Agriculture Tire & Tire Cord Market Size, Competitive Strategies, Application Analysis, Regional, and Forecasts  2020-2030

 

Rental Programs Help Tractor Manufacturers to Tide over Uncertainty with COVID-19 Pandemic

Agricultural raw material prices are anticipated to remain low during November and December 2020 in the coronavirus (COVID-19) era. The World Bank’s Raw Materials Price Index projects prices for agricultural raw materials, such as natural rubber, will gauge a modest recovery by the first quarter of 2021. However, the recovery is not expected to offset the losses incurred in 2020. Pandemic-related mobility restrictions have caused a slowdown in economic growth of the agriculture tire & tire cord market.

Tractor makers are expected to innovate in vehicles to bolster volumes during the COVID-19 pandemic. Though tractor sales are gaining momentum, manufacturers need to innovate in vehicles to tide over uncertainties stemming from the pandemic. Rental programs and shared business usage models are projected to revive growth in the agriculture tire & tire cord market.

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Manufacturers Target Growth Opportunities with Small Farmers in India

Virtual design modelling and new tire compound recipes are helping companies in the agriculture tire & tire cord market gain competitive edge over other players. Since India is an agriculture-intensive economy, tire manufacturers are establishing supply chain routes in this country. Apart from Apollo and Good Year Tyres, companies such as BKT and Birla Tyres are increasing efforts to gain recognition in the India agriculture tire & tire cord market. There is a growing demand for agriculture tires & tire cords that deliver safety at farms.

Manufacturers are designing agricultural tires with standard rubber combinations at affordable prices, as Indian manufacturers are budget-strapped. Companies are increasing their production capacities for radial agricultural tires in order to enhance the convenience and productivity of Indian farmers. In countries other than India, manufacturers are innovating in smart tires with sensor technologies for agricultural applications.

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On- and Off-road Tires a Game Changer for Agricultural Transportation

The agriculture industry has become one of the largest transport users. Farmers in Germany transport several million tons of goods annually over a distance of 4 to 90 kms on an average. However, companies in the agriculture tire & tire cord market are still making slow progress to develop trucks that can withstand challenging applications in transport and logistics tasks. As such, the market is slated to advance at a modest CAGR of ~5% during the assessment period.

In order to overcome challenges in transportation and logistics, truck manufacturers are utilizing on- and off-road tires. For instance, the Alliance 398 MPT agricultural tire is being highly publicized for on- and off-road applications between destinations of warehouses, factories, and agricultural sites. Manufacturers in the agriculture tire & tire cord market are establishing stable revenue streams in truck manufacturing, since trucks are more fuel-efficient than tractors.

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Reduced Downtime in Vehicles Leads to Improved Bottom Lines for Farm Owners

The agriculture tire & tire cord market is projected to surpass the US$ 14.9 Bn mark by 2030. However, users are challenged with downtime associated with agricultural trucks and tractors. Hence, tire companies are increasing awareness about preventative tire maintenance measures to reduce downtime. They are educating farm owners about agriculture tire tread depth measurement and precision inflation to reduce the downtime pertaining to agricultural trucks and tractors.

The agriculture tire & tire cord market has transformed from metal to pneumatic products to deploy better fuel economy and power in agricultural vehicles. Pneumatic agricultural tires are helping farm owners to boost productivity levels in various activities. These tires are gaining popularity for its increased traction, fuel efficiency, and reduced compaction. Reduced downtime in agricultural vehicles results in improving bottom lines for farm owners.

Wear-resistant Tread Compounds Help in Production of All-terrain Agricultural Tires

Apart from tractors and trucks, manufacturers in the agriculture tire & tire cord market are tapping into value-grab opportunities within slurry tankers and towing trucks. For instance, Nokian Tyres— a tire manufacturer in Finland, is increasing its R&D capabilities to adapt its production processes according to the ever-evolving nature of the agricultural industry.

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