Global Agricultural Tires Market Size, Share, Opportunities, And Trends By Application (Tractors, Harvesters, Loaders, Sprayers, Trailers, Others), By Type (Bias Tires, Radial Tires), And By Geography - Forecasts From 2023 To 2028

Farm tires usually referred to as agricultural tires, are made specifically for use on agricultural machinery such as tractors, trucks, etc. Tires for farm or agricultural equipment are made to prevent soil compaction. They are often made with a high-flotation tread design, which improves traction in soft and loose fields without impairing the soil's capacity to support crop growth. They must function on uneven, soft field surfaces without harming the crops or the soil. Agricultural tires must therefore increase their efficiency and productivity while also offering improved grip on surfaces with hard surfaces and damp soil. Hence, whether we're talking about the front or back tires, the correct tire must be chosen.

During the course of the forecast period, the market is expected to increase as a result of the rising demand for farm tires in agricultural vehicles and the expansion of the agricultural sector. According to projections, the main element promoting market expansion would be farmers' use of modern technology to boost agricultural productivity and satisfy the growing food demand. Also, due to the increasing need for technological advancement, tractor sales have seen a significant rise in recent years, which has benefited market expansion.

Yet, the worldwide agriculture tires market is being constrained by the volatile prices of raw materials and maintaining margins on the price of the tires. Tire merchants continue to struggle with maintaining price as the value of tires as customers look for less expensive goods. Agriculture tire sellers are struggling to sell tires at the average margin because consumers are finding cheaper tires elsewhere, which is destroying their profits. Tire retailers continue to place a high premium on upholding accountability and ethics in the production of high-quality tires at competitive prices for customers.

Growing demand for agriculture tractors will spur growth for the global market during the projection period.

One of the primary factors driving the growth of the global market is the growing demand for agricultural tractors. Tractor sales are being fueled by rural-to-urban migration, growing labor costs, and a shortage of trained labor in the majority of emerging nations. One of the primary causes of the growing mechanization of the farming business is the shortage of farm labor and its rising cost. For instance, according to a report published by the Federation of Automobile Dealers Association or FADA shows that the retail sales of all tractor brands combined were 78,563 units in December 2022 compared to 74,653 units in December 2021, a remarkable rise of 5.23 percent. Retail sales of tractors from Mahindra & Mahindra Ltd. increased by 29.7% in December 2022 to 19,389 units from 14,938 units in December 2021. According to official data, domestic tractor sales in India increased by a significant 23% year over year. Moreover, domestic sales in India, which have reached 678,869 units, might reach 900,000 units annually for the first time in 2022, marking a milestone for the tractor sector.

Farmers are investing more money in farm machinery so that it can function optimally with fewer workers. Although the initial cost of these equipment types is significant, they contribute to increased crop quality and yield. In order to offset growing labor expenses, many farmers are now reducing the size of their agricultural enterprises and leasing out a section of their farms. Tractor sales are predicted to expand strongly in the upcoming years as more farms become less dependent on labor, which will boost demand for agriculture tires throughout the projection period.

North America is anticipated to hold a significant amount of the global agriculture tires market share during the forecast period

The North American region is anticipated to hold a significant amount of market share in agriculture tires. The US agriculture industry has seen consistent expansion. According to the most recent information provided by the US Department of Agriculture, agricultural exports were USD 177 billion in 2020. The country's replacement tire sales fell 9 percent year over year in 2019, but are expected to rise over the next few years due to the farm sector's promising outlook. In order to serve a wider market segment, tire manufacturers have been inspired by the anticipated growth to increase their manufacturing capacity and introduce new tire variations. In light of this, Nokian Tires and Continental AG want to start commercial production at their recently built facilities in the United States. These facilities cost a total of USD 360 million and USD 1.45 billion to build, respectively. The market in the United States is anticipated to expand at a fast rate compared to other regions for the reasons mentioned above. Prime markets in the North American region include the United States, Canada, and Mexico.

Market Key Developments

• In February 2023, the VF TractorMaster in size VF900/60R42 is the biggest tractor tire that Continental has ever developed. The tire has a diameter of 2,147 millimeters, is 450 kilograms in weight, and has a load index of 189. It is larger than a door frame (10,300 kilograms). Continental deliberately designed the tire size to support the weight of agricultural equipment with more than 300 horsepower.
• In August 2022,  A new line of radial agricultural tires in the Green XLR Earth Series has been introduced by GRI, a tire company located in Sri Lanka. One of the world's first sustainable tire series for the agriculture industry, so the claim goes. The Green XLR Earth Series tire has a smaller carbon footprint because of its high recycled carbon black content and its use of renewable and sustainable soybean oil, which helps the tire's natural rubber retain more of its original properties for better performance.
• In May 2022, Apollo Tyres introduced a line of cutting-edge agricultural tires known as the Virat range in front of farmers and business associates. The Virat tire, which comes in front and rear fitments, has 20 lugs to provide a firm grip. More rubber in the tire's wearing zone leads to even wear and longer service life when used in both soft and hard dirt.

Segmentation:

• By Application
  • Tractors
  • Harvesters
  • Loaders
  • Sprayers
  • Trailers
  • Others
• By Type
  • Bias Tires
  • Radial Tires
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others