Agricultural Tires Market Outlook 2031:
The global agricultural tires market size size was valued at USD 8.26 Billion in 2022 and is expected to reach USD 12.81 Billion by 2031 projected to expand at a CAGR of 5% during the forecast period, 2023 – 2031. The growth of the market is attributed to rising demand for farm tires in agricultural vehicles.
Agriculture tires have deep tread pattern designed for tractors and other agricultural vehicles in order to provide additional grip during off-road operations or on non-paved routes such as sand, mud, dirt, or gravel, With the constant demand for higher and better agricultural yields to feed the world's growing population, a surge in demand for highly productive and efficient agricultural technology & equipment has grown exponentially.
Agriculture tires, unlike winter tires, do not have studs inserted in them, while they have broader grooves that let them to sink into mud or gravel for increased traction. Over the last decade, the worldwide farm tire industry has grown at a rapid rate. Increased utility across a variety of end-use areas, such as mining, construction, and farming, is expected to create a positive impact on the market.
Agricultural Tires Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for efficient and productive agricultural machinery is projected to drive the market growth.
- The COVID-19 pandemic negatively impacted the supply chain, hindering the market growth. However, restriction on relaxations on the manufacturing operations is expected to help the market recover by end of 2021.
- Development of radial tires is anticipated to create immense opportunities for the market players.
Scope of Agricultural Tires Market Report
The report on the global agricultural tires market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Agricultural Tires Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Bias Tires and Radial Tires) and Applications (Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Bridgestone Corporation (Firestone); Titan International Inc. (Goodyear Tires); BKT; Continental Reifen Deutschland GmbH; and Michelin
Agricultural Tires Market Segment Insights:
Radial tires segment to hold a major market share
Based on types, the market is segregated into bias tires and radial tires. The radial tires is anticipated to dominate the market segment. Radial tires are made with steel ply, which promotes durability, and bead-to-bead construction at a 90° angle to the circumferential centerline.
This, in turn, increases tire flexibility and lowers rolling resistance, resulting in better performance. Over the projected timeline, these factors are expected to fuel demand for radial tires in agricultural vehicles.
In a bias tire, a single ply is wrapped diagonally from one side of the tire to the other in a bias tractor tire. This means that as the tire flexes, the face or tread deforms, causing the tire to wear faster and more unevenly. This segment is anticipated to grow at a sluggish rate during the forecast period.
Tractor segment to exhibit a high CAGR
On the basis of applications, the agricultural tires market is divided into tractors, combine harvesters, sprayers, trailers, loaders, and other application types. The tractors segment accounted for more than 40% of the market share in 2020, in terms of revenue. High-horsepower tractors owing to its utility in a variety of farming tasks.
The introduction of numerous types of harvesters to fit farming requirements is estimated to increase demand for farm tires in the harvesters segment..
Asia Pacific is projected to hold a significant market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. In 2020, the Asia Pacific farm tires market dominated the global market, accounting for more than 35% of total sales. This is due to a number of factors, including rising population, increasing middle-class discretionary income, and rapid industrialization and urbanization.
Furthermore, the presence of both small and large-scale producers in the region is expected to help in market expansion. The manufacturing technology and materials used to make bias tires ensure high load capacities at a low cost. Natural rubber is the most common raw material used to make bias tires. As a result, the ample availability of natural rubber in Asia Pacific countries such as Thailand, India, Vietnam, Indonesia, China, and Malaysia is expected to stimulate demand for bias tires in the region.
The global agricultural tires market is segmented on the basis of
- Combine Harvesters
- Other Application Types
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players in the agricultural tires market include Bridgestone Corporation (Firestone), Titan International Inc. (Goodyear Tires), BKT, Continental Reifen Deutschland GmbH, Michelin.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. Small-scale players focus on the country or region in which they operate and compete on the basis of product differentiation by offering innovative products. They also compete based on regional demand and market penetration in regional markets. Many regional players pursue an expansion strategy by partnering with global players as a distribution partner.