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Agricultural Tires Market

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 2022-2028

Report Id: SNS/AUTO/1544 | June 2022 | Region: Global | 120 Pages

Report Scope & Overview:

Agricultural Tires Market Size was valued at USD 7.82 billion in 2021 and is expected to reach USD 12.21 billion by 2028 and grow at a CAGR of 5% over the forecast period 2022-2028.

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.

Agricultural Tires Market Revenue Graph

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: 

  • In agricultural equipment, technological breakthroughs have been made.

  • Sales of farm vehicles are on the rise.

  • The market is growing due to the introduction of low-pressure tires.

RESTRAINTS: 

  • Changes in the design of agricultural machinery.

  • Increased penetration into newer, uncharted territory stymies market expansion.

OPPORTUNITIES: 

  • The government's attractive subsidies serve as a catalyst for market investment.

  • Tires with stronger rubber compounds are needed to expand penetration into newer, undiscovered terrain.

  • Labor is cheap, and there is a lot of demand for tires.

CHALLENGES: 

  • Farm activities are weather-dependent, and commodity prices are volatile.

  • 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:

  • Bias Tires

  • Radial Tires

By Sales Channel:

  • OEM

  • Aftermarket

By Application:

  • Tractors

  • Sprayers

  • Trailers

  • Loaders

  • Combine Harvesters

  • Others

Agricultural Tires Market Segment Chart

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:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The 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

Agricultural Tires Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 7.82 Billion
Market Size by 2028 US$ 12.21 Billion
CAGR CAGR of 5% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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) :

Ans:- The market size is expected to reach USD 12.21 billion by 2028.

Ans:- The Tractor segment is expected to see the most significant growth.

Ans:- North American region is anticipated to be the primary driver of 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 the Ukraine-Russia War

 

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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Secondary Research

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