Agricultural Tires Market is predicted to reach USD 11.12 billion at a CAGR of ~4.48% during the forecast period

Pune, India, Oct 2024, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Agricultural Tires Market.

Global Agricultural Tires Market

Agriculture tires, as the name implies are dedicated to complete farm or agriculture use. These tires have diagonal thread angled at 45 degrees. The treads provide maximum traction thereby allowing the tractor to move quickly through mud and soil.

Agricultural Tires

Market Synopsis

According to the MRFR analysis, the Global Agricultural Tires Market size is projected to reach USD 11.12 billion by 2030 at a CAGR of 4.48%.

The growth of the global agricultural tires market is expected to be driven by key factors such as rising demand for food security amid increasing population and augmented farm mechanization. However, factors such as volatility in raw material prices are expected to restrict market growth. On the other hand, growing agriculture activities pose lucrative opportunities for the growth of the global agricultural tires market in the forecast period. The sale of farming equipment globally has taken a blow as a result of the COVID-19 epidemic, and the predicted recovery will take a long time. This aspect is projected to stifle the expansion of the agricultural tires market in globally the short term. The supply chain plays a key role in the growth of the agricultural tires market. However, disruption in the supply chain has significantly reduced the production of agricultural machinery and agricultural tires owing to an inadequate supply of raw materials required for production.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Agricultural Tires Market Research Report

Agricultural Tires Market Competitive Landscape

The global agriculture tires market is characterized by the presence of many regional and local vendors. The regional market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors globally provide cost-effective and efficient products to survive and succeed in a competitive market.

Bridgestone Corporation, Continental AG, Titan Tire Corp, Michelin, Apollo Tyre Ltd, Yokohama Tire, JK Tyre & Industries Ltd, Ceat Ltd, Balakrishna Industries Limited, Trelleborg AB, Nokian Tyres plc, Pirelli & C SpA, Alliance Tire Group, Sumitomo Rubber Industries Ltd, Cheng-Shin Rubber, Eurotire, Goodyear, China National Rubber & Tire Co, Belshina, TBC Corporation, Hankook Tire, MRF Limited, The Carlstar Group, LLC, Specialty Tire of America, Inc., are the major players in the agricultural tires market.

Segmentation:

Agricultural Tires Market Based on equipment and implements:

• Tractors: Tractor is anticipated that the tractor segment will continue to dominate the farm tire market during the forecast period. Throughout the projection period, the tractor segment is anticipated to advance due to government initiatives, the requirement for precise farming techniques, rising tractor affordability, and growth in farmer income.


• Harvesters: Harvesters are essential to farming operations since they serve as the farmers' primary source of demand. All of the job, including reaping, winnowing, and threshing, is done by a harvester. The ability to increase agricultural productivity and the government's and other institutions' favorable financing policies for machinery acquisitions are driving the agricultural tires market growth.


• Mini harvester: The self-propelled Mini Harvester can harvest a variety of crops. By delegating agricultural tasks, the Mini Combine Harvester enables farmers to concentrate on producing high yields using both conventional and innovative methods. It boasts a powerful four-cylinder diesel engine.


• Thresher: Threshers are agricultural equipment used to thresh grain and separate the seeds from the husks and stalks. It removes the straw and chaff from the small grain and seed crops, such as soybean, wheat, peas, and maize. Wheat, peas, soybeans, and other tiny grains and seed crops are separated from their chaff and straw by threshers, a type of agricultural machinery.


• Power reaper: Agricultural equipment called a power reaper aids in harvesting mature crops. It is a multifunctional device with numerous features crammed into a compact and manageable design. Various crops can be easily cut and harvested with little effort. Gathering ripened crops from an agricultural field is harvesting.


• Power tiller: Power Tiller is a multi-purpose hand tractor created specifically for rotary tilling and other small agricultural land tasks. Small-scale farmers generally choose power tillers for agricultural tasks like puddle-making and primary tillage. In villages, power tillers open up opportunities for independent work.


• Others: The other equipment consists of a maze harvester and a fogger. Among them is a fogging machine, which emits smoke in extremely small drops all over farms or gardens, emphasizing places with dense bushes, thick foliage, and soil-covered plants. Fogging machine is a practical remedy for flying pests in farmland or gardens.

Agricultural Tires Market Based on tire type:

• Radial: Compared to a tire with a bias design, which tends to develop a crown in the middle of the tire, radial tires leave a wider, longer, flatter, and more equally distributed imprint on the ground. A radial tire footprint can be up to 25% larger than a bias tire, optimizing the tread on the ground and providing better traction.


• Bias: Bias tires can support a lot of weight, but because they are used on farm equipment, they are vulnerable to quick wear and tear. The excellent load carrying capability of bias tires is expected to increase. Bias tires are used in many applications, such as old tractors, manure spreaders, and fertilizer spreaders. On the other hand, farm tires are evolving as consumers' preferences shift from bias to radial due to the latter's reduced price.


• Solid: Solid tires are frequently employed in industrial settings, such as glass factories and scrapyards, where the aim is to gather and recycle scrap metal. The efficient exploitation of natural resources depends on these industrial settings. Either an airless tire or a solid tire.

Agricultural Tires Market Based on sale channel:

• OEM: Due to the increased demand for tire replacement by tractors' extensive use, many tire manufacturers cater to OEMs and aftermarket repair and maintenance businesses. Since rubber tires on tractors can deteriorate in fields and increase fuel consumption, they are normally replaced every five years.


• Aftermarket: The market share in 2020 showed that the aftermarket category held the highest share. Additionally, the aftermarket segment is anticipated to record the greatest CAGR during the projected period. Tire wear, brought on by alterations in the soil's properties and how heavily a tractor tire is used, determines the tire's typical lifespan. Although tractor tires require little upkeep, any significant accident may necessitate tire replacement, which will undoubtedly increase demand for aftermarket tractor tires.

Agricultural Tires Market Based on region:

• Americas: Considering the increasing demand for agricultural tires in the Americas, companies are also developing new products. Even though population growth in the North American area is predicted to remain moderate, demand for agricultural goods is rising due to increased living standards, consumption, and foreign investments. The local agricultural food industry in the US doubled to be worth over USD 20 billion in 2020, compared to 2014. The increase in demand for agricultural goods is boosting the agricultural tires market in North America to new heights.


• Europe: The European agricultural tires market has been influenced by the increase in agricultural activities over the last several years, accelerating demand in the region. Agricultural tractor demand is expected to rise throughout the anticipated period, and tractor tire production has evolved to meet rising demands for traction, comfort, durability, and soil protection.


• Asia-Pacific: Increasing population and urbanization rates in nations such as India, China, and others are driving up food consumption, increasing agricultural activity, and resulting in tire demand in Asia-Pacific. In the Asia-Pacific area, the growing trend of agricultural mechanization is also driving demand for agricultural tires. Engine-powered agricultural gear has greatly increased efficiency in the agricultural industry by allowing Agricultural to service large amounts of land in a short amount of time.


• Middle East: The demand for agricultural products is increasing owing to the growing population in the Middle East. Furthermore, government incentives on agricultural goods, gasoline, and power encourage Agriculturalers in the MEA area to embrace modern agricultural practices. As a result, the need for agricultural equipment in the region is expanding, resulting in the rise of the agricultural tire industry.


• Africa: Agricultural tractors have a large market potential in Africa. The agricultural industry is likely to grow as governments increase their support for its development. For example, the government of Ghana gives subsidized tractors to entrepreneurs that operate 89 tractor rental and service stations. Tractor sales have been hampered in many African regions due to uncertainties about crop yields and exchange rates.