PUBLISHER: Blueweave Consulting & Research Private Limited | PRODUCT CODE: 1057264
PUBLISHER: Blueweave Consulting & Research Private Limited | PRODUCT CODE: 1057264
Global Agriculture Tire Market, By Tire Type, By Application, By Distribution Channel, By Region (North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Global Agriculture Tire Market Showing Positive Trends: Forecast to Grow at a CAGR of 6.1% by 2027
Because of the rising population as well as the growing need for food, the global market for agriculture tires is growing at a high CAGR. Furthermore, the governments of various countries also are offering lucrative schemes and subsidies to support the farmers to adopt advanced farming technologies, thereby pushing the market forward….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global agriculture tire market was worth USD 8.92 billion in the year 2020. The market is estimated to grow at a CAGR of 6.1%, earning revenue of around USD 13.59 billion by the end of 2027. The growing demand for agricultural equipment with high efficiency and productivity is driving the global agricultural tire market, particularly among developed nations. Additionally, the market is experiencing significant growth due to the growing need for food due to the increasing population. The high dependence on agriculture and rapid economic growth of emerging economies such as India, China, Japan, etc., is also fueling the demand for agriculture equipment, such as tractors and harvesters, further propelling the growth of agriculture tires. Many governments are also coming up with a range of schemes and subsidies to support the adoption of advanced farming technologies by small and marginal farmers, and these incentives are expected to fuel market growth. However, the high cost of agricultural tires may act as a major restraint on the market.
Favorable Government Initiatives and Subsidies Boosting the Global Agriculture Tire Market Growth
Due to the high cost of farming equipment, the governments of various countries provide various schemes, subsidies, and low-interest loans which fuels the growth of the global agriculture tire market. For instance, more than $20 billion is spent by the U.S government on subsidies for farm businesses each year. Likewise, China's central government offers low-cost loans to farmers, especially for fertilizers and agricultural machinery, and recapitalizes the Rural Credit Cooperatives to ward off bad loans. Additionally, the Government of India offers the National Food Security Mission (NFSM) scheme under which it provides aids for machinery equipment and maintenance to increase productivity. Such initiatives are anticipated to boost the growth of the global agriculture tire market.
Increasing OEM Investment Towards Expanding Tire Production Capacity Propelling the Market's Growth
In response to the growing demand for farming equipment in the market, OEMs are investing significantly in expanding their agriculture tire production to stay competitive. The tire manufacturers are expanding their current capacity and establishing new plants to boost their production. Due to growing demand from end-users such as agricultural contractors and farmers, Apollo Vredestein is expanding its European agricultural tire production activities at its Netherlands factory. These factors are anticipated to fuel the global agriculture tire market during the forecast period.
Global Agriculture Tire Market - By Distribution Channel
Based on the distribution channels, the global agriculture tire market is segmented into OEM and replacement/aftermarket. The original equipment manufacturer (OEM) accounts for the largest share in the global agriculture tire market because of the increasing demand for agricultural vehicles such as tractors, harvesters, trailers, etc. However, the replacement/aftermarket segment is projected to witness the highest growth rate during the forecast period because of the regular maintenance agricultural vehicles require due to depreciation. As a result, the demand for replacement tires is growing at a high rate to maintain higher efficiency and maximum yield during agricultural production.
Global Agriculture Tire Market - Regional Insights
Geographically, the global agriculture tire market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific region dominated the market in 2020. However, North America is also anticipated to witness a substantial growth rate during the forecast period because of the high purchasing power of the farmers and faster accessibility and investment towards advanced farming equipment. Increasing emphasis on precision farming to increase agricultural yield is expected to drive demand for smart agricultural tires in these regions throughout the forecast period.
Impact of COVID-19 on the Global Agriculture Tire Market
The global agriculture tire market was tremendously affected by the sudden outbreak of the COVID-19 pandemic. As the countries imposed a lockdown to mitigate the virus spread, the production and supply chains of agriculture tires were immediately halted, incurring huge losses to the manufacturers. Furthermore, a huge number of farmers are dependent on government schemes and subsidies due to the high prices of farming equipment. However, their accessibility to these schemes was cut-off during the COVID-19 period which directly impacted the demand for agriculture tires in the market. However, the market is anticipated to recover during the forecast period as the countries focus on expanding their agriculture production to meet the growing demand.
Competitive Landscape
The leading players in the global agriculture tire market are Asian Tire Factory Limited, MRL Tyres Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tyre) Pvt. Ltd., Continental AG, YACHT., Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic a.s., Pirelli & C SpA, Apollo Tyres, Nokian Tyres PLC, JK Tyre & Industries, Hankook Tire & Technology Co., Ltd., and other prominent players.
The market is dominated by global as well as regional companies, such as Sumitomo Rubber Industries Ltd., and Apollo Types, JK Tyre & Industries, etc. The market giants consistently offer innovative products to gain a competitive edge. However, the regional companies offer products that cater to the local agricultural needs based on the soil type and the type of farming which provides them with a substantial share in the market. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Don't miss the business opportunity of the global agriculture tire market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global agriculture tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global agriculture tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Key Market Segments
2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Expanding Agricultural Sector and Production Yield
- 4.2.1.2. Introduction of Smart Tires into The Farms
- 4.2.2. Market Restraints
- 4.2.2.1. High Cost of Agriculture Tires
- 4.2.3. Market Challenges
- 4.2.3.1. Negative Impact of the COVID-19 Pandemic
- 4.2.4. Market Opportunity
- 4.2.4.1. Favorable Government Initiatives and Subsidies
- 4.2.4.2. Increasing OEM Investment Towards Expanding Tire Production Capacity
- 4.2.1. Market Drivers
- 4.3. Recent Developments
- 4.4. Porter's Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
5. Global Agriculture Tire Market Overview
- 5.1. Market Size & Forecast by Value, 2017-2027
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Tire Type
- 5.2.1.1. Bias Tires
- 5.2.1.2. Radial Tires
- 5.2.2. By Application
- 5.2.2.1. Tractors
- 5.2.2.2. Combine Harvesters
- 5.2.2.3. Sprayers
- 5.2.2.4. Trailers
- 5.2.2.5. Loaders
- 5.2.2.6. Others
- 5.2.3. By Distribution Channel
- 5.2.3.1. OEM
- 5.2.3.2. Replacement/Aftermarket
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia-Pacific
- 5.2.4.4. Latin America
- 5.2.4.5. Middle East & Africa
- 5.2.1. By Tire Type
6. North America Agriculture Tire Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2020-2027
- 6.2. Market Share and Forecast
- 6.2.1. By Tire Type
- 6.2.2. By Application
- 6.2.3. By Distribution Channel
- 6.2.4. By Country
- 6.2.4.1. U.S.
- 6.2.4.2. Canada
7. Europe Agriculture Tire Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2020-2027
- 7.2. Market Share and Forecast
- 7.2.1. By Tire Type
- 7.2.2. By Application
- 7.2.3. By Distribution Channel
- 7.2.4. By Country
- 7.2.4.1. Germany
- 7.2.4.2. U.K.
- 7.2.4.3. Russia
- 7.2.4.4. France
- 7.2.4.5. Italy
- 7.2.4.6. Spain
- 7.2.4.7. Rest of Europe
8. APAC Agriculture Tire Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2020-2027
- 8.2. Market Share and Forecast
- 8.2.1. By Tire Type
- 8.2.2. By Application
- 8.2.3. By Distribution Channel
- 8.2.4. By Country
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of APAC
9. LATAM Agriculture Tire Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2020-2027
- 9.2. Market Share and Forecast
- 9.2.1. By Tire Type
- 9.2.2. By Application
- 9.2.3. By Distribution Channel
- 9.2.4. By Country
- 9.2.4.1. Mexico
- 9.2.4.2. Brazil
- 9.2.4.3. Rest of LATAM
10. MEA Agriculture Tire Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2020-2027
- 10.2. Market Share and Forecast
- 10.3. By Tire Type
- 10.4. By Application
- 10.5. By Distribution Channel
- 10.6. By Country
- 10.6.1. Saudi Arabia
- 10.6.2. UAE
- 10.6.3. South Africa
- 10.6.4. Rest of MEA
11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2020)
- 11.3. Competitive Benchmarking by Operating Parameters
12. Impact of COVID-19 on Global Agriculture Tire Market
13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. Asian Tire Factory Limited
- 13.2. MRL Tyres Limited
- 13.3. Balkrishna Industries Limited
- 13.4. Trelleborg AB
- 13.5. Bridgestone
- 13.6. Superking Manufacturers (Tyre) Pvt. Ltd.
- 13.7. Continental AG
- 13.8. YOHT.
- 13.9. Michelin
- 13.10. Specialty Tires of America, Inc.
- 13.11. Sumitomo Rubber Industries, Ltd.
- 13.12. The Carlstar Group, LLC.
- 13.13. Titan International, Inc.
- 13.14. Trelleborg Wheel Systems Czech Republic a.s.
- 13.15. Pirelli & C SpA
- 13.16. Apollo Tyres
- 13.17. Nokian Tyres PLC
- 13.18. JK Tyre & Industries
- 13.19. Hankook Tire & Technology Co.,Ltd.
- 13.20. Other Prominent Players
14. Key Strategic Recommendations
List of Figures
- Figure 1: Global Agriculture Tire Market Segmentation
- Figure 2: Global Agriculture Tire Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2020
- Figure 4: Global Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 5: Global Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 6: Global Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 7: Global Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 8: Global Agriculture Tire Market Share (%), By Region, By Value, 2020-2027
- Figure 9: North America Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 10: North America Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 11: North America Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 12: North America Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 13: North America Agriculture Tire Market Share (%), By Country, By Value, 2020-2027
- Figure 14: Europe Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 15: Europe Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 16: Europe Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 17: Europe Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 18: Europe Agriculture Tire Market Share (%), By Country, By Value, 2020-2027
- Figure 19: the Asia-Pacific Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 20: the Asia-Pacific Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 21: the Asia-Pacific Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 22: the Asia-Pacific Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 23: the Asia-Pacific Agriculture Tire Market Share (%), By Country, By Value, 2020-2027
- Figure 24: Latin America Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 25: Latin America Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 26: Latin America Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 27: Latin America Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 28: Latin America Agriculture Tire Market Share (%), By Country, By Value, 2020-2027
- Figure 29: Middle East & Africa Agriculture Tire Market Size, By Value (USD Billion), 2020-2027
- Figure 30: Middle East & Africa Agriculture Tire Market Share (%), By Tire Type, By Value, 2020-2027
- Figure 31: Middle East & Africa Agriculture Tire Market Share (%), By Application, By Value, 2020-2027
- Figure 32: Middle East & Africa Agriculture Tire Market Share (%), By Distribution Channel, By Value, 2020-2027
- Figure 33: Middle East & Africa Agriculture Tire Market Share (%), By Region, By Value, 2020-2027
List of Tables
- Table 1: Global Agriculture Tire Market Size, By Tire Type, By Value, 2020-2027
- Table 2: Global Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 3: Global Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 4: Global Agriculture Tire Market Size, By Region, By Value (USD Billion), 2020-2027
- Table 5: North America Agriculture Tire Market Size, By Tire Type, By Value (USD Billion), 2020-2027
- Table 6: North America Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 7: North America Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 8: North America Agriculture Tire Market Size, By Country, By Value (USD Billion), 2020-2027
- Table 9: Europe Agriculture Tire Market Size, By Tire Type, By Value (USD Billion), 2020-2027
- Table 10: Europe Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 11: Europe Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 12: Europe Agriculture Tire Market Size, By Country, By Value (USD Billion), 2020-2027
- Table 13: the Asia-Pacific Agriculture Tire Market Size, By Tire Type, By Value (USD Billion), 2020-2027
- Table 14: the Asia-Pacific Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 15: the Asia-Pacific Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 16: the Asia-Pacific Agriculture Tire Market Size, By Country, By Value (USD Billion), 2020-2027
- Table 17: Latin America Agriculture Tire Market Size, By Tire Type, By Value (USD Billion), 2020-2027
- Table 18: Latin America Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 19: Latin America Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 20: Latin America Agriculture Tire Market Size, By Country, By Value (USD Billion), 2020-2027
- Table 21: The Middle-East & Africa Agriculture Tire Market Size, By Tire Type, By Value (USD Billion), 2020-2027
- Table 22: The Middle-East & Africa Agriculture Tire Market Size, By Application, By Value (USD Billion), 2020-2027
- Table 23: The Middle-East & Africa Agriculture Tire Market Size, By Distribution Channel, By Value (USD Billion), 2020-2027
- Table 24: The Middle-East & Africa Agriculture Tire Market Size, By Country, By Value (USD Billion), 2020-2027
- Table 25: Asian Tire Factory Limited Financial Analysis
- Table 26: Asian Tire Factory Limited Business Overview
- Table 27: MRL Tyres Limited Financial Analysis
- Table 28: MRL Tyres Limited Business Overview
- Table 29: Balkrishna Industries Limited Corporation Financial Analysis
- Table 30: Balkrishna Industries Limited Corporation Business Overview
- Table 31: Trelleborg AB Financial Analysis
- Table 32: Trelleborg AB Business Overview
- Table 33: Bridgestone Financial Analysis
- Table 34: Bridgestone Business Overview
- Table 35: Superking Manufacturers (Tyre) Pvt. Ltd. Financial Analysis
- Table 36: Superking Manufacturers (Tyre) Pvt. Ltd. Business Overview
- Table 37: Continental AG Financial Analysis
- Table 38: Continental AG Business Overview
- Table 39: YOHT. Financial Analysis
- Table 40: YOHT. Business Overview
- Table 41: Michelin Financial Analysis
- Table 42: Michelin Business Overview
- Table 43: Specialty Tires of America, Inc. Financial Analysis
- Table 44: Specialty Tires of America, Inc. Business Overview
- Table 45: Sumitomo Rubber Industries, Ltd. Financial Analysis
- Table 46: Sumitomo Rubber Industries, Ltd. Financial Analysis
- Table 47: The Carlstar Group, LLC. Financial Analysis
- Table 48: The Carlstar Group, LLC. Business Overview
- Table 49: Titan International, Inc. Financial Analysis
- Table 50: Titan International, Inc. Business Overview
- Table 51: Trelleborg Wheel Systems Czech Republic a.s. Financial Analysis
- Table 52: Trelleborg Wheel Systems Czech Republic a.s. Business Overview
- Table 53: Pirelli & C SpA Financial Analysis
- Table 54: Pirelli & C SpA Business Overview
- Table 55: Apollo Tyres Financial Analysis
- Table 56: Apollo Tyres Business Overview
- Table 57: Nokian Tyres PLC Financial Analysis
- Table 58: Nokian Tyres PLC Business Overview
- Table 59: JK Tyre & Industries Financial Analysis
- Table 60: JK Tyre & Industries Business Overview
- Table 61: Hankook Tire & Technology Co.,Ltd. Financial Analysis
- Table 62: Hankook Tire & Technology Co.,Ltd. Business Overview
