24/7 Customer Support
The global agricultural tires market is estimated to grow to a valuation of US$ 14,215.9 Million in terms of revenue and 93,876.4 thousand Units in terms of volume by 2030. In terms of value, the market is expected to register a CAGR of 5.0% during the forecast period 2022-2030. The rapidly expanding world population and the subsequent rise in demand for sustainable agricultural practices and products are some of the key factors driving the agricultural tire market. The market also benefits from the rapid pace of technological advancements in agricultural equipment and vehicles.
To Get more Insights, Request A Free Sample
The COVID-19 pandemic severely impacted economic activities and restricted mobility across the globe. With major economies going into nationwide lockdowns, especially in early 2020, customers hesitated to purchase any agriculture equipment because of the uncertainty about the future. However, a sharp rise in job or income losses across industries compelled an increasing number of people to shift to agriculture and farming as a source of survival, especially in developing countries. This helped steadily in increasing the demand for agricultural tires”
The expected rise in demand for an environment-friendly environment-and organic produce has led to a significant rise in the demand for agricultural tires. Government subsidies and rising investments in farming equipment have also helped drive the demand in recent years. Increased demand due to these factors is expected to help the market recover steadily from the impact of COVID-19.
The demand for low-rolling resistance tires has increased significantly in emerging economies owing to the availability of several low-cost options. The demand for agriculture retreading tires could also increase if more competitively priced options are introduced compared to new replacement tires. In developed economies, the demand for low-rolling tires is rising in response to the need to reduce the rolling resistance of agricultural tires when used on roads to reduce CO2 emissions and fuel consumption. Advancements and innovations in tire materials, driven primarily by environmental legislations/regulations, are expected to be more readily adopted by developed markets first.
Tires are complex products requiring many materials, the choice of which is closely related to tire performance. The price of fuel is an important criterion impacting the demand for tires. Low fuel prices are often directly proportional to mileage, increasing the demand for spare tires. Fuel is one of the largest expenditures on a farm, and while farmers can't keep fuel costs down, there are some steps they can take to reduce fuel consumption from their tractors. In addition, to improve fuel efficiency, optimal wheel slip and pressure can lead to other cost savings such as reducing field time, reducing soil compaction due to reduced yields, and minimizing equipment wear. The overall demand for tire materials is dependent on several criteria, including the number of vehicles sold, the number of tires sold, and the number of miles driven. Material costs are also dependent on fuel prices and economic activity. Other important factors affecting the demand or consumption of tire materials are the size and weight of tires sold and the amount of recycling and remanufacturing in the market.
Precision farming and the increased use of farm technology to increase production are driving the demand for tractors globally. The tractor industry also benefits from an increase in the number of farm training programs that encourage the widespread use of agricultural machinery.
Based on type, the bias tires segment dominated the global market in 2021. Bias tires are cost-effective, flex easily, and offer good traction at a low speed. Due to their cheaper cost and the fact that they are manufactured using natural rubber which is heavily available in Asia Pacific, bias tires are extensively used in developing nations of Asia Pacific region.
Radial tires are also witnessing increased popularity among farmers globally and the segment is expected to grow at a promising pace over the forecast period. Radial tires give a smoother riding experience and are more useful in handling larger equipment. In addition, their wider footprint helps reduce soil compaction, thereby leading to better yields for farmers. However, the bias tires segment is expected to retain its dominance due to rising demand from a large number of small to medium farmers in Asian countries such as India, China, and Bangladesh.
To Understand More About this Research: Request A Free Sample
Based on application, the tractor segment held the dominant position in the market in 2021. Tractors are the most popular agricultural equipment among farmers in most regions. This was followed by the harvester segment. Harvesters are used for cultivation in many developed countries in North America and Europe. An increasing number of harvesters in the market are integrated with advanced technologies, combining tasks such as reaping, threshing, and cleaning in one process. The rising demand for such machines among large farmers is expected to drive the growth of the harvester segment. The demand for multi-purpose tires is also expected to significantly grow in the market due to their application in a variety of agricultural tasks.
Based on the distribution channel, in 2021, the aftermarket segment held the dominant position in the market. The retread tires segment is expected to witness robust growth over the forecast period. This can be attributed to the fact that on average, the life expectancy of agricultural tires is approximately five years. In this lifetime, the tires undergo wear and tear, degrading their quality and necessitating quick fixes.
Based on rim size, the market is segmented into <15’’, 15-24’’, 24-42’’, and >42’’. The 24-42” segment held the dominant market share of 31.1% in 2021. However, the 15–24-inch size segment is expected to grow at an increasing rate of 5.6%. These 15" farm tires are available in a variety of load/speed indices. Logically, the user chooses the tire type that best suits their vehicle and purpose. For a single tire type, the company offers three separate load/speed indices. The option that is most frequently chosen is tubeless.
Based on region, Asia Pacific, in 2021, held the dominant market share. The region is one of the leading consumers of agricultural tires owing to the presence of a large number of farmers in the region who use agricultural equipment, including tractors and sprayers, for their day-to-day farming activities. Additionally, the need to keep up with the increased demand for agricultural produce due to the region’s rapidly growing population is pushing the demand for agricultural equipment to produce high-yielding crops.
This is followed by the markets in North America and Europe, which are showing a promising growth pace due to the growing demand for agricultural produce in the regions, pushing more people towards farming. On the other hand, the markets in South America and the Middle East & Africa show fewer growth opportunities due to the presence of a large number of poor farmers in South America and Africa who may not afford advanced farm equipment and lesser arable land in the Middle East. The overall market is expected to grow robustly in the upcoming period with rapid population growth and the subsequent rise in demand for food in the world.
The key players in the global agricultural tires market include Bridgestone, Michelin Group, Goodyear, Continental AG, Sumitomo, Pirelli, Hankook, Yokohama, Giti, and Toyo. The four major players had a cumulative share of close to 44.6% in the market in 2021. Key players have adopted various strategies such as mergers, acquisitions, and product development among others to remain competitive in the global market.
By Tire Type
By End Users (Distribution Channel)
By Rim Size
Middle East & Africa (MEA)
|Market Size Value in 2021||US$ 9,321.2 Million|
|Expected Revenue in 2030||US$ 14,215.9 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Tire Type, By Application, By End-User (Distribution Channel), By Rim Size, By Region|
|Key Companies||Alliance Tire Company Ltd. , Balkrishna Industries Limited (BKT) , Bridgestone Corporation, CEAT ltd., China National Rubber Tire Co. , Coker Tires, Continental AG, Duratread , Michelin Group , Mitas, Nokian Tyres plc, Pirelli & C. S.p.A., Salsons Impex Pvt. Ltd., Specialty Tires of America, Inc. , Sumitomo Rubber Industries Ltd. , Titan International, Inc., Trelleborg AB, Goodyear India Ltd., Cheng Shin Rubber, Zhongce Rubber Group Co., Ltd., Hankook Tire & Technology, Giti Tire, Toyo Tire Corporation, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Agriculture Tires are of two types: Bias and Radial Tires.
The Global Agriculture Tires Market is studied from 2017-2030.
The Global Agriculture Tires Market is projected to grow at a CAGR of 5% during the forecast period 2022-2030.
Factors such as favorable government & food organization initiatives and subsidies drive the growth in the global agriculture tires market. The growing demand for automation in farming activities and the rising adoption of advanced technologies in farming to meet the food demand & increase agricultural yield expects a boost to the market in the coming years.
The Tractor segment holds the highest CAGR in the Global Agriculture Tires Market during the forecast period.
North America region is growing with the highest CAGR in terms of Revenue and Asia-Pacific is growing with the highest CAGR in terms of Volume during the forecast period.
The US holds the major share in terms of revenue in the North America Agriculture Tires Market.
The technological advancements and rising mechanization in agriculture provide a lucrative growth opportunity in the Agriculture Tires Market.
Tire Type, Application, End User (Distribution Channel) and Region are the different segments in the Global Agriculture Tires Market.
Bridgestone, Michelin Group, Goodyear, Continental AG, Sumitomo, Pirelli, Hankook, Yokohama, Cheng Shin, Zhongce Rubber, Giti and Toyo among others.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.SPEAK TO AN ANALYST