Agriculture Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027

Market Insights

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.

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. Growing adoption of advanced farming technologies and an increased need for heavy-duty tires are likely to drive the agriculture tires market in the coming years.

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. This is expected to drive the growth of the global agriculture tires market throughout the forecast period. As a result of digital advancements, increased sales of agricultural vehicles, and technological developments in agricultural equipment, the market is undergoing tremendous transformation. The agriculture tires market witnessed an increase of 2.4% in 2020. Overall, the agriculture tires market is likely to grow at a promising CAGR of 6.2% over the next five years to reach US$ 11.6 Billion in 2027.

Key Players

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, and Yokohama Rubber Co. Ltd.

Segments' Analysis

Based on the application type, the agriculture tires market is segmented as tractors, harvesters, and others. Tractor is expected to remain the most dominant as well as the fastest-growing application type for the agriculture tires market during the forecast period. 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.

Based on the tire type, 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 during the forecast period. 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.

Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market during the forecast period. 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, driving the growth of the segment over the forecast period.

In terms of regions, Asia-Pacific is expected to remain the largest market for agriculture tires during the forecast period. 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.

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 agriculture tires market.

• 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.

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 of 2021 to 2027. 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.

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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.

• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.

• Market trend and forecast analysis.

• Market segment trend and forecast.

• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.

• Attractive market segments and associated growth opportunities.

• Emerging trends.

• Strategic growth opportunities for the existing and new players.

• Key success factors.

The agriculture tires market is segmented into the following categories.

Agriculture Tires Market, by Application Type

• Tractors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Harvesters (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Agriculture Tires Market, by Tire Type

• Radial Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Bias Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Agriculture Tires Market, by End-User Type

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Agriculture Tires Market, by Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, UK, Turkey, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, South Africa, and Others)