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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
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:
Questions Answered in the Agriculture Tire & Tire Cord Market Research Report:
Key Market Segments
Key Market Players