Agricultural Tires Market Size, Share and Segmentation by Tire Type (Bias Tires, Radial Tires), by Sales Channel (OEM, Aftermarket), by Application (Tractors, Sprayers, Trailers, Loaders, Combine Harvesters, Others), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/AUTO/1544 | June 2022 | Region: Global | 120 Pages
Report Scope & Overview:
Agricultural Tires Market Size was valued at USD 8.21 billion in 2022 and is expected to reach USD 12.13 billion by 2030 and grow at a CAGR of 5% over the forecast period 2023-2030.
Agriculture tires, as the name implies, are intended for use on farms or in the agricultural industry. These tires have a 45-degree slanted diagonal thread. The treads give the tractor the best traction possible, allowing it to move quickly through mud and soil. These are available in a number of sizes and diameters for tractors, combine harvesters, trailers, and skid steer loaders, among other types of equipment. These are made of high-quality rubber that will last a long time and give you better results on and off the field. For traction on slick surfaces, they have a lot of ribs and spaces. These tires’ fuel efficiency and hillside stability have both been increased. Diamond tread designs are used on some tires to reduce soil disruption.
Tractors, combine harvesters, grain carts, field sprayers, and skid steer loaders are all transported on agricultural tires. While resisting the abrasive action of varied surfaces, they provide traction, braking, steering, and directional stability. They also absorb shock loads and cushion the vehicle against small surface abnormalities at low ground pressure. As a result, they assist farmers in maximizing crop output while reducing the risk of power hopping and soil compaction for exceptional results.
MARKET DYNAMICS:
KEY DRIVERS:
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In agricultural equipment, technological breakthroughs have been made.
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Sales of farm vehicles are on the rise.
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The market is growing due to the introduction of low-pressure tires.
RESTRAINTS:
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Changes in the design of agricultural machinery.
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Increased penetration into newer, uncharted territory stymies market expansion.
OPPORTUNITIES:
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The government's attractive subsidies serve as a catalyst for market investment.
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Tires with stronger rubber compounds are needed to expand penetration into newer, undiscovered terrain.
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Labor is cheap, and there is a lot of demand for tires.
CHALLENGES:
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Farm activities are weather-dependent, and commodity prices are volatile.
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Certain agricultural practices, such as the usage of agricultural vehicles, have negative environmental consequences.
IMPACT OF COVID-19:
There is no need for agricultural tiers or trucks as a result of the closure of all significant industries, which is expected to stifle market growth. Furthermore, tire producers' inventories have expanded by one month's worth of output. Producers are experimenting with several techniques to reduce stockpiles, such as reducing output, reducing employment, and so on. Because the tire sector is inextricably linked to Original Equipment Manufacturers (OEM), it will suffer significant losses until the lockdown is lifted. As a result of the lockdown, tire makers are also experiencing a shortage of storage space, thus producers are working on methods to reduce stockpiles, such as production reduction.
KEY MARKET PLAYERS:
Bridgestone Corp., MRF, Continental AG, Titan International, Inc., Pirelli & C SpA, Trelleborg AB, Goodyear, Michelin, Nokian Tires PLC, Belshina, Alliance Tire Group, Euro tire, Yokohama tire, Balakrishna Industries Limited, China National Tire & Rubber, and Apollo Tires are some of the affluent competitors with significant market share in the Agricultural Tires Market.
MARKET ESTIMATION:
Market, By Tire Type:
Based on the tire type segment, the global market has been divided into bias tires and radial tires. In the following years, the Radial Tires segment is expected to rise at a considerable CAGR. The radial tire market will be fueled by the high-performance features of radial tires combined with the low shelf life of classic bias tires.
Market, By Sales Channel:
The global market has been divided into OEM, and aftermarket based on the sales channel segment. The Aftermarket sector accounted for a substantial portion of the market and is expected to increase at a considerable CAGR in the following years. The factors can be ascribed to their lower cost when compared to OEM tires, the wide range of options available in the market, and the growing need to replace outdated tires with newer and better ones.
Market, By Application:
Based on the application segment, the global market has been divided into Tractors, Sprayers, Trailers, Loaders, Combine Harvesters, and Others. The Tractors sector accounted for a substantial portion of the market and is expected to grow at a high CAGR in the future years because of the increasing use of tractors in numerous farm chores and the growing trend among farmers to invest in a vehicle that can reduce turnaround time and perform multiple duties due to their limited financial resources.
MARKET SEGMENTATION:
By Tire Type:
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Bias Tires
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Radial Tires
By Sales Channel:
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OEM
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Aftermarket
By Application:
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Tractors
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Sprayers
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Trailers
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Loaders
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Combine Harvesters
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Others
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REGIONAL ANALYSIS:
North America, Europe, Asia-Pacific, and the rest of the globe make up the worldwide Agricultural Tires market. Because of advancements in farming equipment and evolution in the agricultural industry, North America will hold the highest part of the market, assisting the growth of modern-day integrated farming operations. Furthermore, due to the rapid expansion of agriculture in India and China, Asia-Pacific is now the world's second-fastest-growing region. China and India have a disproportionately large number of tractors in use around the world. As a result, they provide enormous prospects for farm tire makers. The region's leading businesses have benefited from the availability of important raw materials such as natural rubber, low labor costs, and significant local demand for tires.
REGIONAL COVERAGE:
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North America
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The USA
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Canada
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Mexico
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Europe
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Germany
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The UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 8.21 Billion |
| Market Size by 2030 | US$ 12.13 Billion |
| CAGR | CAGR of 5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Tire Type (Bias Tires, Radial Tires) • by Sales Channel (OEM, Aftermarket) • by Application (Tractors, Sprayers, Trailers, Loaders, Combine Harvesters, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Bridgestone Corp., MRF, Continental AG, Titan International, Inc., Pirelli & C SpA, Trelleborg AB, Goodyear, Michelin, Nokian Tires PLC, Belshina, Alliance Tire Group, Euro tire, Yokohama tire, Balakrishna Industries Limited, China National Tire & Rubber, and Apollo Tires |
| Key Drivers | •In agricultural equipment, technological breakthroughs have been made. •Sales of farm vehicles are on the rise. |
| RESTRAINTS | •Changes in the design of agricultural machinery. •Increased penetration into newer, uncharted territory stymies market expansion. |
Frequently Asked Questions (FAQ) :
What is the size of the market by 2028?
Ans:- The market size is expected to reach USD 12.21 billion by 2028.
In the agricultural tire market, which application segment is expected to see the most significant growth?
Ans:- The Tractor segment is expected to see the most significant growth.
During the period covered by the forecast, which region is anticipated to be the primary driver of the market?
Ans:- North American region is anticipated to be the primary driver of the market.
Who are the most prominent players in the market?
Ans:- Bridgestone Corp., MRF, Continental AG, Titan International, Inc., Goodyear, Michelin, Nokian Tires PLC, Belshina, Alliance Tire Group, Euro tire, Yokohama tire, and Apollo Tires are the most prominent players in the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Agricultural Tires Market Segmentation, by Tire Type
8.1 Bias Tires
8.2 Radial Tires
9. Global Agricultural Tires Market Segmentation, by Sales Channel
9.1 OEM
9.2 Aftermarket
10. Global Agricultural Tires Market Segmentation, by Application
10.1 Tractors
10.2 Sprayers
10.3 Trailers
10.4 Loaders
10.5 Combine Harvesters
10.6 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Bridgestone Corp.
12.3 MRF
12.4 Titan International, Inc.
12.5 Pirelli & C SpA
12.6 Trelleborg AB
12.7 Goodyear
12.8 Michelin
12.9 Nokian Tires PLC
12.10 Belshina
12.11 Alliance Tire Group
12.12 Euro tire
12.13 Yokohama tire
12.14 Balakrishna Industries Limited
12.15 China National Tire & Rubber
12.16 Apollo Tires
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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