Agriculture Tire Market: Emerging Opportunities, Trends and Forecast Analysis (2023-2029) by Tire Type, Application, Sales channel and Region.

Agriculture Tire Market was valued at US$ 8.34 Bn. in 2022 and expected to grow at a CAGR of 5.51% during the forecast period 2023-2029, thanks to the growing trend of agricultural vehicle use, which has boosted demand for agriculture tires.
Agriculture Tire Market Overview:
The name itself says that these kinds of tires are used only for agricultural purposes and are made of natural rubber, synthetic rubber, steel, polyester, carbon black. Agricultural tires are segmented based on tire type, application, and sales channel. They have shock-absorbing properties and help in the smooth movement of agricultural vehicles like tractors, harvesters, agro trucks, trailers, loaders, balers, etc. An increase in the use of agricultural vehicles across the globe boosts the tire market so fastly that it can double the production of agricultural tires. As a result, the global agricultural tire market is estimated to grow at a considerable CAGR of 5.51% from 2022 to 2029.To know about the Research Methodology :- Request Free Sample Report

The report has covered the market trends from 2018 to forecast the market through 2029. 2022 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report.
Agriculture Tire Market Dynamics:
Factors attributing to the Agriculture tire market are growing food demand, mechanized agriculture, innovation in tire manufacturing, increased interest of youths in agriculture, government support to farmers, etc. According to the UN report, the global population is expected to reach 9.7 Bn by 2050, creating a huge market for agricultural tire by increased production of agricultural vehicles. Increased use of mechanization in agricultural activities such as land preparation, sowing equipment, harvesting, etc which boosting the demand for agricultural tires. To help farmers, the Government of India introduced the “Sub Mission on Agricultural Mechanization” (SMAM) in 2014 to promote mechanization in agriculture.

Introduction of new technology by tire manufacturing companies such as VF technology, IF technology, Lug technology for comport, durability, flexibility boosting the agricultural tire market. Increased awareness among the farmers, timely maintenance of agriculture vehicles added the advantage to the tire market.

Some of the factors that are affecting the agricultural tire market are the degradable nature of tires, lack of investment, agricultural activities are depending on the weather conditions, continuous fluctuation in the price of the raw materials, different policies of governments to curb environmental impact, and ensure safety for human life. Example- “The Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009” Department of Industrial Policy and Promotion by Government of India.
Agriculture Tire Market Segmentation:
Based Tire Type Segment, Agriculture tire market segmented based on tire type are bias and radial tire among these bias tire dominates the agricultural tire market. Bias tire constructed on a base of diagonally laid layers of fabrics which carry more load than the radial tire. Based on load-bearing capacity they are equipped in agricultural vehicles such as tractors, trailers, sprayers, manual seeders, fruit pickers, etc. the countries with a higher population like China and India are the highest consumer of the agricultural equipment so boosting the agricultural tire market. Global bias tire production is expected to reach 2900 million tires by 2027.

Based on the Application Segment, the Agriculture tire market segmented based on application are tractor, harvester, loader. The number of tractors produced across the globe in the year 2020 is 15.6 lakhs, followed by 2.8 lakhs harvester and 1.8 lakhs loader. India is the largest producer of tractors which holds a share of 26% in 2020 by producing 8.9 lakhs tractors. Increased population, the interest of younger generation in agriculture, subsidies provided by governments, ease of doing farm activities attracting the agricultural equipment across the globe. so there is a higher demand for agricultural tires in countries with high populations.

Based on Sales Channel Type Segment, Agriculture tire market segmented based on aftermarket and OEM. Aftermarket tires are in high demand because of their low cost, reducing the cost burden of farmers and numerous options available in the market based on its brands, easy to procure online and offline. Aftermarket tires hold a share of about 56% in the market. OEMs are costlier and farmers are finding difficulties in purchase after warranty expiration.
Agriculture Tire Market Regional Insights:
Asia-Pacific region dominates the global agricultural tire market, held a share of more than 45% in 2020. The main factors attributing are dependency of rural people on agriculture, high population like china (140 Cr) and india (135 Cr), rapid growth in urbanization and industrialization, availability of natural rubber, having a high rate of fertile lands like “Indo-Gangetic plain”, presence of black soil in north china etc. Goverment of India’s SMAM scheme aims to “ reaching the unreached” boosting the farm mechanization in India. So Asia-Pacific agricultural tractor market is expected to grow at a CAGR of 3% by 2020.

North America region’s agricultural tire market was valued at US$ 808.9 Mn. in the year 2020 and is expected grow at a CAGR of 5.2% during the forecast year. In this region US held the share more then 55%. Rising the standard of living, use of advanced technological farm equipments and focus on foreign export boosting the agriculture in this area. “US department of agriculture” providing subsidized crop insurance and also trade related aid to the farmers in order to boost the agricultural industry.

The objective of the report is to present a comprehensive analysis of the global Agriculture tire market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Agriculture tire market dynamics, structure by analyzing the market segments and projecting the Agriculture tire market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Agriculture tire make the report investor’s guide.
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Agriculture Tire Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2020:
US $ 8.34 Bn.


Forecast Period 2023 to 2029 CAGR:
5.51%
Market Size in 2027:
US $ 12.14 Bn.


 Segments Covered:
by Tire Type
Radial tire
Bias tire


by Application
Tractor
Harvestor
Loader


by Sales Channel
After market
OEM



Agriculture Tire Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Agriculture Tire Market Key Players
1. Bridgestone
2. Alliance Tire Companys
3. Birla Tires
4. Titan Tire Corporation
5. Belshina
6. Appolo Tires Ltd
7. Cooper Tires
8. Nokian Tires Group
9. CEAT
10.Triangle Group
11.Nokian tires plc
12.Giti Tires
13.Kumho Tires
14.Hankook tire
15.Fate

Frequently Asked Questions:

1. Which region has the largest share in Agriculture Tire Market?
Ans: Asia pacific held the largest share in 2022.

2. What is the growth rate of the Agricultural Tire Market?
Ans: The Agriculture Tire Market is growing at a CAGR of 5.51% during the forecasting period 2023-2029.

3. What segments are covered in Agriculture Tire Market?
Ans: Agriculture Tire Market is segmented into tire Type, by application, by sales channel.

4. Who are the key players in Agriculture Tire Market?
Ans: Bridgestone, Alliance tire company, Birla tires, Tital tire corporation, Appolo Tires Ltd, Cooper Tires, Nokian Tires group, CEAT, Triangle group, Nokian tires plc, Giti tires, Kumho tire, Hankook tire, Fate

5. What is the study period of this market?
Ans: The Agriculture tire Market is studied from 2022 to 2029.