Astute Analytica reports that the Global Agriculture Tires Market size will grow from US$ 14,215.9 Million by 2030. The Global Agriculture Tires Market will record a tremendous compound annual growth rate (CAGR) of 5.0% during the forecast period 2022 to 2030.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Agriculture Tires Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analyzing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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Impact Analysis of COVID-19:
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close. This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
By 2020, the Chinese government expects car production to reach 30 million units and 35 million by 2025. The China Association of Automobile Manufacturers estimated a sale of 27 million vehicles in 2018. It includes 23.79 million passenger vehicles, a 4.08 percent decrease from 2017, and 4.38 million commercial vehicles, a 5.05% rise. This is the first annual fall in passenger vehicle sales in at least 20 years.
Top Key Players in Agriculture Tires Market are:
- Bridgestone
- Michelin Group
- Goodyear
- Continental AG
- Sumitomo
- Pirelli
- Hankook
- Yokohama
- Giti
- Toyo
Segmental Analysis:
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the Agriculture Tires Market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the market’s overall size.
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Segmentation Overview
By Tire Type
- Bias
- Radial
By Application
- Tractor
- Front
- Rear
- Harvesters
- Attachments/ Implements
- Sprayers/ Irrigation
- Forestry
- MPT (Multi-purpose Tires)
- Others
By End Users (Distribution Channel)
- OEMs
- After Market
- Online
- Offline (Specialized/ Tire Retail store)
- Retread Tires
By Rim Size
- 15’’
- 15-24’’
- 24-42’’
- 42’’
By Region/Country
- North America
- U.S.
- Canada
- Mexico
- Europe
- Western Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- China
- India
- Japan
- Australia New Zealand
- ASEAN
- Myanmar
- South Korea
- Rest of Asia Pacific
Middle East Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
South America
- Argentina
- Brazil
- Rest of South America
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The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally. It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.
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