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    Agriculture Tires Market Growth Analysis

    Agriculture Tires Market Growth Analysis
    Report code - SR1996 Published On : Jun,2022 No. of Pages: 130
    Agriculture Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Op See more...

    Market Insights

    The 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.

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    What is an agriculture tire?

    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

    Market Growth (2022-2027)

    CAGR of 6.2%

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2027

    Market Dynamics

    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 of agriculture tires witnessed an increase of 2.4% in 2020.

    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.

    The following are the key players in the market:

    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 market is segmented as 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 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 faster-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.

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    End-User Trends

    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 Analysis

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market for agriculture tires and 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.

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    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.

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Target Audience

    Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    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 the market dynamics and will enable strategic decision-making for the 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?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    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.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The market is estimated to grow at a CAGR of 6.2% over the next five years.

    The market was estimated to grow by US$ 11.6 billion in 2027.

    Balkrishna Industries Limited (BKT), Bridgestone Corporation, Carlisle Companies Incorporated, 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.

    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 markets 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.

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