Agriculture Tires Marketby Application Type (Tractors, Harvesters, and Others), Tire Type (Radial Tires and Bias Tires), End-User Type (OE and Aftermarket), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Turkey, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, South Africa, and Others]).
Agriculture Tires Market by Application Type (Tractors, Harvesters, and Others), Tire Type (Radial Tires and Bias Tires), End-User Type (OE and Aftermarket), and Region (North America [Th...
"The global agriculture tires market was valued at US$ 8.0 billion in 2021 and is projected to reach US$ 11.6 billion by 2027, registering a CAGR of 6.2% during the forecast period."
An agriculture tire is a type of tire specifically designed for use on farm vehicles and equipment. These tires are designed to provide high traction, flotation, and durability in various farming conditions. Agriculture tires come in different sizes and designs to fit different types of farm vehicles such as tractors, combines, sprayers, and trailers.
Some of the common features of agriculture tires include strong sidewalls to handle heavy loads, aggressive tread patterns for traction in mud and snow, and sturdy construction to resist punctures and cuts. Agriculture tires also come in different types such as radial or bias-ply, depending on the application and the type of equipment they are used on.
Agriculture Tires Market Report Overview
Market Size in 2021
USD 8.0 Bn
Market Size in 2027
USD 11.6 Bn
CAGR (2022-2027)
6.2%
Base Year of Study
2021
Trend Period
2017-2020
Forecast Period
2022-2027
Market Dynamics
Growing demands for increased agricultural production, a focus on sustainability, and integration with precision farming technologies are shaping the agriculture tires industry. Market expansion is driven by factors like strict environmental restrictions, modernization of agriculture, and increased demand for food products. Improved soil protection is made possible by developments in tire design, such as low-pressure and wide-base tires. Nonetheless, the market faces difficulties such as the requirement for specialized production capabilities and raw material price instability. In general, the market is changing to meet the demands of the contemporary agriculture sector.
The agriculture tires market is driven by a host of factors, some of which are noted below:
The rising global population has increased the demand for food products, prompting the agriculture industry to improve productivity, resulting in an increase in the use of various agricultural machines.
Tractors, harvesters, cotton pickers, and sprayers are the major agricultural machinery that employ agricultural tires.
Attractive subsidies for agriculture machinery by some governments work as a catalyst.
Growing adoption of advanced farming technologies and an increased need for heavy-duty tires.
Currently, the majority of work is done in the fields with agricultural machinery, and the use of low-pressure tires for better operational efficiency, reduces the life of off-road tires, necessitating tire replacement on a regular basis.
As a result of digital advancements, increased sales of agricultural vehicles, and technological developments in agricultural equipment, the market is undergoing tremendous transformation. The market for agriculture tires witnessed an increase of 2.4% in 2020.
COVID-19 Impact
As the tires market is closely linked to both the OE and aftermarket levels, it suffered significant losses due to lockdowns; a number of manufacturing units were temporarily shut down in order to limit the spread of COVID-19. However, the long-term result is expected to be fruitful.
Key Players
Owing to a well-established supply chain and moderate technological requirements, presence of a large number of players serving the industry, the market is fragmented with major players holding a smaller part of the market.
Compagnie Generale Des Etablissements Michelin S.C.A.
Continental AG
Goodyear Tire and Rubber Company
JK Tyre & Industries
MRF Tyres
Trelleborg AB
Yokohama Rubber Co. Ltd.
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Application-Type Analysis
Tractors, Harvesters, and Others
Tractor is expected to remain the most dominant as well as the fastest-growing application type for the market.
Tire-Type Analysis
Radial Tires and Bias Tires
Bias tires are expected to be the larger segment, whereas radial tires are anticipated to be the faster-growing tire type in the market.
End-User-Type Analysis
OE and Aftermarket
Aftermarket is expected to be the dominant segment of the market.
Regional Analysis
North America, Europe, Asia-Pacific, and the Rest of the World
Asia-Pacific is expected to remain the largest market for agriculture tires.
Application Trends
"The tractorsegment accounted for the largest market share."
The market is segmented into tractors, harvesters, and others. The tractor is expected to remain the most dominant as well as the fastest-growing application type for the market and it held a revenue share of more than 75% in 2021.
Tractors have a larger fleet than other farm machinery, and modifications in tractors have resulted in compatibility with the most recent farming equipment, leading to increased market usage. China and India account for a sizable share of the global tractors market. Tractors are used for a variety of tasks, including irrigation, harvesting, and spreading fertilizer, which necessitates the use of more specialized tires with larger rim sizes.
Tire Trends
"The bias tiressegment accounted for the largest market share."
The market is segmented as radial tires and bias tires. Bias tires are expected to be the larger segment, whereas radial tires are anticipated to be the fastest-growing tire type in the market and they held a revenue share of more than 75% in 2021.
Radial tires are compatible with low pressure and provide significantly greater rideability than bias tires. Because of their higher strength and flexibility, radial tires can absorb shocks, collisions, and bumps better than bias tires. Puncture resistance is improved with radial tires. Radial tires have seen a significant increase in demand as a result of these considerations.
"The aftermarket segment accounted for the largest market share."
The market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market and it held a revenue share of more than 75% in 2021. It is critical to keep agricultural tires in good condition and to replace them as needed due to wear and tear. Damaged tires cause soil to crumble and compress, lowering the crop yield, thus leading to repair and replacement at frequent intervals, which boosts the aftermarket.
Regional Insights
"Asia-Pacific accounted for the largest market share."
Asia-Pacific is expected to remain the largest as well as the fastest-growing market for agriculture tiresand it held a revenue share of more than 50% in 2021. Sustainable farming methods are gaining traction in order to meet the enormous demand for agricultural products. Agriculture tires' demand is expected to be boosted by both OEM expansion and frequent aftermarket demand in the region, which is likely to be bolstered further by favorable international trade policies.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Agriculture Tires Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s agriculture tires market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Detailed profiling of additional market players (up to three players)
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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An agriculture tire is a type of tire specifically designed for use on farm vehicles and equipment. These tires are designed to provide high traction, flotation, and durability in various farming conditions. Agriculture tires come in different sizes and designs to fit different types of farm vehicles such as tractors, combines, sprayers, and trailers.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years. The region's high population and huge demand for food products have led to increased sales of agricultural equipment, creating demand for agriculture tires in the region.
The rising global population has increased the demand for food products, prompting the agriculture industry to improve productivity, resulting in an increase in the use of various agricultural machines. Tractors, harvesters, cotton pickers, and sprayers are the major agricultural machinery that employ agricultural tires. The market for agricultural tires is growing at a steady pace, given the rising demand for agricultural machinery and equipment. Attractive subsidies for agriculture machinery by some governments work as a catalyst for the market’s growth.
Bias tires type is likely to maintain its dominance in the market in the next five years, owing to its lower cost and higher weight-bearing capacity than radial tires.
The rising global population has increased the demand for food products, prompting the agriculture industry to improve productivity, resulting in an increase in the use of various agricultural machines.
Tractors, harvesters, cotton pickers, and sprayers are the major agricultural machinery that employ agricultural tires.
Attractive subsidies for agriculture machinery by some governments work as a catalyst.
Growing adoption of advanced farming technologies and an increased need for heavy-duty tires.
Currently, the majority of work is done in the fields with agricultural machinery, and the use of low-pressure tires for better operational efficiency, reduces the life of off-road tires, necessitating tire replacement on a regular basis.
