PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308594
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308594
Agricultural Tires Market Forecasts to 2030 - Global Analysis By Tire Type (Bias Tires and Radial Tires), Equipment Horsepower (0-80 HP and 81-200 HP), Sales Channel Type (OEM and Replacement/Aftermarket) Application and By Geography
According to Stratistics MRC, the Global Agricultural Tires Market is accounted for $9.94 billion in 2023 and is expected to reach $17.26 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Agriculture tires are intended only for use in farms or other agricultural settings, as their name suggests. These tires have a 45-degree slant on the diagonal thread. The tractor can move fast in mud and soil because the treads have the most traction possible. Agriculture tractors, combine harvesters, sprayers, trailers, and skid steer loaders are just a few examples of the many various types of machinery that are available in a range of sizes and diameters. For a lifetime of better performance and to be durable both on and off the field, these are manufactured of rubber of the highest grade. In order to provide traction on slick terrain, they are highly ribbed and voided. Both the stability and fuel efficiency of these tires have improved.
According to the Association of Equipment Manufacturers (AEM), the sales of farm tractors decreased in March 2020% by 15.6% in the U.S. as compared to 2019, and the self-propelled combined sales declined in March by 11.9%
Market Dynamics:
Driver:
The increasing demand for tractors
Tractor sales are fuelled by population shifts from rural to urban areas, increased labor costs, and a shortage of competent personnel in the majority of emerging nations. One of the primary causes of the growing demand in the farming sector is a lack of farm labor and rising costs. The lack of available manpower will drive the market for agricultural tractors. Farm labor expenses are directly correlated with the proportion of a nation's total population that is employed in agriculture when simple demand-supply economics and the shift of labor from urban to rural areas are taken into account. As a result, farm owners spend money on farm equipment to lessen their reliance on manual labor and cut down on the time and effort needed for farming.
Restraint:
Tire disposal and waste management
Regulations governing tire disposal and waste management can pose challenges for agricultural tire manufacturers. Environmental regulations often require proper disposal and recycling of end-of-life tires to minimize environmental impact. Compliance with these regulations can involve additional costs and complexities for manufacturers, including the establishment of tire collection and recycling programs. Meeting these regulatory requirements can impact the overall cost structure and competitiveness of agricultural tires.
Opportunity:
Increasing focus on new technologies
The agricultural sector is embracing new technologies to improve productivity, efficiency, and sustainability. These advancements include precision agriculture, automation, data analytics, and IoT integration. Agricultural tires can leverage these technologies to enhance their performance, durability, and overall value proposition. Additionally, integration of smart tire technologies such as tire pressure monitoring systems (TPMS), tire condition monitoring, and embedded sensors can provide real-time data on tire health, performance, and maintenance requirements. This data enables farmers to optimize tire usage, prevent potential failures, and improve overall operational efficiency.
Threat:
Price volatility of raw materials
Price volatility in raw materials can create challenges in maintaining price competitiveness in the agricultural tire market. If the prices of raw materials increase significantly, manufacturers may be compelled to pass on the additional costs to customers, potentially leading to higher prices for agricultural tires. This can make agricultural tires less attractive to price-sensitive customers or create opportunities for alternative solutions, such as retreaded tires, which are typically more affordable.
COVID-19 Impact:
The COVID-19 epidemic has had a global influence on society and the economy. With the closure of all the large industries, there is no demand for agricultural products or vehicles, which is anticipated to hinder market growth. Producers are working on methods to decrease stockpiling, such as output reduction, employment losses, and others. The tire industry is directly connected with the original equipment manufacturers (OEM) hence, it will face huge losses until the lockdown is over. The producers are also working on strategies, such as production cuts, to reduce stockpiling, as the tire manufacturers are also experiencing a shortage of storage space due to lockdown.
The bias tire segment is expected to be the largest during the forecast period:
The bias tire segment held the largest share in the market owing to the increasing demand. Bias tires are widely used in India and China because they are made of natural rubber, which is primarily produced in those two nations. Additionally, the bias tire's crosshatch structure and inexpensive price are likely to increase demand. Low raw material costs translate into lower production costs for the final product. However, the segment's expansion is probably going to be constrained by the declining supply of natural rubber. Natural rubber also makes tires more rigid, which reduces their uniformity after usage, jeopardizing the farm tire's round shape and shortening their shelf lives.
The tractors segment is expected to have the highest CAGR during the forecast period:
During the projection period, the tractors segment is expected to have the greatest CAGR. High horsepower tractors are popular because they may be utilized for a variety of farming tasks. As a result of tractors becoming more well known and used in the business, tire demand is also rising. Due to the introduction of various harvester types to meet farming needs, the demand for farm tires in the harvesters segment is anticipated to increase. For instance, John Deere has developed crop-specific harvesters to fit farmer needs, making it simpler to harvest crops like maize and sugarcane. Long agricultural expanses now have a greater need for harvesters as a result.
Region with largest share:
The Asia Pacific region market is estimated to witness the highest share of the global Agricultural Tires market during the forecast period, due to the expanding population, rising middle-class discretionary income, and the quick industrialization and urbanization. The expansion of the farm tire sector may also be aided by the region's presence of both small and large-scale manufacturers. Bias farm tires are produced using manufacturing techniques and materials that provide good load capabilities at reasonable prices. Natural rubber is the primary raw material needed to make bias tires. As a result, it is anticipated that the Asia Pacific region's plentiful supply of natural rubber in countries like Thailand, India, Vietnam, Indonesia, China, and Malaysia will increase demand of the market in the region.
Region with highest CAGR:
The North America region is expected to have the highest growth rate over the forecast period. This growth can be attributed high demand for agricultural goods owing to rising living standards, foreign investments and increased consumption. Moreover, growing agricultural industry of countries such as the U.S. and Canada in the region is leading to growing demand for agricultural tires. Along with this, the mechanization in agriculture is also growing in the region, which is also driving the market growth of the North America region.
Key players in the market
Some of the key players in Agricultural Tires market include Alliance Tire Group (ATG), Apollo Tyres Ltd., Balakrishna Industries Limited, Bridgestone Corp., CEAT, Compagnie Generale des Etablissements Michelin (CGEM), Continental AG, Hankook Tire, JK Tyre & Industries Ltd., Magna Tyres, Michelin, Mitas, MRF Limited, Nokian Tyres PLC, Pirelli & C SpA (Prometeon Tyre Group), Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., TBC Corporation, The Carlstar Group, LLC, Titan International Inc. and Trelleborg AB.
Key Developments:
In January 2022, Magna Tyres acquired Industra Ltd in a step toward global expansion. Industra Ltd has a robust presence in the Polish market, with three tire segments, including Agricultural Tires. Earthmoving, and Industrial Tires, which will aid Magna to mark its presence in the Polish market.
In December 2021, Trelleborg AB announced its plan to increase its production output from North American agriculture tire facilities to cater to the growing demand, as the company generates 18% of the total global wheels sales from the North American market.
In April 2021, Michelin launched its Agribib Row Crop IF (improved flexion) agriculture tires, specially crafted for self-propelled and trailed sprayers, which allow higher load capacity, improved traction, and reduced soil contraction.
Tire Types Covered:
- Bias Tires
- Radial Tires
Equipment Horsepowers Covered:
- 0-80 HP
- 81-200 HP
Sales Channels Covered:
- OEM
- Replacement/Aftermarket
Applications Covered:
- Tractors
- Combine Harvesters
- Sprayers
- Trailers
- Loaders
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Agricultural Tires Market, By Tire Type
- 5.1 Introduction
- 5.2 Bias Tires
- 5.3 Radial Tires
6 Global Agricultural Tires Market, By Equipment Horsepower
- 6.1 Introduction
- 6.2 0-80 HP
- 6.3 81-200 HP
7 Global Agricultural Tires Market, By Sale Channel
- 7.1 Introduction
- 7.2 OEM
- 7.3 Replacement/Aftermarket
8 Global Agricultural Tires Market, By Application
- 8.1 Introduction
- 8.2 Tractors
- 8.3 Combine Harvesters
- 8.4 Sprayers
- 8.5 Trailers
- 8.6 Loaders
- 8.7 Other Applications
9 Global Agricultural Tires Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Alliance Tire Group (ATG)
- 11.2 Apollo Tyres Ltd.
- 11.3 Balakrishna Industries Limited
- 11.4 Bridgestone Corp.
- 11.5 CEAT
- 11.6 Compagnie Generale des Etablissements Michelin (CGEM)
- 11.7 Continental AG
- 11.8 Hankook Tire
- 11.9 JK Tyre & Industries Ltd.
- 11.10 Magna Tyres
- 11.11 Michelin
- 11.12 Mitas
- 11.13 MRF Limited
- 11.14 Nokian Tyres PLC
- 11.15 Pirelli & C SpA (Prometeon Tyre Group)
- 11.16 Specialty Tires of America, Inc.
- 11.17 Sumitomo Rubber Industries, Ltd.
- 11.18 TBC Corporation
- 11.19 The Carlstar Group, LLC
- 11.20 Titan International Inc.
- 11.21 Trelleborg AB
List of Tables
- Table 1 Global Agricultural Tires Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 3 Global Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 4 Global Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 5 Global Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 6 Global Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 7 Global Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 8 Global Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 9 Global Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 10 Global Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 11 Global Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 12 Global Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 13 Global Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 14 Global Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 15 Global Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 16 Global Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 17 Global Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 18 North America Agricultural Tires Market Outlook, By Country (2021-2030) ($MN)
- Table 19 North America Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 20 North America Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 21 North America Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 22 North America Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 23 North America Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 24 North America Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 25 North America Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 26 North America Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 27 North America Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 28 North America Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 29 North America Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 30 North America Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 31 North America Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 32 North America Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 33 North America Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 34 North America Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 35 Europe Agricultural Tires Market Outlook, By Country (2021-2030) ($MN)
- Table 36 Europe Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 37 Europe Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 38 Europe Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 39 Europe Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 40 Europe Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 41 Europe Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 42 Europe Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 43 Europe Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 44 Europe Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 45 Europe Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 46 Europe Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 47 Europe Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 48 Europe Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 49 Europe Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 50 Europe Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 51 Europe Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 52 Asia Pacific Agricultural Tires Market Outlook, By Country (2021-2030) ($MN)
- Table 53 Asia Pacific Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 54 Asia Pacific Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 55 Asia Pacific Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 56 Asia Pacific Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 57 Asia Pacific Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 58 Asia Pacific Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 59 Asia Pacific Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 60 Asia Pacific Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 61 Asia Pacific Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 62 Asia Pacific Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 63 Asia Pacific Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 64 Asia Pacific Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 65 Asia Pacific Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 66 Asia Pacific Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 67 Asia Pacific Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 68 Asia Pacific Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 69 South America Agricultural Tires Market Outlook, By Country (2021-2030) ($MN)
- Table 70 South America Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 71 South America Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 72 South America Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 73 South America Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 74 South America Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 75 South America Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 76 South America Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 77 South America Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 78 South America Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 79 South America Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 80 South America Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 81 South America Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 82 South America Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 83 South America Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 84 South America Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 85 South America Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 86 Middle East & Africa Agricultural Tires Market Outlook, By Country (2021-2030) ($MN)
- Table 87 Middle East & Africa Agricultural Tires Market Outlook, By Tire Type (2021-2030) ($MN)
- Table 88 Middle East & Africa Agricultural Tires Market Outlook, By Bias Tires (2021-2030) ($MN)
- Table 89 Middle East & Africa Agricultural Tires Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 90 Middle East & Africa Agricultural Tires Market Outlook, By Equipment Horsepower (2021-2030) ($MN)
- Table 91 Middle East & Africa Agricultural Tires Market Outlook, By 0-80 HP (2021-2030) ($MN)
- Table 92 Middle East & Africa Agricultural Tires Market Outlook, By 81-200 HP (2021-2030) ($MN)
- Table 93 Middle East & Africa Agricultural Tires Market Outlook, By Sale Channel (2021-2030) ($MN)
- Table 94 Middle East & Africa Agricultural Tires Market Outlook, By OEM (2021-2030) ($MN)
- Table 95 Middle East & Africa Agricultural Tires Market Outlook, By Replacement/Aftermarket (2021-2030) ($MN)
- Table 96 Middle East & Africa Agricultural Tires Market Outlook, By Application (2021-2030) ($MN)
- Table 97 Middle East & Africa Agricultural Tires Market Outlook, By Tractors (2021-2030) ($MN)
- Table 98 Middle East & Africa Agricultural Tires Market Outlook, By Combine Harvesters (2021-2030) ($MN)
- Table 99 Middle East & Africa Agricultural Tires Market Outlook, By Sprayers (2021-2030) ($MN)
- Table 100 Middle East & Africa Agricultural Tires Market Outlook, By Trailers (2021-2030) ($MN)
- Table 101 Middle East & Africa Agricultural Tires Market Outlook, By Loaders (2021-2030) ($MN)
- Table 102 Middle East & Africa Agricultural Tires Market Outlook, By Other Applications (2021-2030) ($MN)
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