Agricultural tires are used in tractors and heavy equipment for various agricultural applications such as harvesting, irrigation, spraying, tilling and harrowing. These tires have deep tread patterns and large contact patches to provide better traction on fields. Agricultural tires minimize soil compaction and help in protecting delicate crops. The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn in 2023 and is expected to exhibit a CAGR of 5.6% 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 trends driving growth in the agricultural tires market is increasing mechanization in agriculture. With growing farm sizes and labor shortage issues, farmers are increasingly relying on mechanized equipment for crop production. Higher mechanization has led to rise in demand for large tractors and harvesters with high load bearing capacities. Agricultural tires for such heavy-duty vehicles need to provide reliable traction, stability and durability. Manufacturers are developing agricultural tires with wider tread patterns, reinforced sidewalls and beefed up construction to handle heavier loads and stresses of mechanized field operations. This is fueling sales of high capacity agricultural tires and contributing to market expansion over the forecast period.

Segment Analysis

The global Agricultural tires market is dominated by radial tires segment. Radial tires hold more than 70% of market share as they provide better traction, can carry heavier loads and last longer than bias ply tires. Radial tires can cover longer distances with a lesser amount of flexing, thus reducing slippage. They are more fuel efficient and offer better stability at high speeds.

Key Takeaways

The Global Agricultural Tires Market Share is expected to witness high growth. The market is projected to grow at a CAGR of 5.6% during the forecast period of 2023 to 2030. By 2030, the market size is estimated to reach US$ 12356.13 Mn.

Regional analysis

North America currently dominates the global Agricultural tires market with over 30% market share. Increased mechanization of farming activities and rising demand for highly efficient tires from tractor and harvesting equipment manufacturers are driving the demand in the region. Asia Pacific is expected to be the fastest growing market during the forecast period. Countries like India, China, Thailand are witnessing rapid expansion of organized farming and increased usage of harvesting equipment.

Key players

Key players operating in the Agricultural tires market are Apollo Tyres, Bridgestone Corporation (Firestone), Alliance Tire Group, Continental AG, Pirelli & C SpA, Balakrishna Industries Limited, Nokian Tyres PLC, Titan International Inc. (Goodyear Tires), Michelin, and Trelleborg Wheel Systems (Mitas). Apollo Tyres has the largest market share of over 15% owing to its wide product range and pan India distribution network. Bridgestone Corporation is also a leading brand focusing on heavy agricultural and off-road radial tires segment.
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