Agricultural Tires Market 2023-28, Size, Share, Growth Report

IMARC Group’s report titled “Agricultural Tires Market Report by Product (Bias Tires, Radial Tires), Application (Tractors, Harvesters, Forestry, Irrigation, Trailers, and Others), Distribution (OEM, Aftermarket), and Region 2023-2028“. The global agricultural tires market size reached US$ 7.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.

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Factors Affecting the Growth of the Agricultural Tires Industry:

• Technological Advancements in Agriculture Machinery:

The global agricultural tires market is experiencing growth, primarily fueled by technological advancements in agriculture machinery. Innovations in tire technology, such as increased durability and efficiency, cater to the demanding requirements of modern farming equipment, thereby enhancing market size. These advancements support higher productivity and efficiency in agricultural operations, driving market share. As farms become more mechanized, the demand for high-performance agricultural tires rises, reflecting positive market trends. Market analysis indicates that as technology continues to evolve, the market outlook remains optimistic, with expectations for continued growth in response to the agriculture sector’s increasing mechanization.

• Expansion of the Agriculture Sector:

The expansion of the agriculture sector globally is a significant driver for the agricultural tires market. With the world population continually rising, there is a growing need to enhance agricultural productivity to meet the increasing demand for food. This is leading to an expansion in the cultivation area and the adoption of mechanized farming practices, significantly impacting market growth. As a result, there is a growing demand for agricultural tires, which are essential for the efficient operation of farming machinery. Market analysis projects a positive market outlook, with the sector’s expansion necessitating advanced tire solutions to support sustainable and efficient agricultural practices.

• Increasing Government Initiatives and Subsidies:

Government initiatives and subsidies aimed at modernizing agriculture infrastructure and increasing farm productivity are pivotal in driving the agricultural tires market growth. Such policies encourage farmers to invest in new machinery and equipment, including high-quality agricultural tires, thereby increasing the market size. Financial incentives and support programs make it more feasible for farmers to adopt advanced agricultural practices, which in turn enhances the demand for specialized tires designed for agricultural use. Market trends indicate that regions with strong support for agriculture through government policies are witnessing significant market growth, with a positive outlook for the future as more governments recognize the importance of investing in agriculture infrastructure.

Leading Companies Operating in the Global Agricultural Tires Industry:

• 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)

Agricultural Tires Market Report Segmentation:

Breakup by Product:

• Bias Tires
• Radial Tires

Bias tires represent the largest segment due to their cost-effectiveness and durability under heavy loads and rough terrain, making them a preferred choice for a wide range of agricultural machinery.

Breakup by Application:

• Tractors
• Harvesters
• Forestry
• Irrigation
• Trailers
• Others

Tractors represent the largest segment as they are the most commonly used equipment in farming operations, necessitating a high demand for durable and efficient tires to support diverse agricultural tasks.

Breakup by Distribution:

• OEM
• Aftermarket

The aftermarket segment represents the largest segment due to the frequent need for tire replacement and upgrades in agricultural machinery, driven by wear and tear and the pursuit of improved performance.

Regional Insights:

• 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

North America is the largest market, attributed to its extensive agricultural sector, high adoption of mechanized farming practices, and significant investments in agricultural technology and equipment.

Global Agricultural Tires Market Trends:

Emerging market trends in the agricultural tires sector are significantly influenced by the increasing adoption of precision farming techniques, which require specialized tires to support the accurate and efficient operation of equipment. The shift towards sustainable farming practices is another key trend, driving demand for tires that reduce soil compaction to preserve soil health. Additionally, the rise of radial tires, known for their durability and efficiency in fuel consumption, is becoming more prominent within the market. These trends, coupled with the continuous inclination for innovation in tire materials and design to enhance performance in diverse agricultural conditions, are collectively driving the growth and evolution of the agricultural tires market.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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