubber Company, Teijin Limited, Bridgestone Corporation, Linglong Tire, Sumitomo Rubber Industries Ltd, Apollo Tyres, Titan International Inc, Guizhou Tyre Co., Ltd, Cheng Shin Rubber Ind. Co., Ltd. (CST), Indorama Ventures, SRF Limited, Alliance Tire Group, Toray Hybrid Cord, Inc., CORDENKA, Kordsa Teknik Tekstil A.S, Kolon Industries, China National Rubber Tire Co, Yokohoma Rubber Company, ZC Rubber, CEAT Ltd., Trelleborg AB, JK Tyre & Industries Ltd., MRF Limited, MICHELIN, Continental AG, Tire Cord USA, Tokusen, Balkrishna Industries Limited (BKT), Bakaert, Firestone Fibers & Textiles, Jiangsu Textile Steel Tyre Cord Co., Ltd., Nokian Tyres Plc, Prince Chengshan (Shadong) Tire Co., Ltd |
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