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The growing demand for agricultural equipment with high efficiency and productivity is driving the global agricultural tire market, particularly among developed nations. Additionally, the market is experiencing significant growth due to the growing need for food due to the increasing population. The high dependence on agriculture and rapid economic growth of emerging economies such as India, China, Japan, etc., is also fueling the demand for agriculture equipment, such as tractors and harvesters, further propelling the growth of agriculture tires. Many governments are also coming up with a range of schemes and subsidies to support the adoption of advanced farming technologies by small and marginal farmers, and these incentives are expected to fuel market growth. However, the high cost of agricultural tires may act as a major restraint on the market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global agriculture tire market was worth USD 8.92 billion in the year 2020. The market is estimated to grow at a CAGR of 6.1%, earning revenue of around USD 13.59 billion by the end of 2027. North America is also anticipated to witness a substantial growth rate during the forecast period because of the high purchasing power of the farmers and faster accessibility and investment towards advanced farming equipment. Increasing emphasis on precision farming to increase agricultural yield is expected to drive demand for smart agricultural tires in these regions throughout the forecast period.
Due to the high cost of farming equipment, the governments of various countries provide various schemes, subsidies, and low-interest loans which fuels the growth of the global agriculture tire market. For instance, more than $20 billion is spent by the U.S government on subsidies for farm businesses each year. Likewise, China’s central government offers low-cost loans to farmers, especially for fertilizers and agricultural machinery, and recapitalizes the Rural Credit Cooperatives to ward off bad loans. Additionally, the Government of India offers the National Food Security Mission (NFSM) scheme under which it provides aids for machinery equipment and maintenance to increase productivity. Such initiatives are anticipated to boost the growth of the global agriculture tire market.
The leading players in the global agriculture tire market are Asian Tire Factory Limited, MRL Tyres Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tyre) Pvt. Ltd., Continental AG, YACHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic a.s., Pirelli & C SpA, Apollo Tyres, Nokian Tyres PLC, JK Tyre & Industries, Hankook Tire & Technology Co., Ltd., and other prominent players.
Read More: https://www.giiresearch.com/report/blw1057264-global-agriculture-tire-market-by-tire-type-by.html
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