[195 Pages Report] The Global Agricultural Tires market is expected to grow at a high CAGR of 4% during the forecasting period (2022-2029).
Agricultural tires are specialty tires used for agricultural machinery such as tractors, harvesters, trailers, etc. These tires provide better fuel economy, performance, and driver comfort in farming vehicles.
Growing food demand is one of the prime reasons for the increased need for mechanization within the Agricultural sector.
Specialty vehicles such as combined harvesters hold a significant share of the market. Tires play an essential role in the performance of agricultural machines, and hence the demand for agrarian ties is increasing.
By Application, By Construction, By End-User, and By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.
Fastest Growing Region
Largest Market Share
The demand for agricultural tires is dependent on the market for agricultural equipment like tractors, trailers, sprayers, combines, and small lines.
The rapid economic growth in developing nations is driving the agriculture sector to be more efficient and productive, in turn resulting in higher sales of agricultural machinery end-products. High demand for food products from expanding populations and technological advancements in agricultural equipment should remain the main factors that may propel the demand for the agricultural machinery market.
Moreover, expanding tire product range, favorable government policies for agriculture, and emerging markets for re-treading would further drive the market growth.
Tires are hazardous to the environment as they are not biodegradable. They contribute to landfill waste and although are classified as municipal solid waste rather than hazardous waste by Environmental Protection Agency (EPA). Tires release toxins, and the oils can contaminate the soil and groundwater.
Further, solvents or volatile organic compounds (VOC) are used to produce heavy treads for improving the adhesion of the tires, which process releases the maximum amount of emissions into the air. The hazardous nature of agricultural tires might hamper market growth shortly.
The Agricultural Tires market is segmented by application, type, end-user, and by region. By request, the market is segmented as Combine Harvester, Tractors, Trailers, Sprayers, Loaders, and Others. By type, the market is bifurcated into Bias tires and Radial tires.
By the end-users, the user global agricultural tires market is segmented as Replacement/Aftermarket tires and Original Equipment tires. Tractors hold a significant share of the market owing to a wide range of applications of tractors within the agricultural industry.
The increase in launches of the new technology of tires for tractors is booming the Agricultural tires market. For instance, Low Sidewall (LSW) Extreme Floatation super single line technology, which reduces power hop and road lope that improves operator comfort and fuel economy, due to their physical size is designed to replace standard row crop duals providing up to a 25% larger footprint under the tractor.
The Global Agricultural Tires market is segmented into the regions like North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific is the leading region of the market owing to increased mechanization and the growing Agriculture sector.
Further, the increasing growth of agriculture in India and China. The rest of the World segment is anticipated to be the next fastest-growing region after Asia-Pacific.
The Agricultural tires market is a moderately consolidated market with four companies occupying the majority of the market share in 2017. Globally, over XX% of the Agricultural tire market is attributed to the top four players. These recognized players include Trelleborg AG (Mitas), Bridgestone, BKT, ATG, and Others. Trelleborg AG is the market leader with around XX% of the market share followed by Bridgestone and BKT.
Expansion is one of the key strategies adopted by top players to expand their market presence. Bridgestone Americas Inc. is investing USD 12 million to expand off-the-road tire production at its plant in Bloomington, adding multiple sizes and patterns for 29-, 33- and 35-inch OTR tires.
Trelleborg Wheel Systems
Yokohama Rubber Co., Ltd. (ATG)
Alliance Tire Group
Tractors accounted for the largest share of the market in the Application segment.
Asia-Pacific accounts for the largest market value in the Global Agricultural Tires market accounting for 59%.
The report covers the factors impacting the market size, Porter 5 Forces, Competitive Landscape, Product Benchmarking, and company profiles.
Global Agricultural Tires Market is segmented based on the application into construction, food & beverage, metalworking, oil and gas, paints & coatings, pharmaceuticals, water treatment, and others.
Based on the product type the market is segmented as – metallic compounds, halogen compounds, organic acids, sulfones, phenolic, and others. Based on geography the market is segmented into – North America, South America, Asia Pacific, and the Middle East and Africa.
What is the Growth Rate of the Agricultural Tires market?
grow at a high CAGR of 4% during the forecasting period (2022-2029).
Which Companies Are Included in the Agricultural Tires market?
Michelin, Apollo tire, Bkt tires, Yokohama Rubber Co., Ltd. (ATG), Mitas, Armour tires, Titan, Bridgestone (Firestone), Goodyear, Campo, Continental Group, Vredestein, Alliance Tire Group
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