Agriculture Tires Market Size to Reach USD 11.6 Billion in 2027, Says Stratview Research

The agriculture tires market is likely to rise at a CAGR of 6.2% during 2022-2027, to reach US$ 11.6 billion in 2027, states Stratview Research.

DETROIT, March 28, 2023 /PRNewswire/ --Stratview Research, a global market research firm has launched a report on the agriculture tires market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Agriculture Tires Market

The global agriculture tires market is segmented based on application type, tire type, end-user type,  and, region.

Based on application type - The market is segmented as tractors, harvesters, and others. 

The tractor is expected to remain the most dominant as well as the fastest-growing application type for the market and it held a revenue share of more than 75% in 2021. 

Based on tire type - The market is segmented as radial tires and bias tires. 

Bias tires are expected to be the larger segment, whereas radial tires are anticipated to be the faster-growing tire type in the market, and they held a revenue share of more than 75% in 2021.

Radial tires are compatible with low pressure and provide significantly greater rideability than bias tires. Because of their higher strength and flexibility, radial tires can absorb shocks, collisions, and bumps better than bias tires. Puncture resistance is also improved with radial tires. Thus, radial tires have seen a significant increase in demand as a result of these considerations.

Based on end-user type - The market is segmented as OE and aftermarket. 

Aftermarket is expected to be the dominant segment in the market, and it held a revenue share of more than 75% in 2021.

It is critical to keep agricultural tires in good condition and to replace them as needed due to wear and tear. Damaged tires cause soil to crumble and compress, lowering the crop yield, thus leading to repair and replacement at frequent intervals, which boosts the aftermarket.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest as well as fastest growing market for agriculture tires during the forecast period.

This growth is majorly attributed to the following –

-  Sustainable farming methods are gaining traction in the region, in order to meet the enormous demand for agricultural products.

-  OEM expansion and frequent aftermarket demand in the region, which is likely to be bolstered further by favorable international trade policies.

Agriculture Tires Market Drivers

Some of the key drivers listed in the report are given below.

-  The rising global population has increased the demand for food products, prompting the agriculture industry to improve productivity, resulting in an increase in the use of various agricultural machines.

-  Tractors, harvesters, cotton pickers, and sprayers are the major agricultural machinery that employ agricultural tires.

-  Attractive subsidies for agriculture machinery by some governments work as a catalyst.

-  Growing adoption of advanced farming technologies and an increased need for heavy-duty tires.

-  Currently, the majority of work is done in the fields with agricultural machinery, and the use of low-pressure tires for better operational efficiency reduces the life of off-road tires, necessitating tire replacement on a regular basis.

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Top 10 Companies in Agriculture Tires Market?

Owing to a well-established supply chain and moderate technological requirements, the presence of a large number of players serving the industry, the market is fragmented with major players holding a smaller part of the market.

-  Balkrishna Industries Limited (BKT)

-  Bridgestone Corporation

-  Carlisle Companies Incorporated

-  Compagnie Generale Des Etablissements Michelin S.C.A.

-  Continental AG

-  Goodyear Tire and Rubber Company

-  JK Tyre & Industries

-  MRF Tyres

-  Trelleborg AB

-  Yokohama Rubber Co. Ltd.

What Deliverables will You Get in this Report?

 Related reports which might be useful:

• Agriculture Bearings Market
• Agriculture Equipment Market

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SOURCE Stratview Research