New York, United States , Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural Tire Market Size is to Grow from USD 7.4 Billion in 2023 to USD 15.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period.
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Tractors, combines, sprayers, trailers, and other agricultural gear are among the vehicles and equipment for which agricultural tire, sometimes known as farming tire, is designed. These tires are made to withstand the unique challenges and demands of agricultural circumstances, they offer endurance, traction, and load-bearing capacity. In a range of field conditions, including mud, gravel, sand, and uneven ground, the tread patterns on these tires are made to optimize traction. Deep lugs, self-cleaning bars, and open shoulders are possible tread design elements that increase grip and decrease slippage. Furthermore, agricultural tires provide traction, stability, and load-bearing capacity for a variety of agricultural gear and equipment, making them indispensable for efficient and successful farming operations. Efficient farm tires reduce rolling resistance and enhance vehicle performance, which contributes to fuel savings. Agricultural tires are designed to endure harsh conditions, including exposure to chemicals, sunlight, moisture, and mechanical strain. Furthermore, the surge in demand for efficient and productive agricultural equipment is contributing to the growth of the agriculture tire market. Tractors with field traction wheels are a characteristic that is necessary to improve agricultural productivity and efficiency. Multifunctional tools and tractors are used for transportation, planting, cultivating, spraying, harvesting, and plowing, among other tasks. However, growing at a slower rate than in the past is the agricultural tire market due to high initial costs and environmental concerns. For instance, when heavy machinery is used with traditional tires, soil compaction can negatively impact crop productivity, soil health, and the environment. This is a concern shared by regulators, environmentalists, and farmers.
Browse key industry insights spread across 210 pages with 120 Market data tables and figures & charts from the report on the "Global Agricultural Tire Market Size, Share, and COVID-19 Impact Analysis, By Application (Combine harvesters, Tractors, Sprayers, Trailers, Loaders, and Others), By Distribution Channel (Aftermarket and OEM), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The tractors segment is anticipated to hold the greatest share of the global agricultural tire market during the projected timeframe.
Based on the application, the global agricultural tire market is divided into combine harvesters, tractors, sprayers, trailers, loaders, and others. Among these, the tractors segment is anticipated to hold the greatest share of the global agricultural tire market during the projected timeframe. Tractors with high horsepower were the dominant section of the market owing to their versatility in farming applications. Tires are therefore becoming more and more necessary as tractors gain popularity and are utilized for a wider range of operations. Due to the introduction of different harvesters to satisfy varying farming needs, it is projected that the need for farm tires will expand in the harvesters segment.
The OEM segment is expected to grow at the fastest pace in the global agricultural tire market during the projected timeframe.
Based on the distribution channel, the global agricultural tire market is divided into aftermarket and OEM. Among these, the OEM segment is expected to grow at the fastest pace in the global agricultural tire market during the projected timeframe. Farm tires are becoming more and more necessary for new agricultural vehicles like tractors and harvesters through the OEM channel. Due to farmers in wealthy countries can now afford the new, expensive farm equipment that makes farming vast tracts of land easier, there is a big demand for these vehicles. The availability of many channels, such as authorized, third-party, and internet dealers, is probably going to boost demand for new tires through aftermarket channels.
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North America is expected to hold the largest share of the global agricultural tire market over the forecast period.
North America is expected to hold the largest share of the global agricultural tire market over the forecast period. Owing to there are several independent tire companies and agricultural equipment manufacturers in the region. Countries like the United States and Canada, which have vast fertile areas and highly developed agricultural processes, are driving the need for high-quality tires in the industry. Renowned tire producers, like Bridgestone, Michelin, and Titan, have established robust supply chains and retail networks in rural regions to effectively meet consumers' replacement needs. Additionally, the region is a sought-after market for compact load tractors and harvesting vehicles, which utilize premium tire brands suitable for hard field operations. When it comes to agricultural automation and mechanization.
Asia Pacific is predicted to grow at the fastest pace in the global agricultural tire market during the projected timeframe. Advanced robotics solutions for the agriculture sector have been made possible by innovation and technological advancement in countries like China, India, and Japan. Given the growing population and increasing concerns about food security, there is an urgent need for efficient farming techniques. Increasing crop yields and automating labor-intensive tasks are two ways that agricultural robots help. Due to manpower shortages and rising labor costs, farmers find investing in robotics to be enticing. Strong government backing and a diverse agricultural terrain further increase the region's potential for the emergence of farm robots.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Tire Market include Bridgestone, Continental AG, Pirelli, Titan International Inc., Trelleborg AB, Balkrishna Industries Limited (BKT), Sumitomo Rubber Industries Ltd., Yokohama Rubber Company Ltd., Mitas, Alliance Tire Group, CEAT Ltd., Maxam Tire International Ltd., Nokian Tyres, JK Tyre & Industries Ltd. And others.
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Recent Developments
- In July 2024, by signing a deal with John Deere, Trelleborg Tire is betting on expansion for the future. at order to expand, the company intends to be present at more than 300 John Deere dealerships throughout Brazil. This new partnership was signed at Agrishow 2024, and it will formally begin in July. Farmers in Brazil will get access to John Deere's vast product portfolio, which consists of over 700 items, starting this month. The company's after-sales department will feature cutting-edge technology from Trelleborg. The two presidents, who were partners globally before, fortify their regional alliance with this economic agreement.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Tire Market based on the below-mentioned segments:
Global Agricultural Tire Market, By Application
- Combine Harvesters
- Tractors
- Sprayers
- Trailers
- Loaders
- Others
Global Agricultural Tire Market, By Distribution Channel
- Aftermarket
- OEM
Global Agricultural Tire Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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