According to a new report released by FutureWise Market Research, the global agriculture tire market is estimated to value over USD 9 billion during the forecast period 2019-2026.

The report saw that the growing demand for agricultural equipment has positively influenced the agriculture tire market. The need of enhanced productivity due to growing food demand globally has propelled the demand for agriculture equipment.

Elevation in the fleet size of tractors in developing countries and technological advancements in farming techniques are primary factors stimulating the market growth. Furthermore, modification in tractors has resulted in compatibility with the latest farming equipment which has elevated the adoption, therefore resulting in the propelling the market.

Awareness among small-scale farmers regarding restoration of organic farming and the role of modern agriculture vehicles is generating high demand for agriculture tire usage. Expansion of the regional presence of OEMs and favourable foreign trade policies are also expected to spur the agriculture tire demand.

Sustainable farming practices are gaining traction to meet the needs of higher agricultural yields. Shrinking cultivation lands induce the need for advanced farming equipment automation which implies increased demand for agricultural vehicles. This, in turn, is augmenting the use of agriculture tires that offer soft footprint tailored based on farm terrain. Also, the already sold agriculture vehicles need periodic maintenance of agriculture tires fuelling the aftermarket demand.

Radial ply tires are expected to witness notable growth during the forecast. Radial tires are compatible at low pressure and offer much better rideability than other tires. Radial ply tire offer enhanced puncture resistance. Due to these factors, there has been a notable demand for radial-ply tires. Bias ply tires are also forecasted to observe substantial growth over the forecast period as these tires last longer, are tougher and relatively low-priced when compared to other tires. Owing to before-mentioned factors bias-ply tire is expected to witness an increase in demand.

In terms of region, North America and Europe regions are the global leaders of the market. The utilization of the latest advanced technologies is driving the growth of the market in these regions. Technological advancements and rising demand for tractors are presumed to boost the presence of the market.

Tagged: FutureWise Market Research

Global Agricultural Tires Market estimated to reach US$9 Billion by 2026