Global Agricultural Tires Market to Reach US$ 11.9 Billion by 2032, Propelled by Considerable Rise in Farm Mechanization Practices

April 17, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Agricultural Tires Market Report by Product (Bias Tires, Radial Tires), Application (Tractors, Harvesters, Forestry, Irrigation, Trailers, and Others), Distribution (OEM, Aftermarket), and Region 2024-2032”, the global agricultural tires market size reached US$ 8.0 Billion in 2023. Agricultural tires are specialized tires used on tractors, combines, and other farm machinery that is manufactured to be durable and long-lasting, as well as resistant to punctures, cuts, and wear. In contrast to standard vehicle tires, agricultural tires have more surface area, thus improving traction, stability, and durability on soft soil, mud, and gravel. Water or calcium chloride can be added to some variations of the product to improve stability and reduce soil compaction. They are designed primarily to provide traction and stability to farm equipment, allowing farmers to work under different weather and soil conditions and reducing the risk of equipment failure or damage. Furthermore, they can reduce the amount of slippage during operation, thereby resulting in a reduction in power needed to operate the equipment. Proper design and maintenance of agricultural tires can reduce soil compaction and protect crops from damage, thus enhancing the health of soil and increasing the yield of crops. 

Global Agricultural Tires Market Trends:

The market is majorly driven by a considerable rise in farm mechanization practices across the globe. This can be attributed to the rapid expansion of agriculture industry across the globe, resulting in increasing cultivation across various terrains. In line with this, a significant increase in agricultural production due to the increasing demand for food by the growing global population is providing an impetus to the market. Moreover, continual product innovations, such as innovative tire designs, advanced tire materials, and improved performance and efficiency, are also impacting the market positively. Also, the introduction of favorable initiatives, support and subsidies by the government of several countries focusing on higher yield and soil productivity is leading to a considerable rise in investments in agricultural equipment, thereby propelling the market. Furthermore, the advent of precision agriculture involving the use of advanced technology, such as GPS and sensor technology to optimize crop yield, is creating a positive market outlook. Some of the other actors contributing to the market include the rising emphasis on sustainable development, rapid industrialization, inflating disposable income levels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 11.9 Billion by 2032, exhibiting a CAGR of 4.4% during 2024-2032. 

Market Summary:

  • Based on the product, the market has been segmented into bias tires and radial tires. Among these, bias tires represent the largest market segment. 
  • On the basis of the application, the market has been divided into tractors, harvesters, forestry, irrigation, trailers, and others. Among these, tractors accounts for the dominant market share. 
  • Based on the distribution, the market has been categorized into OEM and aftermarket. Within these, aftermarket holds the largest market share. 
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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 and Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, Distribution, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company)
Customization Scope 10% Free Customization
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Global Agricultural Tires Market to Reach US$ 11.9 Billion by 2032, Propelled by Considerable Rise in Farm Mechanization Practices
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