Agricultural Tires Market 2028 Future Trends, Growth, and Share Insights

By | August 27, 2024
The global agricultural tires market has shown decent growth in the past few years and may increase at a high rate by 2028.

The global agricultural tire market has been experiencing steady growth over the past few years, driven by a variety of factors including advancements in agricultural practices, increasing population, and the rising demand for food security. According to the TechSci Research report titled “Global Agricultural Tire MarketIndustry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F,” the market is expected to continue its upward trajectory between 2023 and 2028F.

This report will delve into the various factors influencing the global agricultural tire market, including the impact of technological advancements, regional trends, and key players.

Agricultural Tires Market Overview

Growth Drivers

1. Changing Agricultural Practices

One of the primary drivers of the global agricultural tire market is the evolving nature of farming practices worldwide. With the increasing need for food security, many countries have adopted modern farming techniques that rely heavily on advanced agricultural machinery. The shift from traditional to modern farming methods has necessitated the use of more efficient and productive equipment, which in turn has spurred the demand for high-quality agricultural tires.

2. Population Growth and Food Security

The global population is projected to continue growing, leading to an increased demand for food. This, in turn, has heightened the importance of efficient agricultural practices. As a result, there has been a significant rise in the demand for agricultural vehicles and machinery, further driving the agricultural tire market.

3. Government Investments in Agriculture

Governments in various countries have recognized the critical role of agriculture in ensuring food security and economic stability. Consequently, there has been a surge in government investments in the agricultural sector. These investments have not only boosted agricultural productivity but also increased the demand for agricultural machinery, including tractors, harvesters, and loaders, all of which require specialized tires.

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Technological Advancements in Agricultural Tires

1. Innovation and Research & Development

With the growing demand for agricultural products, tire manufacturers have invested heavily in research and development (R&D) to produce a new range of agricultural tires that offer better performance, durability, and efficiency. One notable innovation is the development of very high flexion (VF) tires, which are designed to handle heavier loads at lower pressures, thus reducing soil compaction and increasing crop yields.

2. Radial vs. Bias Tires

The global agricultural tire market is segmented into radial and bias tires, with radial tires occupying the largest market share in 2022. Radial tires have gained popularity due to their superior design, which offers better traction, fuel efficiency, and longer lifespan compared to bias tires. Despite the advantages of radial tires, bias tires are still preferred in certain regions due to their affordability and familiarity among farmers.

Regional Agricultural Tires Market Analysis

Asia Pacific: Dominant and Growing Agricultural Tires Market 

1. Agricultural Sector in Asia Pacific

Asia Pacific holds the highest market share in the global agricultural tire market and is expected to maintain its dominance during the forecast period. The region’s significant contribution to the global agricultural tire market can be attributed to its large agricultural sector. In countries like India, agriculture is the primary source of livelihood for over 58% of the population. The growing agricultural sector in India, coupled with the increasing adoption of modern farming techniques, has led to a surge in demand for agricultural tires.

2. India’s Role in Global Food Trade

India’s agricultural market plays a crucial role in the global food trade, thanks to its vast potential for productivity improvement, especially in the food industry. The increasing demand for Indian agricultural products has further driven the need for advanced agricultural machinery, thereby boosting the demand for agricultural tires in the region.

Impact of Trade Wars on the Agricultural Tire Market

1. Increase in Import Duties

The agricultural tire market has also been influenced by global trade dynamics, particularly the trade war between China and other countries. The imposition of higher import duties on Chinese products led to an increase in the prices of imported OTR (Off-the-Road) tires. As a result, the demand for locally produced OTR tires surged in various regions, especially in countries without domestic tire manufacturing plants.

2. Dependence on Imported Tires

Many countries, especially those lacking domestic tire manufacturing facilities, are heavily dependent on imported tires. The trade war has underscored the vulnerabilities of these countries and highlighted the importance of developing local tire manufacturing capabilities. This shift has created both challenges and opportunities for the global agricultural tire market.

Agricultural Tires Market Segmentation

Application Type

1. Tractors

In 2022, tractors dominated the global agricultural tire market by application type. The widespread adoption of tractors in agricultural operations has been driven by the need to reduce labor workload and increase productivity. The growing use of tractors is expected to continue, making them a key segment in the agricultural tire market during the forecast period.

2. Trailers

Trailers held the second-largest market share in 2022. As agricultural operations become more mechanized, the use of trailers for transporting goods and materials has increased. This trend is likely to continue, contributing to the growth of the agricultural tire market.

Sales Channel

1. OEM vs. Aftermarket

The agricultural tire market is divided into two main sales channels: Original Equipment Manufacturer (OEM) and aftermarket. While OEM sales are driven by the demand for new agricultural vehicles, the aftermarket segment caters to the replacement needs of existing vehicles. Both segments are expected to witness growth during the forecast period, with the aftermarket segment likely to benefit from the increasing lifespan of agricultural vehicles.

Tire Type

1. Radial Tires

Radial tires dominated the market in 2022, accounting for over 50% of the market share. Their superior design and performance characteristics, including better fuel efficiency, longer lifespan, and reduced soil compaction, have made them the preferred choice for many agricultural manufacturers and farmers. The demand for radial tires is expected to continue growing, driven by the increasing adoption of advanced agricultural machinery.

2. Bias Tires

Despite the advantages of radial tires, bias tires still hold a significant share of the market, particularly in regions where cost is a major consideration. Bias tires are generally less expensive than radial tires, making them a popular choice in developing countries. However, as the benefits of radial tires become more widely recognized, the market share of bias tires may gradually decline.

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Key Players in the Global Agricultural Tire Market

1. Michelin Group

Michelin is one of the leading players in the global agricultural tire market, known for its innovative products and strong focus on sustainability. The company has invested heavily in R&D to develop tires that meet the evolving needs of the agricultural sector.

2. Balkrishna Industries Limited (BKT)

BKT is a prominent player in the agricultural tire market, offering a wide range of tires for various agricultural applications. The company has a strong presence in both the OEM and aftermarket segments and is known for its durable and reliable products.

3. Apollo Tyres Ltd

Apollo Tyres has made significant strides in the agricultural tire market, with a focus on providing high-performance tires for tractors and other agricultural vehicles. The company’s products are designed to withstand the demanding conditions of agricultural operations.

4. Bridgestone Corporation

Bridgestone is another major player in the global agricultural tire market, offering a diverse portfolio of tires for different agricultural applications. The company has a strong global presence and is known for its high-quality products.

5. Continental AG

Continental AG is a leading manufacturer of agricultural tires, with a reputation for producing innovative and sustainable products. The company’s tires are designed to deliver superior performance in a wide range of agricultural conditions.

6. Goodyear Tire and Rubber Company

Goodyear is a well-established player in the agricultural tire market, offering a comprehensive range of tires for various agricultural vehicles. The company’s focus on R&D has enabled it to develop tires that meet the specific needs of the agricultural sector.

7. Madras Rubber Factory Ltd (MRF)

MRF is a key player in the Indian agricultural tire market, with a strong focus on quality and performance. The company offers a wide range of tires for tractors, trailers, and other agricultural vehicles.

8. The Yokohama Rubber Co., Ltd.

Yokohama is a global leader in the agricultural tire market, known for its durable and high-performance products. The company’s tires are designed to provide excellent traction and stability in challenging agricultural environments.

9. Toyo Tire Corporation

Toyo Tire Corporation is a major player in the agricultural tire market, offering a diverse range of products for various applications. The company’s focus on innovation and quality has helped it maintain a strong position in the market.

10. Zhongce Rubber Group Co., Ltd.

Zhongce Rubber Group is one of the largest tire manufacturers in China and a key player in the global agricultural tire market. The company offers a wide range of tires for different agricultural applications, with a focus on affordability and performance.

Future Outlook of Agricultural Tires Market 

  • Technological Advancements

The global agricultural tire market is expected to continue benefiting from technological advancements in tire design and manufacturing. Innovations such as VF tires and improvements in tire materials are likely to enhance the performance and durability of agricultural tires, driving further growth in the market.

  • Regional Growth Prospects

The Asia Pacific region is expected to remain a key driver of growth in the global agricultural tire market, thanks to its large and growing agricultural sector. Other regions, such as North America and Europe, are also expected to contribute to market growth, driven by increasing investments in agriculture and the adoption of advanced farming techniques.

  • Impact of Environmental Regulations

As environmental concerns continue to rise, there is likely to be increased scrutiny of the environmental impact of agricultural tires. This could lead to the development of more sustainable and eco-friendly tires, presenting both challenges and opportunities for manufacturers in the global agricultural tire market.

Conclusion

The global agricultural tire market is poised for continued growth in the coming years, driven by a combination of technological advancements, population growth, and increasing demand for food security.

The market’s future will be shaped by the ongoing evolution of farming practices, government investments in agriculture, and the impact of global trade dynamics.

As the market continues to evolve, key players will need to focus on innovation, sustainability, and meeting the specific needs of the agricultural sector to maintain their competitive edge.

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