The agriculture tires market is driven by the various factors including increasing worldwide demand for food due to rising population, technological advancements in agriculture, rise in government initiatives, and growing trend of sustainable farming. The analyst provides a perspicacious view of the global agriculture tires market to predict the market growth over the period of 2021-2027. Throughout the forecast period, the agriculture tires market is expected to grow at a CAGR of nearly 4.1%. Having gained a valuation of nearly US$10 Bn in 2022, the global agriculture tires market is set to reach US$12.5 Bn in revenue by the end of 2027.
To remain competitive, key market players are leveraging advanced engineering techniques to create durable and performance-driven tread designs. Additionally, some industry participants are increasingly investing in R&D activities to innovate products and meet the diverse demands of consumers. Manufacturers are also implementing growth strategies that include product differentiation, strategic joint ventures, and pricing strategies with after-sales services, to boost sales.
To remain competitive, key market players are leveraging advanced engineering techniques to create durable and performance-driven tread designs. Additionally, some industry participants are increasingly investing in R&D activities to innovate products and meet the diverse demands of consumers. Manufacturers are also implementing growth strategies that include product differentiation, strategic joint ventures, and pricing strategies with after-sales services, to boost sales.
Key Insights and Emerging Trends Across Agriculture Tires Market
- Agriculture tires will continue to witness surging demand with the growing prominence of mechanised farming
- Biased tires gain substantial momentum on the back of cost-effective & eco-friendly attributes
- Asia Pacific, the dominant agriculture tires market, is projected to maintain its lead with a CAGR of 4.17% through 2027
- The presence of prominent industry participants is growing in Asia Pacific due to low labour costs, better raw materials, and rising demand for food production
- More than 46% of the market revenue remains concentrated around the top five to six players, leaving the rest of the competitive landscape fragmented
Burgeoning Rates of Technology Adoption Across Agriculture Sector Unlock Revolutionary Growth Opportunities
The growing incorporation of modern farming equipment and vehicles is creating positive dynamics for the agriculture tires market growth. Due to the high labour costs, farmers in developing states are inclined towards mechanised systems, integrated into tractors that significantly reduce human effort, and error. Additionally, modern agriculture vehicles are capable of performing a wide range of activities such as sowing, fertilization, and harvesting. The rising need to automate complex agriculture procedures is further promoting automation across the agriculture sector. The growing automation and increased utilization of agriculture vehicles to yield more crop production in turn are soaring the demand for agriculture tires. Such a scenario is set to accelerate the growth trajectory of the global agriculture tires market in the upcoming years.Global Agriculture Tires Market Receives Strong Tailwinds from Asia Pacific
Asia Pacific is expected to emerge as a key region in the global agriculture tires market. The agriculture sector across major economies in the region is rapidly expanding owing to the rise in food production demand, growing population, and favourable government policies. In addition to this, manufacturers in the region are increasingly adopting mechanisation such as tractors. Besides this, Asia Pacific has emerged as a favourable region due to low labour costs, wide availability of raw materials, and rising demand for food production. All these trends together are anticipated to amplify the demand for agriculture tires.Leading Market Players
Some of the most significant players steering expansion across the global agriculture tires market include Trelleborg AB, Pirelli & C. S.p.A., Bridgestone Corporation, Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co., Ltd., Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin (CGEM), Goodyear Tire & Rubber Company, Balkrishna Industries Limited, Titan Tire Corporation, and Prometeon Tyre Group S.r.l.Table of Contents
1. Executive Summary1.1. Global Agriculture Tires Market: Snapshot
1.2. Future Projections, 2019 - 2027, (US$ Mn)
1.3. Key Segment Analysis and Competitive Insights
1.4. Premium Insights
2. Agriculture Tires Market Outlook
2.1. Market Definitions and Segmentation
2.2. Market Indicators
2.3. Market Dynamics & Key Trends
2.2.1. Driver
2.2.2. Restraint
2.2.3. Industry Challenges & Opportunities
2.4. Regulatory Scenario
2.5. Market Forces Analysis
2.4.1. Value Chain Analysis
2.4.2. Porters Five Forces Analysis
2.4.3. SWOT Analysis
2.6. Technology Roadmap
2.7. Impact Analysis
2.6.1. Covid-19 Analysis
2.6.2. BREXIT
3. Global Agriculture Tires Market Outlook, 2019 - 2027
3.1. Global Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
3.1.1. Base Point Share Analysis, By Application, 2019 & 2027
3.1.2. Tractors
3.1.3. Harvesters
3.1.4. Implements
3.1.5. Irrigation
3.1.6. Forestry
3.1.7. Others
3.1.8. Market Attractiveness Analysis, By Application
3.2. Global Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
3.2.1. Base Point Share Analysis, By Tire Type, 2019 & 2027
3.2.2. Bias
3.2.3. Radial
3.2.4. Market Attractiveness Analysis, By Tire Type
3.3. Global Agriculture Tires Market Value Forecast, by Sales Channel, 2019 - 2027, (US$ Mn)
3.3.1. Base Point Share Analysis, By Sales Channel, 2019 & 2027
3.3.2. OEM
3.3.3. Aftermarket
3.3.4. Market Attractiveness Analysis, By Sales Channel
3.4. Global Agriculture Tires Market Value Forecast, Equipment Horsepower, 2019 - 2027, (US$ Mn)
3.4.1. Base Point Share Analysis, By Equipment Horsepower, 2019 & 2027
3.4.2. 0-80 HP
3.4.3. 80-200 HP
3.4.4. Market Attractiveness Analysis, By Equipment Horsepower
3.5. Global Agriculture Tires Market Outlook, by Region , 2019-2027, (US$ Mn)
3.5.1. Base Point Share Analysis, By Region, 2019 & 2027
3.5.1.1. North America
3.5.1.2. Europe
3.5.1.3. Asia Pacific
3.5.1.4. Latin America
3.5.1.5. Middle East & Africa
3.5.2. Global Market Attractiveness Analysis, by Region
4. North America Agriculture Tires Market Outlook, 2019 - 2027
4.1. North America Market Snapshot
4.1.1. Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
4.1.1.1. Tractors
4.1.1.2. Harvesters
4.1.1.3. Implements
4.1.1.4. Irrigation
4.1.1.5. Forestry
4.1.1.6. Others
4.1.2. Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
4.1.2.1. Bias
4.1.2.2. Radial
4.1.3. Agriculture Tires Market Value Forecast, By Sales Channel, 2019 - 2027, (US$ Mn)
4.1.3.1. OEM
4.1.3.2. Aftermarket
4.1.4. Agriculture Tires Market Value Forecast, By Equipment Horsepower, 2019 - 2027, (US$ Mn)
4.1.4.1. 0-80 HP
4.1.4.2. 80-200 HP
4.2. United States
4.3. Canada
5. Europe Agriculture Tires Market Outlook, 2019 - 2027
5.1. European Market Snapshot
5.1.1. Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
5.1.1.1. Tractors
5.1.1.2. Harvesters
5.1.1.3. Implements
5.1.1.4. Irrigation
5.1.1.5. Forestry
5.1.1.6. Others
5.1.2. Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
5.1.2.1. Bias
5.1.2.2. Radial
5.1.3. Agriculture Tires Market Value Forecast, By Sales Channel, 2019 - 2027, (US$ Mn)
5.1.3.1. OEM
5.1.3.2. Aftermarket
5.1.4. Agriculture Tires Market Value Forecast, By Equipment Horsepower, 2019 - 2027, (US$ Mn)
5.1.4.1. 0-80 HP
5.1.4.2. 80-200 HP
5.2. Germany
5.3. U.K
5.4. France
5.5. Italy
5.6. Spain
5.7. Turkey
5.8. Russia
5.9. Rest of Europe
6. Asia Pacific Agriculture Tires Market Outlook, 2019 - 2027
6.1. Asia Pacific Market Snapshot
6.1.1. Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
6.1.1.1. Tractors
6.1.1.2. Harvesters
6.1.1.3. Implements
6.1.1.4. Irrigation
6.1.1.5. Forestry
6.1.1.6. Others
6.1.2. Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
6.1.2.1. Bias
6.1.2.2. Radial
6.1.3. Agriculture Tires Market Value Forecast, By Sales Channel, 2019 - 2027, (US$ Mn)
6.1.3.1. OEM
6.1.3.2. Aftermarket
6.1.4. Agriculture Tires Market Value Forecast, By Equipment Horsepower, 2019 - 2027, (US$ Mn)
6.1.4.1. 0-80 HP
6.1.4.2. 80-200 HP
6.2. China
6.3. Japan
6.4. India
6.5. ASEAN
6.6. ANZ
6.7. Rest of Asia Pacific
7. Latin America Agriculture Tires Market Outlook, 2019-2027
7.1. Latin America Market Snapshot
7.1.1. Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
7.1.1.1. Tractors
7.1.1.2. Harvesters
7.1.1.3. Implements
7.1.1.4. Irrigation
7.1.1.5. Forestry
7.1.1.6. Others
7.1.2. Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
7.1.2.1. Bias
7.1.2.2. Radial
7.1.3. Agriculture Tires Market Value Forecast, By Sales Channel, 2019 - 2027, (US$ Mn)
7.1.3.1. OEM
7.1.3.2. Aftermarket
7.1.4. Agriculture Tires Market Value Forecast, By Equipment Horsepower, 2019 - 2027, (US$ Mn)
7.1.4.1. 0-80 HP
7.1.4.2. 80-200 HP
7.2. Brazil
7.3. Mexico
7.4. Argentina
7.5. Rest of Latin America
8. Middle East & Africa Agriculture Tires Market Outlook, 2019 - 2027
8.1. Middle East & Africa Market Snapshot
8.1.1. Agriculture Tires Market Value Forecast, By Application, 2019 - 2027, (US$ Mn)
8.1.1.1. Tractors
8.1.1.2. Harvesters
8.1.1.3. Implements
8.1.1.4. Irrigation
8.1.1.5. Forestry
8.1.1.6. Others
8.1.2. Agriculture Tires Market Value Forecast, By Tire Type, 2019 - 2027, (US$ Mn)
8.1.2.1. Bias
8.1.2.2. Radial
8.1.3. Agriculture Tires Market Value Forecast, By Sales Channel, 2019 - 2027, (US$ Mn)
8.1.3.1. OEM
8.1.3.2. Aftermarket
8.1.4. Agriculture Tires Market Value Forecast, By Equipment Horsepower, 2019 - 2027, (US$ Mn)
8.1.4.1. 0-80 HP
8.1.4.2. 80-200 HP
8.2. GCC
8.3. South Africa
8.4. Rest of Middle East & Africa
9. Competitive Landscape
9.1. Company Market Share Analysis, 2021
9.2. Company Profiles
9.2.1. Continental AG
9.2.1.1. Company Overview
9.2.1.2. Financial Performance
9.2.1.3. Manufacturing Footprint
9.2.1.4. Strategic Overview
9.2.1.5. Key Developments
(*Note: Above details would be available for below list of companies on the basis of availability)
9.2.2. Balkrishna Industries Limited (BKT)
9.2.3. Bridgestone Corporation
9.2.4. Michelin
9.2.5. The Yokohama Rubber Co., LTD.
9.2.6. Titan International Inc.
9.2.7. Sumitomo Rubber Industries, Ltd.
10. Appendix
10.1. Acronyms and Abbreviations
10.2. Research Scope & Assumptions
10.3. Research Methodology and Information Sources
10.4. List of Figures
10.5. List of Tables
Companies Mentioned
- Bridgestone Corp.
- Continental AG
- Balakrishna Industries Ltd. (BKT)
- Yokohama Rubber
- Michelin
- Titan International Inc.
- Sumitomo Rubber Industries, Ltd.
Methodology
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