Agricultural Tires Market

Agricultural Tires Market Overview:

Farm tires are specialty tires which find usage in agricultural machinery such as harvesters, tractors, and trailers, among others. These tires offer better fuel economy, performance, and driver comfort of farming vehicles. Agriculture tires are dedicated to agriculture or farm use completely. These tires have diagonal thread angled at 45 degrees. Also, the treads offer maximum traction thus enables the tractor to move rapidly through mud & soil. These tires are available in several sizes & diameter, for different kinds of equipment, such as tractors, trailers, sprayers, and skid steer loaders. These are produced from high-quality rubber for life long and improved performance for high durability on and off the field. These possess substantial ribs & voids for mobility in soft terrain. These tires have improved fuel efficiencies and hillside stability. Also, these tires have diamond tread design for minimal soil disruption. The global agricultural tires market was valued at USD 7.23 billion in 2022 and is likely to reach USD 10.35 billion by 2030, at a CAGR of 5.3%.

Agricultural Tires Market Segmentation:

By tire type, the global agricultural tires market is classified into bias tires and radial tires. The radial tires segment garnered a significant market share in 2022. A radial tire consists of plies which runs perpendicular to the bead and the ground. Whereas, a bias tire comprises of various rubber plies overlapping each other. Radial tires can easily absorb impacts, shocks, and bumps owing to their excellent strength & flexibility when compared to bias tires. Also, high-performance characteristics of radial tires coupled with low shelf life of conventional bias tires will bolster the segment growth. Lower-pressure radial tires create a highly extended soil footprint to uniformly distribute the tractor's weight. Bias tires cannot absorb bumps on the ground mainly due to stiffness and the impact & shaking are experienced by the machine and driver. These tires are not in much contact with the ground as a radial tire, thus leads to more ground damage and loss of engine power transmission.

On the basis of application, the global agricultural tires market has been divided into tractors, combine harvester, sprayers, trailers, loaders, and others. The tractors segment held the highest market share in 2022 owing to favorable government initiatives and increasing commercial farming increasing the sales of tractors. Tractors were previously used only for simple applications such as tilling and plowing. Currently, tractors can be used for a myriad range of operations including harvesting, irrigation, and fertilizer spreader; thus, more specialized tires with larger rim size are used. Also, increasing penetration of tractors in different farm activities as well as growing trend among farmers to invest in a vehicle which can enhance the turnaround time & perform different tasks due to their weak financial capability.

Based on sales channel, the global agricultural tires market has been bifurcated into OEM and replacement/aftermarket. The replacement/aftermarket segment witnessed the highest market share in 2022 mainly due to the wear & tear nature of the tire and rising need for periodic replacement. The OEM segment on the other hand is projected to register the highest CAGR during the review period due to increasing sales of agricultural equipment and tractors in developing countries across the globe.

Agricultural Tires Market Dynamics and Factors:

Rising food demand is one of the key factors for the surging need for mechanization in the agricultural industry. Agricultural tires play a critical role in the performance of the agricultural machines, and thus the demand for global agricultural tires market is rising. In addition, growing demand for automation in agrarian activities to reduce the demand-supply gap of agricultural produce, rising demand for heavy-duty tires, and increasing adoption of modern technologies in farming, are likely to bolster the agricultural tires market in the following years. Moreover, increasing mechanization in agriculture in the developing countries of Latin America and Middle East & Africa regions is expected to propel the global agricultural tires industry growth during the assessment period. Furthermore, financial initiatives and subsidies from various government bodies and food organizations, such as FAO, is likely to augment the adoption of tractors in emerging economies, and is thus, expected to boost the global agricultural tires market growth in the coming years.

However, these tires are highly dangerous to the environment if disposed in an ill manner and as they are not biodegradable. Also, they contribute to landfill waste. Tires release oils and toxins, thereby can contaminate the soil and groundwater. Moreover, the solvents or volatile organic compounds (VOC) are used to produce heavy tired and treads for enhancing the adhesion of the tires, in which the process releases significant emission into the air, thus limiting the product usage. The COVID-19 pandemic moderately affected the agricultural tires market growth due to disruptions in the supply chain and restricted transportation.

Agricultural Tires Market Geographical Analysis:

The North America market garnered the highest market share in 2022 in global agricultural tires market mainly due to up-gradation in farming equipment, high farming expenditure, and substantial evolution in the agricultural industry thus boosting the modern-day integrated farming activities. The Asia Pacific agricultural tires market register the highest growing CAGR during the forecast period. China and India together hold for a considerably large number of tractors in use across the globe. Thus, they provide significant growth opportunities to industry players.

Agricultural Tires Market Report Scope

Key Market Segmentation

Agricultural Tires Market - By Tire Type

o   Bias Tires

o   Radial Tires

Agricultural Tires Market - By Application

o   Tractors

o   Combine Harvester

o   Sprayers

o   Trailers

o   Loaders

o   Others

Agricultural Tires Market - By Sales Channel

o   OEM

o   Replacement/Aftermarket

Agricultural Tires Market - By Region

North America

US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Benelux

o   Nordics

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America