by Agricultural tires are specially designed tires for off-road vehicles and are extensively used in agricultural equipment such as tractors, harvesters, and other vehicles. These tires provide better traction and durability as compared to generic tires, making them indispensable for agriculture applications. Mechanization has become increasingly important in modern farming to improve efficiency and reduce dependency on manual labor. Agricultural tires play a vital role in enabling mechanization by providing reliable performance in tough field conditions. They are essential for heavy duty farm equipment to navigate rough terrains and carry heavy loads of crops, fertilizers, and other materials. Agricultural tires offer features like deep tread patterns and non-slip properties for improved grip in wet and muddy soils. Their self-cleaning ability prevents clogging and ensures continuous operations. With technological advancements, new generation agricultural tires also provide lower rolling resistance and higher wear resistance, thereby reducing energy costs and increasing productivity for farmers.
The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The growing adoption of precision farming technologies is a key trend in the agricultural tires market. Precision farming utilizes technologies like GPS, GIS, variable rate machinery, and sensors to optimize field operations. It allows for site-specific crop management based on parameters like soil conditions, moisture levels etc. This increases resource use efficiency and farm output. Agricultural tires are an important component of automated and high-tech farming equipment. Their advanced performance characteristics complement precision agriculture techniques. Leading tire manufacturers are developing Smart tires integrated with sensors and IoT capabilities to gather real-time data for precision applications. This is supporting the implementation of precision agriculture globally.
Porter’s Analysis
Threat of new entrants: The agricultural tires market requires large investments into production capacity and infrastructure to gain a foothold. Thus threat of new entrants is relatively low.
Bargaining power of buyers: Buyers have moderate bargaining power given the presence of several manufacturers. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Tire manufacturers source raw materials like rubber from a few globally located suppliers. This gives moderate bargaining power to suppliers.
Threat of new substitutes: There exists no close substitute for tires in agricultural machinery. Threat from substitutes is low.
Competitive rivalry: The market has presence of key global players. Intense competition exists based on product quality, price and brand image.
Key Takeaways
The Global Agricultural Tires Market Size is expected to witness high growth. The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
North America dominates the market currently due to large scale farming activities. Europe is also a major market for agricultural tires. Countries like Germany, France, UK are major farming economies in the region. Growing export of agricultural commodities from these nations is propelling demand for high quality farm equipment and associated tires.
Key players operating in the Agricultural Tires market are Michelin, Bridgestone, Titan International, Pirelli, Trelleborg and Mitas. These companies have a widespread distribution and sales network across major farming countries. They cater to diverse range of tires for tractors, harvesters, sprayers and other machinery. R&D is a key focus area to develop advanced tire designs suitable for different soil and crop conditions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
