by Market Overview:
Agricultural tires are specialty tires designed for off-road vehicles and farming equipment such as tractors, harvesters, trailers, and other vehicles used in agricultural operations. These tires are built to withstand heavy loads and contact with materials like crops, dirt, mud and manure while providing better traction on unpaved surfaces. They come in radial and bias construction and vary widely in size depending on the vehicle type. Key applications include tractors, harvesters, trailers, sprayers and others.
Market Dynamics:
The growing population has led to increasing demand for food globally which is driving investments in agricultural machinery and equipment. This in turn is boosting the demand for agricultural tires designed to perform efficiently under heavy loads and varying terrain conditions. Additionally, technological advancements in tires such as larger tread designs and self-cleaning treads are gaining traction as they offer improved traction, reduced soil compaction and lower operational costs. However, fluctuations in raw material prices remain a key challenge for tire manufacturers. Stringent environmental regulations regarding rubber residue from tires may also hamper market growth over the forecast period.
The global Agricultural Tires Market Growth is estimated to be valued at US$ 7061.26 Million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global agricultural tires market is dominated by radial tires segment, holding around three-fourth of the overall share. Radial tires provide better traction and load-carrying capabilities as compared to bias tires. Their construction enables them to flex and maintain contact with uneven terrains. As agricultural activities require heavy vehicles and machinery for plowing, harvesting, spraying, etc., radial tires are able to withstand high loads without failure. This makes them suitable for use in tractors and harvesters.
PEST Analysis
Political: Agriculture is a priority sector for governments across countries. They offer subsidies and promote mechanization to boost farm output. This increases demand for agricultural vehicles and their tires.
Economic: Rising farm incomes are encouraging farmers to upgrade their machinery. Strong economic growth in developing nations is enabling higher investment in agriculture.
Social: The growing population is raising global food demand. Mechanization is helping address farm labor shortages. This is positively impacting the agricultural tires market.
Technological: Tire manufacturers are developing innovative designs to offer improved traction, load-carrying capabilities, and longer life. Radicalization and taller tread patterns allow working in varied conditions.
Key Takeaways
The global agricultural tires market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing mechanization of agriculture.
Regional analysis: Asia Pacific dominates the agricultural tires market and the trend is expected to continue. Countries like India and China are major agricultural producers and witness growing farm mechanization. This drives demand for tires in the region.
Key players: Key players operating in the agricultural tires market are Apollo Tyres, Bridgestone Corporation, Alliance Tire Group, Continental AG, Pirelli & C SpA, Balakrishna Industries Limited, Nokian Tyres PLC, Titan International Inc. (Goodyear Tires), Michelin, and Trelleborg Wheel Systems (Mitas). These companies are focusing on expanding their product portfolio and global footprint to leverage growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
