The Agricultural Tires Market was valued at USD 8.62 Billion in 2023, is anticipated to reach USD 12.73 Billion by 2031. This signifies a projected CAGR of 5% throughout the forecast period from 2024 to 2031.
The agricultural tires market is experiencing a surge due to several compelling factors. Growing populations worldwide are demanding more food, necessitating increased agricultural output. This translates to a rise in tractor and farm machinery sales, consequently propelling the demand for agricultural tires. Additionally, technological advancements in agricultural equipment and the growing adoption of low-pressure tires for reduced soil compaction are further accelerating market growth.
Agricultural tires, sized from 12-42 inches, are key for farm equipment. They provide superior mud traction and can last up to 3,000 hours. Deep treads (min. 18/32″) ensure grip on wet surfaces. Improved designs boost fuel efficiency by 5% and hillside stability by 20%. Diamond treads can reduce soil compaction by 30%. The global population, reaching 9.7 billion by 2050, will drive demand for farm machinery and potentially tires. Sustainability concerns may push for wider, lower-pressure tires, impacting overall demand. Self-driving tractors could also create new tire needs in the future.
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Major Key Players of Agricultural Tires Market
- Bridgestone Corp.
- MRF
- Continental AG
- Titan International Inc.
- Pirelli & C SpA
- Trelleborg AB
- Goodyear
- Michelin
- Nokian Tires PLC
- Belshina
- Alliance Tire Group
- Euro tire
- Yokohama tire
- Balakrishna Industries Limited
- China National Tire & Rubber
- Apollo Tires
Key players involved in market’s growth
- In a move to cater to the demands of modern agriculture and deliver increased efficiency and productivity, Continental AG launched their largest-ever tractor tire designed specifically for high-horsepower tractors. This innovative tire boasts enhanced features, including superior load-carrying capacity, improved traction, and reduced soil compaction.
- Recognizing the need for industry-leading performance in agricultural tires, Apollo Tyres Ltd. introduced their new-generation “Virat” tire range specifically designed for tractors. These tires aim to deliver the best possible traction, fuel efficiency, and load-carrying capacity while minimizing soil compaction, making them a compelling option for farmers.
- Demonstrating their commitment to the expanding North American market, Balkrishna Industries Ltd. (BKT) announced a significant investment of $250 million to bolster their production capacity within the United States. This expansion highlights the company’s strategic focus on capturing a larger share of the growing market.
Market Segmentation of Agricultural Tires
By Tire Type:
- Bias Tires
- Radial Tires
By Sales Channel:
- OEM
- Aftermarket
By Application:
- Tractors
- Sprayers
- Trailers
- Loaders
- Combine Harvesters
- Others
By Region
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
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Segment Analysis
Market, By Tire Type
Radial tires are expected to dominate the market due to their superior performance features and extended lifespan compared to classic bias tires.
By Sales Channel
The Original Equipment Manufacturer (OEM) segment currently holds the highest market share. However, the aftermarket segment is anticipated to exhibit significant growth due to factors like lower costs compared to OEM tires, a wider range of options, and the rising need for replacing outdated tires.
Market, By Application
The tractor segment holds a substantial market share and is expected to maintain its dominance due to the extensive use of tractors in various farm operations and the growing trend among farmers to invest in multifunctional vehicles to optimize turnaround time and manage limited resources.
Geopolitical Tensions On The Agricultural Tires Market Presents A Complex Scenario
The Russia-Ukraine war disrupts the supply chain of key crops, impacting agricultural machinery demand and subsequently, tire sales. Economic downturns can further dampen machinery purchases and lead farmers to extend tire lifespans. However, the agricultural sector’s vital role offers some resilience, with the need for food production maintaining a baseline demand for tires. Additionally, advancements like low-pressure tires that improve yields could incentivize investment in newer, more efficient tires, potentially mitigating the slowdown’s impact. The market navigates challenges, but opportunities exist for future growth.
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North America Leads Agricultural Tires Market, While Asia-Pacific Gears Up for Rapid Growth
North America is expected to hold the leading market share due to advancements in farming equipment and the ongoing evolution of the agricultural industry, facilitating the growth of modern-day integrated farming operations. Furthermore, Asia-Pacific is projected to be the world’s second-fastest-growing region due to the rapid agricultural expansion in India and China. These countries boast a disproportionately high number of tractors globally, presenting immense potential for farm tire manufacturers. Additionally, the abundant availability of crucial raw materials like natural rubber, low labor costs, and significant local demand for tires benefit leading businesses in this region.
Key Takeaways From The Report
- Gain a clear understanding of the market’s current size (USD 8.62 Billion in 2023) and projected growth trajectory (CAGR of 5% to reach USD 12.73 Billion by 2031).
- Dive deep into the performance of various market segments, including tire types (radial vs. bias), sales channels (OEM vs. aftermarket), and applications (tractors, sprayers, trailers etc.).
- Uncover the growth dynamics across key regions like North America, Europe, Asia-Pacific, and the rest of the world.
- Stay informed about the potential influence of geopolitical tensions (like the Russia-Ukraine war) and economic slowdowns on the market.
- Gain valuable insights into the latest trends shaping the market, such as the growing adoption of low-pressure tires for improved efficiency and sustainability.
- The report keeps updates on the latest industry developments, including new product launches, mergers and acquisitions, and strategic investments by key players.
Table of Content- Major Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Agricultural Tires Market, By Vehicle Type
- Agricultural Tires Market, By Sales Channel
- Agricultural Tires Market, By Display Technology
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
Continue…
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