Agriculture Tire Market Projected to Exhibit Growth at 3.8% CAGR by 2031- TMR Study

Wilmington,USA,2024-Mar-05 — /EPR Network/ —The global agriculture tire market, valued at US$5.9 billion in 2022, is anticipated to cultivate a robust growth trajectory with an estimated Compound Annual Growth Rate (CAGR) of 3.8% from 2023 to 2031. Fueled by the rising demand for efficient agricultural machinery and propelled by technological advancements in automotive components, agriculture tires are becoming pivotal elements in enhancing productivity, sustainability, and operational efficiency in the farming sector.

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Market Drivers:

Efficient Agricultural Machinery Demands Superior Traction:
The surge in demand for productive and efficient agricultural machinery is propelling the agriculture tire market. As technological innovations continue to revolutionize the design and functionality of farming vehicles, agriculture tires are evolving to meet the unique challenges of farming environments. These tires play a crucial role in providing traction, stability, and load-bearing capacity, contributing to fuel savings and overall vehicle performance.

Government Initiatives and Increased Tractor Sales:
Government initiatives, such as the ‘Macro-Management Scheme of Agriculture’ in India and the ‘Canadian Agricultural Loans Act’ in Canada, are fostering an environment conducive to increased tractor sales. Tractors, essential for various farming processes, including plowing, planting, cultivating, and harvesting, are driving the adoption of long-lasting and eco-friendly agriculture tires.

Technological Advancements in Automotive Components:
The rapid pace of technological advancements in the automotive sector is benefiting the agriculture tire market. Modern tractors equipped with electronic controls, variable transmission systems, and advanced telemetry features enhance tractor performance and operator comfort. Innovative tread patterns, such as wide lug tread, directional tread, and self-cleaning tread, minimize soil compaction, protect crops, and contribute to overall field productivity.

Regional Dynamics:
Asia Pacific Leads the Agricultural Transformation:
Asia Pacific emerged as the leading region in the global agriculture tire market in 2022. The region’s increase in cultivation capacities, coupled with the demand for operational efficiency and the high costs associated with manual labor, are driving the adoption of agricultural tractors. Companies like Mahindra & Mahindra are witnessing significant growth in tractor sales, further fueling the demand for agriculture tires.

Key Players and Innovations:
Leading players in the agriculture tire market, including Balkrishna Industries Limited (BKT), Bridgestone Corporation, and Continental AG, are investing in Research and Development (R&D) to introduce new and advanced products. Continental AG’s launch of VF TractorMaster and Apollo Tyres’ new-gen agricultural tires, Virat, exemplify the industry’s commitment to innovation and performance.

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