Agriculture Tire & Tire Cord Market Predicted to Accelerate the Growth by 2020- 2030

The global agriculture tire & tire cord market is anticipated to expand at a CAGR of 4.7% during the forecast period, owing to increased use of agricultural equipment worldwide to achieve better farm yields

China, India, and the U.S. hold a key share of the agriculture tire & tire cord market globally, owing to the presence of a larger number of in-use tractors and high sales of new tractors in these countries

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Drivers of Agriculture Tire & Tire Cord Market

Developing countries depend heavily on agriculture, and their growing population is fueling the demand for high farm yield. Consequently, governments and international organizations have been initiating various schemes to promote mechanization in the agriculture sector. Growing mechanization in agriculture in Middle East & Africa and Latin America is projected to boost the agriculture tire & tire cord market in these regions. Financial support and subsidies from various governments and food organizations, such as FAO, are boosting the adoption of tractors in developing countries, which, in turn, is anticipated to drive the agriculture tire & tire cord market in these countries.

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For instance, in August 2020, in India, under the Sub-Mission on Agricultural Mechanization, the government released US$ 7.48 Bn to state governments across the country in order to boost inclusive growth and productivity in agriculture through mechanization. Similarly, in Africa, the African Union is aggressively promoting the adoption of sustainable mechanization across the continent under its Comprehensive Africa Agriculture Development Program. Off-highway vehicles such as tractors and harvesters are expected to play a pivotal role in augmenting agricultural productivity in the region.
Tractors were earlier employed for simple applications such as plowing and tilling. Presently, tractors perform an array of operations such as irrigation, harvesting, and fertilizer spreader; hence, more specialized tires with larger rim size are used, which are more expensive. Till 2009, the largest agriculture tire had a circumference of 243 inches; however, currently, tire manufacturers are offering sizes as large as 256 inches. The overall increase in the size of the tire has fueled the price of the tire and is subsequently, boosting the market, in terms of revenue.

Challenges for Agriculture Tire & Tire Cord Market
Manufacturing cost of the tire is largely dictated by the price of raw materials such as natural rubber and Brent crude. Volatility in the market price has a negative impact on tire manufacturers.
Segmentation of Agriculture Tire & Tire Cord Market

The global agriculture tire & tire cord market has been segmented based on application, equipment horsepower, tire type, sales channel, fabric type, and region

Based on application, the global agriculture tire & tire cord market has been segregated into tractors, harvesters, implements, irrigation, forestry, and others. The tractor segment held a leading share of the global agriculture tire & tire cord market in 2019, due to government initiatives and commercial farming boosting the sales of tractors. The irrigation segment is anticipated to expand at a high growth rate, owing to trends such as pivot irrigation, which drive the demand for irrigation tires.

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Based on equipment horsepower, North America is witnessing a high demand for low & medium horsepower or 0-80HP equipment, as a majority of farms are family-owned and consumers are opting for low interest rate purchase of affordable smaller tractors. The 80-200HP segment of the market in Europe and Asia Pacific is estimated to expand significantly, as small fragmented farms are being acquired and being converted into larger commercialized farms that require larger tractors. Furthermore, the use of implements and tractor attachments is increasing in Asia Pacific, which requires high horsepower tractors. This, in turn, is likely to boost the 80-200HP segment of the agriculture tire & tire cord market in the region.
Based on tire type, the bias tire segment dominated the global agriculture tire & tire cord market. Radial tires have significantly high penetration in Europe, and the segment held a relatively minor share of the market in Asia Pacific, Latin America, and Middle East & Africa, in 2019. Developing regions such as Asia Pacific, Latin America, and Middle East & Africa are price sensitive markets and hence, consumers refrain from buying expensive radial tires. Decrease in price of raw material and production cost, and increase in consumer purchase power are estimated to boost the demand for radial tires in these developing regions.

Based on sales channel, the agriculture tire & tire cord market has been classified into OEM and aftermarket. The aftermarket segment held a leading share of the global market in 2019, due to the wear & tear nature of the tire and requirement for periodic replacement. The OEM segment is anticipated to expand, owing to rise in sales of tractors and agriculture equipment in Latin America & Middle East & Africa during the forecast period.

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Based on fabric type, the agriculture tire & tire cord market has been classified into PET, PA6, PA66, Aramid, and others. The PA66 segment accounted for a prominent share of the market in terms of revenue. Polyamide PA66, which is also known as nylon 66, is widely used in specialist and high performance tires owing to its high melt-point and temperature resistance. The chemical competency of the PA66 offers better performance compared to yarns such as polyester and polyamide 6 (PA6). Increase in demand for PA66 fabric type can be attributed to an increase in trend toward high performance tires. High performance tires require larger amounts of fabric reinforcement, as they are wider, which in turn is propelling the segment.

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