The TechSci Research report states that the global agricultural tire market will experience a steady growth rate between the years 2023 and 2028. This growth is attributed to changes in farming practices worldwide, which have led to an increased demand for efficient and productive agricultural machinery. Governments of various countries have invested in this sector, resulting in growth in the agricultural industry. Furthermore, the increasing population and advancements in agricultural vehicle technology have fueled the demand for agricultural vehicles and Off-the-Road (OTR) tires. These factors are expected to contribute to the growth of the global agricultural tire market during the forecast period.
Following the trade war between China and other countries, the demand for locally produced Off-the-Road (OTR) tires increased in certain regions. This was because import duties were raised, which in turn led to an increase in the price of OTR tires. As many countries do not have their own tire manufacturing plants, they rely heavily on imported tires. Furthermore, due to technological advancements and increasing demand in the agricultural market, many tire manufacturers have invested in research and development for a new range of very high flexion agricultural tires.
The global agricultural tire market is categorized by application type, sales channel, tire type, region, and company. As of 2022, the tractor segment dominated the market and is expected to maintain its leading position with a substantial share during the forecast period. The trailer segment holds the second-highest market share. The agricultural sector has undergone structural changes due to increased liberalization, resulting in the adoption of advanced agricultural machinery tools in farming operations in recent years. Many countries have witnessed an increase in the adoption of tractors, combine harvesters, loaders, and other equipment to reduce the workload and improve efficiency in the agricultural sector. This progress has led to a rise in sales of agricultural vehicles and subsequently, Off-the-Road (OTR) tires in many countries worldwide.
In the regional segment, Asia Pacific has the highest market share and it is expected to grow during the forecasted period. In India, agriculture is the primary source of livelihood for more than 58% of the population. The Indian agricultural market is expected to grow in the coming year as more than the half population is heavily dependent on farming and every year agricultural sector is growing. Indian agricultural market has huge contribution toward the global food trade due to its enormous prospects for productivity improvement, especially in the food industry worldwide.
In the tire type segments, radial tires occupied the largest market share of more than 50% in the year 2022, and same is expected to grow in the coming year. The bias tries are in the market for the long time but after the introduction of radial tires many agricultural manufacturers shifted their preference toward the radial tires, as the design of radial tires are better than bias tires and also they have more benefits due to which agricultural manufacturers and in aftermarket the demand of radial tires are high compared to bias tires, but in some countries still nowadays, bias tires are preferred by the buyers.
Some of the major players operating in the global agricultural tire market include:
- Michelin Group
- Balkrishna Industries Limited (BKT)
- Apollo Tyres ltd
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Madras Rubber Factory Ltd
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Zhongce Rubber Group Co., Ltd.
“Many companies are investing in research and development of agricultural tires sector, this will introduce advanced tires that will meet the demand of the buyers in the market, also in many countries governments are spending heavily to promote mechanization in agricultural fields, this will directly affect the agricultural tire market in positive way, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Agricultural Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Application Type (Tractors, Combine Harvester, Sprayers, Trailers, Loaders, Others), By Sales Channel (OEM, Aftermarket), By Tire Type (Bias Type, Radial Type) and By Region, Competition has evaluated the future growth potential of global agricultural tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global agricultural tire market.
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