by Agricultural tires are specifically designed tires for tractors, harvesters, and other agricultural equipment and machinery. They provide better traction and stability on uneven fields and muddy terrains. Agricultural tires are made from higher quality rubber compounds to provide longer tread life and durability to withstand heavy loads and withstand harsh conditions.
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 surge in mechanization of agricultural processes across major economies has been propelling the demand for agricultural tires. There has been a rise in usage of tractors, harvesters, and other machinery for various farming operations such as tilling, sowing, spraying, and harvesting. This has augmented the replacement rates for agricultural tires. Moreover, farmers are increasingly adopting radial tires instead of bias tires owing to their superior performance attributes such as high load carrying capacity and improved traction. The growing mechanization in the agriculture sector is anticipated to drive the agricultural tires market during the forecast period.
SWOT Analysis
Strength: Agricultural tires have increased traction and are durable which makes them suitable for working in fields and on uneven terrains. Their self-cleaning tread pattern allow them to work efficiently in muddy conditions.
Weakness: Agricultural tires are more expensive than normal tires due to their specialized design and materials. Their replacement needs to be more frequent than other vehicle tires.
Opportunity: Growing mechanization in agriculture and increasing sizes of farms and fields provide opportunities to sell more agricultural machinery and tires. Precision farming technologies are gaining popularity which will drive demand for advanced tires.
Threats: Stagnant agricultural production and uncertain weather conditions in some regions pose challenges. Strict environmental regulations to reduce carbon footprint of farm vehicles can impact the industry.
Key Takeaways
The Global Agricultural Tires Market Size is expected to witness high growth over the forecast period supported by widespread mechanization of farming activities around the world. 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 presently dominates the market backed by large agricultural fields and growing adoption of advanced agricultural equipment in the region.
Key players operating in the agricultural tires market are Balkrishna Industries Limited (BKT), Bridgestone Corporation, Carlisle Companies Inc., Continental AG, Goodyear Tire and Rubber Company, Michelin, Pirelli & C. S.p.A., Titan International Inc., Trelleborg Wheel Systems, and Sumitomo Rubber Industries, Ltd. These companies offer diversified product portfolios focusing on radial and bias agricultural tires for tractors, harvesters, trailers, and other farm vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
