Transparency Market Research
A radial tire comprises of polyester/steel cable belts and is coated with rubber. These belts are assembled parallel to each other and are at a 90 degree angle to the tread center line. This radial structure of the tire reduces the rolling resistance and improves flexibility. It also helps the tire in dissipating heat thereby increasing its life. Also, owing to their radial construction, radial tires are lesser prone to flat-spots when a tire is not in use for long periods of time.
Radial tires are globally ruling the automotive market. However, in agricultural machinery market, the argument of whether bias or radial is still open owing to the advantages and limitations both offer. Bias tires can operate at low speed and are less susceptible to damage from rocky land conditions. Also, they are very less expensive than radial agricultural tires and therefore currently dominate the radial agricultural tire market. On the other hand, radial agricultural tires are expensive. But they offer 10-15% more traction than bias tires, thus improving efficiency by saving fuel. Also, they have a longer tread life, better wear durability and are responsible for a smoother ride. Owing to these factors, more and more farmers are switching to radial agricultural tires. Thus, their demand is expected to grow during the forecast period in different countries across the world.
Radial Agricultural Tire Market – Drivers and Restraints
Increasing demand for food led by rising population is anticipated to be a major driver for the radial agricultural tire market during the forecast period. Increasing population is expected to raise the need for agricultural products in the next few years. Since mechanization is the only way to increase agricultural productivity and meet requirements of growing population; demand for agricultural machinery including tractors and harvesters is anticipated to surge significantly during the forecast period, thus facilitating the growth of radial agricultural tires. Furthermore, encouraging government policies such as subsidies on agricultural products and agricultural machinery are also anticipated to trigger the adoption of radial agricultural tires across the world.
Radial Agricultural Tire Market - Segmentation
The radial agricultural tire market can be classified on the basis of equipment horse power, application, and geography. Based on equipment horse power, the radial agricultural tire market can be segmented into 0-80 HP and 81-200 HP. Based on application, the radial agricultural tire market can be segmented into tractors, harvesters, sprayers, and others. Based on geography, the radial agricultural tire market can be segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Asia Pacific is expected to be a highly attractive region amongst all owing to increasing population and the need for mechanization in its limited arable land. Thus, rising demand for agricultural machinery among farmers is expected to fuel the demand for radial agricultural tire market in the region.
Radial Agricultural Tire Market – Key Players
Prominent players operating in the radial agricultural tire market include Continental AG, Alliance Tire Group, Michelin Corporation, Balkrishna Industries Limited, The Goodyear Tire & Rubber Company, Bridgestone Corporation, TBC Corp., Sumitomo Rubber Industries Ltd., Mitas Tires Global Inc., Titan International, and Pirelli & C. S.P.A.
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