The global agriculture tire market is displaying positive trends and is forecasted to grow at a CAGR of 6.1% by 2027. This growth is attributed to the increasing population and the growing demand for food, along with government initiatives and subsidies supporting advanced farming technologies.
According to a recent study by strategic consulting and market research firm Report Ocean, the global agriculture tire market was valued at USD 8.92 billion in 2020. It is estimated to reach USD 13.59 billion by the end of 2027, growing at a CAGR of 6.1%. The demand for agricultural equipment with high efficiency and productivity is driving the global agriculture tire market, particularly in developed nations. The market is also witnessing significant growth due to the increasing need for food resulting from population growth. The dependence on agriculture and rapid economic growth in emerging economies such as India, China, and Japan are fueling the demand for agriculture equipment like tractors and harvesters, thereby propelling the growth of agriculture tires. Governments worldwide are offering schemes and subsidies to support the adoption of advanced farming technologies by small and marginal farmers, contributing to market growth. However, the high cost of agricultural tires remains a major restraint.
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Favorable government initiatives and subsidies are boosting the growth of the global agriculture tire market. Various countries provide schemes, subsidies, and low-interest loans to support farmers in purchasing farming equipment. For example, the U.S. government spends over $20 billion annually on farm business subsidies. China’s central government offers low-cost loans to farmers, especially for fertilizers and agricultural machinery, and recapitalizes Rural Credit Cooperatives. The Government of India provides the National Food Security Mission (NFSM) scheme, which offers aid for machinery equipment and maintenance to increase productivity. Such initiatives are expected to fuel the growth of the global agriculture tire market.
OEMs are investing significantly in expanding their agriculture tire production to meet the growing demand for farming equipment. Manufacturers are expanding their current capacity and establishing new plants to stay competitive. For instance, Apollo Vredestein is expanding its European agricultural tire production activities at its Netherlands factory in response to the increasing demand from agricultural contractors and farmers. These investments are anticipated to drive the global agriculture tire market during the forecast period.
The global agriculture tire market is segmented based on distribution channels into OEM and replacement/aftermarket. The OEM segment holds the largest market share due to the increasing demand for agricultural vehicles like tractors, harvesters, and trailers. However, the replacement/aftermarket segment is projected to witness the highest growth rate as agricultural vehicles require regular maintenance, leading to a high demand for replacement tires to maintain efficiency and maximum yield during agricultural production.
Geographically, the Asia-Pacific region dominated the global agriculture tire market in 2020. However, North America is expected to witness substantial growth due to the high purchasing power of farmers, increased investment in advanced farming equipment, and emphasis on precision farming to boost agricultural yield. These regions are expected to drive demand for smart agricultural tires throughout the forecast period.
Key players in the global agriculture tire market include Asian Tire Factory Limited, MRL Tyres Limited, Balkrishna Industries Limited, Trelleborg AB, Bridgestone, Superking Manufacturers (Tyre) Pvt. Ltd., Continental AG, YACHT, Michelin, Specialty Tires of America, Inc., Sumitomo Rubber Industries, Ltd., The Carlstar Group, LLC., Titan International, Inc., Trelleborg Wheel Systems Czech Republic a.s., Pirelli & C SpA, Apollo Tyres, Nokian Tyres PLC, JK Tyre & Industries, Hankook Tire & Technology Co., Ltd., and other prominent players. The market is dominated by both global and regional companies, with giants offering innovative products for a competitive edge. Regional companies cater to local agricultural needs based on soil type and farming practices, providing them with a substantial market share. The market also witnesses the adoption of competitive strategies such as partnerships, mergers, acquisitions, and joint ventures.
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Market Overview
Market Size & Forecast by Value, 2017-2027
Market Size and Forecast, By Segment
By Tire Type
Bias Tires
Radial Tires
By Application
Tractors
Combine Harvesters
Sprayers
Trailers
Loaders
Others
By Distribution Channel
OEM
Replacement/Aftermarket
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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