Agriculture Tires Market is Forecasted to Reach US$ 11.6 billion in 2027, Says Stratview Research

The global agriculture tires market is projected to witness a growth rate of 6.2% annually from 2022 to 2027, with an anticipated size of US$ 11.6 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global agriculture tires market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2027: US$ 11.6 billion
Growth (CAGR): 6.2% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2017-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Agriculture Tires Market:
The global agriculture tires market is segmented based on application type, tire type, end-user type, and region.
Based on application type - The market is segmented into tractors, harvesters, and others.
The tractor is expected to remain the most dominant as well as the fastest-growing application type for the market and it held a revenue share of more than 75% in 2021. Tractors have a larger fleet than other farm machinery, and modifications in tractors have resulted in compatibility with the most recent farming equipment, leading to increased market usage. China and India account for a sizable share of the global tractors market. Tractors are used for a variety of tasks, including irrigation, harvesting, and spreading fertilizer, which necessitates the use of more specialized tires with larger rim sizes.

Based on the tire type - The market is segmented as radial tires and bias tires.
Bias tires are expected to be the larger segment, whereas radial tires are anticipated to be the fastest-growing tire type in the market and they held a revenue share of more than 75% in 2021. Radial tires are compatible with low pressure and provide significantly greater rideability than bias tires. Because of their higher strength and flexibility, radial tires can absorb shocks, collisions, and bumps better than bias tires. Puncture resistance is improved with radial tires. Radial tires have seen a significant increase in demand as a result of these considerations.

Based on the end-user type - The market is segmented as OE and aftermarket.
Aftermarket is expected to be the dominant segment of the market and it held a revenue share of more than 75% in 2021. It is critical to keep agricultural tires in good condition and to replace them as needed due to wear and tear. Damaged tires cause soil to crumble and compress, lowering the crop yield, thus leading to repair and replacement at frequent intervals, which boosts the aftermarket.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2877/agriculture-tires-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest as well as the fastest-growing market for agriculture tires and it held a revenue share of more than 50% in 2021. This growth outlook is majorly attributed to the following-
- Sustainable farming methods are gaining traction in order to meet the enormous demand for agricultural products.
- Agriculture tires' demand is expected to be boosted by both OEM expansion and frequent aftermarket demand in the region, which is likely to be bolstered further by favorable international trade policies.

Agriculture Tires Market Drivers:

Some of the key drivers listed in the report are given below.
- Growing demands for increased agricultural production, a focus on sustainability, and integration with precision farming technologies are shaping the agriculture tires industry.
- Market expansion is driven by factors like strict environmental restrictions, modernization of agriculture, and increased demand for food products.
- Improved soil protection is made possible by developments in tire design, such as low-pressure and wide-base tires.

Top Companies in the Agriculture Tires Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Carlisle Companies Incorporated
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• JK Tyre & Industries
• MRF Tyres
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Agriculture Tires Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Agriculture Equipment Market: https://www.stratviewresearch.com/1040/agriculture-equipment-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.