According to the latest report by IMARC Group “Agricultural Tires Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global agricultural tires market size reached US$ 7.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2027, exhibiting a growth rate (CAGR) of 5.3% during 2022-2027.
Agricultural tires represent a circular and ring-shaped automotive component that carries numerous types of farming equipment, including tractors, combines, grain carts, field sprayers, skid steer loaders, etc. They offer traction, braking, steering, and directional stability while resisting the abrasive action of several surfaces. Agricultural tires also absorb shock loads at a low level of ground pressure and cushion the vehicle against minor surface irregularities. Consequently, they aid farmers in maximizing crop productivity and reducing the risk of power hopping as well as soil compaction for unparalleled performance.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The rising demand for food across countries, on account of the expanding global population, is among the key factors stimulating the agricultural tires market. Moreover, the increasing focus of farmers on improving productivity is acting as another significant growth-inducing factor. Besides this, the widespread adoption of precision farming and continuous advancements in logistics, transportation, storage, and processing facilities are positively influencing the global market. Furthermore, the growing investments by government bodies in rural agriculture infrastructures are propelling the market growth.
Apart from this, the emerging trend of automation in the agriculture sector is augmenting the utilization of upgraded farming equipment, which is further catalyzing the global market. Additionally, the development of advanced farming tractors and off-road vehicles by leading manufacturers to enhance soil conservation and the safety of products is bolstering the market growth. In line with this, they are also focusing on using modern and integrated sustainable practices, which is anticipated to fuel the agricultural tires market over the forecasted period.
Competitive Landscape:
- Apollo Tyres Limited
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT Ltd. (RPG Group)
- Continental AG
- JK Tyre & Industries Ltd.
- MRF Limited
- Specialty Tires of America Inc.
- Sumitomo Rubber Industries Ltd.
- TBC Corporation (Michelin)
- The Carlstar Group LLC
- Titan International Inc.
- Trelleborg AB
- Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).
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The report has segmented the market on the basis of Product Type, Distribution Channel, Packaging Type and Region.
Breakup by Product Type:
- Bias Tires
- Radial Tires
Breakup by Application:
- Tractors
- Harvesters
- Forestry
- Irrigation
- Trailers
- Others
Breakup by Distribution Channel:
- OEM
- Aftermarket
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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