Agricultural tires are used in tractors, harvesters, sprayers, trailers and other agricultural machinery to improve traction and fuel efficiency. They provide durable performance even in harsh weather conditions and variable soil types. Adoption of farm mechanization is rising globally as it helps improve productivity by enabling timely operations and increasing acreage under cultivation.
The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2024 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:
One of the key drivers elevating the agricultural tires market is rising agricultural mechanization. Developing countries are increasingly adopting mechanized farming practices to enhance productivity and cope with shortage of farm labor. Combine harvesters, tractors and other heavy duty agricultural machinery require robust tires for withstanding heavy loads and bearing stress in fields. Agricultural tires equipped with advanced rubber compounds and tread patterns provide reliable traction, reduce soil compaction and improve fuel efficiency of farm vehicles. The trend of farm mechanization is gaining momentum especially in Asian and African countries and driving increased demand for specialized off-road and radial tires suitable for agricultural operations.
Segment Analysis
The global agricultural tires market is dominated by radial tires segment. Radial tires offer better damping and traction as compared to bias tires. They have uniform tread and provide consistent traction in fields. Due to their advantages over conventional bias tires, radial tires account for over 60% of sales in the agricultural tires market.
Key Takeaways
The Global Agricultural Tires Market Size is expected to witness high growth. The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the global agricultural tires market and is expected to continue its dominance during the forecast period. The growth in North America can be attributed to the presence of large agricultural farms and increasing mechanization in the agriculture sector. Europe is second largest market for agricultural tires globally. Countries such as Germany, France, UK are major contributors to the European agricultural tires market. Asia Pacific is expected to be the fastest growing market during the forecast period. Increasing number of tractors and harvesters in countries such as India and China is driving the demand for agricultural tires in the region.
Key players
Key players operating in the agricultural tires market are Michelin, Bridgestone, Titan International, Pirelli, Trelleborg, AGT, BKT, Sumitomo, Continental, and Mitas.
Michelin is the global leader in the agricultural tires market. It offers different types of radial and bias agricultural tires for tractors and harvesters. Bridgestone is also a major player with robust distribution network across major agricultural markets.
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