Global Agricultural Tire Market size is expected to grow from USD 7.15 Billion in 2022 to USD 11.14 Billion by 2030, at a CAGR of 5.7% during the forecast period (2023-2030).
Growth in demand for high-performance and productive agricultural machinery end products, especially in developed countries, is driving the agricultural tire market and Germany is the second largest exporter of agricultural tires and greater than outside China.
Demand for agricultural products from a growing population and technological advancement in agricultural equipment are the major factors driving the market growth
The agricultural tire aftermarket is highly fragmented and poses significant risk to OEMs in this segment. Newer and more durable rubber compound tires may be needed to change the design of agricultural machinery and increase range over unknown surfaces Flotation tires, single tires, passenger tires and steel flex wall compound rubber tires and tires available in the agricultural tire market.
Key Players Covered
Titan International Inc (U.S.), Cooper Tires (U.S.), The Goodyear Tire & Rubber Company (U.S.), Carlisle (U.S.), Eurotire, Inc (U.S.), Michelin (France), Continental Ag (Germany), Zenises (UK), Starco (Denmark), Tomket Tires (Czech Republic), Trelleborg Ab (Sweden), Belshina (Belarus), Apollo Tyres Limited (India), MRF (India), BKT (India), CEAT Limited (India), TVS Group (India), Birla Tyres (India), YHI Group (South Korea), Bridgestone (Japan), and other major players.
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Agricultural Tire Market Sgmentation
By Type
· Tractors
· Harvesters
· Loaders
· Sprayers
· Trailers
By Tire
· Radial
· Bais
By Distribution Channel
· Convenience Stores
· Supermarkets/Hypermarkets
· Online Retail
The agricultural tire market is segmented into two important segments, the product type segment and the end-user segment. The diversification section lists all current products of the firms and their economic role in the market. It provides information on current and advanced innovations. Moreover, it offers a detailed understanding of the end-users as dominant forces in the Agricultural Tire market. In this chapter of the Agricultural Tires report, the analysts have scrutinized the various industries that are expected to witness fruitful growth and contribute significantly in the rising growth of the market. Along with the overall statistics, the Agricultural Tire report also delivers information about revenue, production and key manufacturers available for each region.
By Region
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Growing demand for tractors is driving the market
Rural-urban migration, high labor costs and shortage of skilled labor in most developing countries lead to tractor sales Scarcity and cost of agricultural labour rising costs are among the major factors driving the rise in mechanization of agriculture.
The need for efficiency in terms of efficiency and increasing labor costs are expected to fuel the demand for agricultural tractors. The agricultural tractor market growth during the forecast period will be driven by limited labor availability.
Considering the elasticity of demand economies and labor shifts from urban to rural areas, the cost of agricultural labor seeks to be proportional to the percentage of a country’s population employed in agriculture direct relationship
To bridge the gap in supply and meet the scarcity of labor in agriculture, governments introduced alternative methods of local production and consumption Government variety implemented several comprehensive tax reforms to support small businesses.
Report Attribute/Metric
1. Market Size 2023- USD 7.15 Billion
2. Market Size 2030-USD 11.14 Billion
3. Compound Annual Growth Rate (CAGR)- 5.7 % (2024-2030)
4. Base Year- 2023
5. Market Forecast Period- 2024-2030
6. Historical Data- 2017- 2023
Industry Development in The Agricultural Tire Market:
· In May 2023, Bridgestone introduces its new premium VX-R TRACTOR tire range with wide-tread traction, long wear life, and excellent driver comfort. All Bridgestone VX-R TRACTOR tires feature an optimized tire-combination front axle LEAD for improved fuel efficiency, tire life, and traction. With ENLITEN Technology, the new Bridgestone VX-R TRACTOR supports sustainable farming without compromising tire performance.
· In June 2022, MICHELIN launched new tires for 2022.MICHELIN Pilot Sport 5, MICHELIN Road 6, and MICHELIN for the 2022. These Tyres are for mobility and are even more sustainable. The specific feature of the MICHELIN Road 6 range is its excellent performance in the wet thanks to the 3D swipe technology.
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