The Global Agriculture Tires Market is estimated to expand from US$ 9.64 Bn in 2022 to US$ 14.21 Bn in 2030, growing at a CAGR of 5.14%. The market volume stood at 61,276.8 thousand units in 2022 and is projected to expand at a CAGR of 5.66% over the forecast period.Turning Tires to Triumph: Global Agriculture Tires Market to Reach US$ 14.21 Bn by 2030 with a CAGR of 5.14%
Growth Influencers:
The expansion of the global agriculture tires market is influenced by several factors:
1. Rising Sales of Agricultural Vehicles:
As farming practices become more mechanized, the demand for agricultural vehicles such as tractors, harvesters, and sprayers rises. This is especially true in developing countries, where many farmers are transitioning from traditional methods to more modern, machine-based farming. As the number of agricultural vehicles increases, so does the demand for agriculture tires, directly influencing the growth of this market.2. Favorable Government Initiatives and Subsidies:
Many governments worldwide are providing subsidies and launching initiatives to promote modern farming techniques. These subsidies make agricultural machinery and equipment, including tires, more affordable for farmers, which leads to increased demand. For example, in countries like India, the government has several schemes like the "Krishi Sinchai Yojana" to promote efficient water use and better agricultural practices, including the use of mechanized farming.3. Technological Advancements:
The introduction of advanced technologies in the tire manufacturing process has resulted in more durable, efficient, and long-lasting agriculture tires. These advancements have led to the production of tires that can withstand heavy loads, have better traction, and offer high performance in all types of agricultural environments. Such advancements have encouraged farmers to replace their old tires with new ones, boosting the market growth.4. High Replacement Rate:
The rough and tough use of tires in agricultural activities leads to a high rate of wear and tear. This results in a high replacement rate of agriculture tires, further propelling the market's growth.5. Increasing Population and Demand for Food Products:
With the global population increasing, the demand for food products is also on the rise. This puts pressure on the agriculture sector to enhance productivity, leading to a greater reliance on mechanized farming and, consequently, more demand for agriculture tires.6. Adoption of Radial Tires:
Radial tires, compared to their bias counterparts, offer better ride quality, longer tread life, and improved fuel efficiency. As farmers become more aware of these benefits, the adoption rate of radial tires is expected to increase, providing a boost to the market.However, despite these positive growth influencers, the market does face some challenges:
1. High Cost of Manufacturing:
The high cost involved in the manufacturing of agriculture tires, owing to the rising prices of raw materials like rubber, steel, and nylon, might impede the market's growth.2. Environmental Concerns:
Environmental regulations related to the disposal and recycling of used tires pose a challenge to the market's growth. The increasing environmental awareness is pushing manufacturers to explore environmentally friendly materials and production methods, which may add to the overall manufacturing cost.3. Volatile Economic Conditions:
Unpredictable economic conditions, including fluctuations in currency exchange rates, can influence the cost of raw materials and production, affecting the overall agriculture tire market.Segment Overview:
The market is segmented by tire type, application, and end-user.By Tire Type
- Bias
- Radial
By Application
- Tractor
- Harvesters
- Attachments/Implements
- Sprayers/Irrigation
- Forestry
- MPT (Multi-purpose Tires)
- Others
By End User (Distribution Channel)
- OEMs
- After Market
- Online
- Offline (Specialized/Tire Retail store)
- Retread Tires
Regional Overview:
Geographically, the market spans North America, Europe, Asia Pacific, Middle East & Africa, and South America.By Region
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- ASEAN
- Myanmar
- South Korea
- Rest of APAC
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
Competitive Landscape:
The global agriculture tires market is characterized by the presence of several players, with the cumulative market share of the ten major ones being close to 25%. These players are continuously investing in research and development activities to innovate new products and gain a competitive edge in the market.A key player in the market is Continental AG, a renowned German automotive manufacturing company specializing in tires, brake systems, interior electronics, automotive safety, and other parts for the automotive and transportation industries. The company has made significant contributions to the global agriculture tires market.
On 10th January 2022, Continental AG strengthened its foothold in the large tractor market through a strategic collaboration with John Deere, a leading player in the agricultural machinery industry. Under this partnership, Continental AG is providing TractorMaster and Tractor85 agricultural tires to John Deere for their global large tractor industry, specifically for the John Deere 7R and 8R tractor series. This collaboration not only boosts Continental AG's sales and market presence but also enhances the quality of John Deere tractors by ensuring they are equipped with top-tier tires.
Continental AG's proactive approach to collaborations, its focus on producing high-quality products, and its strategy to align with successful brands reflect its strong position in the global agricultural tires market. Other prominent players in the market include Alliance Tire Company Ltd., CEAT ltd., China National Rubber Tire Co., Coker Tires, Balkrishna Industries Limited (BKT), Bridgestone Corporation, Duratread, Michelin Group, and many more.
Report Insights:
- The Global Agriculture Tires Market is projected to grow at a CAGR of 5.14% from 2023 to 2030.
- Key market segments include tire type, application, and end-user.
- Asia Pacific dominates the market share and registers the fastest growth.
- Key players account for about 25% of the market share.
Questions to be Answered:
- What is the projected growth of the Global Agriculture Tires Market?
- What are the main growth drivers and challenges?
- Which segments are leading in terms of tire type, application, and end-user?
- Which regions hold significant market shares, and which ones are growing the fastest?
- Who are the major players in the market?
Table of Contents
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 4. Global Agricultural Tires Market Overview
Chapter 5. Global Agricultural Tires Market Analysis, By Tire Type
Chapter 6. Global Agricultural Tires Market Analysis, By Application
Chapter 7. Global Agricultural Tires Market Analysis, By End User (Distribution Channel)
Chapter 8. Global Agricultural Tires Market Analysis, By Rim Size
Chapter 9. Global Agricultural Tires Market Analysis, By Region
Chapter 10. North America Agricultural Tires Market Analysis
Chapter 11. South America Agricultural Tires Market Analysis
Chapter 12. Europe Agricultural Tires Market Analysis
Chapter 13. Asia Pacific Agricultural Tires Market Analysis
Chapter 14. Middle East & Africa (MEA) Agricultural Tires Market Analysis
Chapter 15. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alliance Tire Company Ltd.
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT ltd.
- China National Rubber Tire Co.
- Coker Tires
- Continental AG
- Duratread
- Michelin Group
- Mitas
- Nokian Tyres plc
- Pirelli & C. S.p.A.
- Salsons Impex Pvt. Ltd.
- Specialty Tires of America, Inc.
- Sumitomo Rubber Industries Ltd.
- Titan International, Inc.
- Trelleborg AB
- Goodyear India Ltd.
- Cheng Shin Rubber
- Zhongce Rubber Group Co., Ltd.
- Hankook Tire & Technology
- Giti Tire
- Toyo Tire Corporation
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 283 |
Published | May 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 9.64 Billion |
Forecasted Market Value ( USD | $ 14.21 Billion |
Compound Annual Growth Rate | 5.1% |
Regions Covered | Global |