Agriculture Tire Market Size, Report Outlook, Growth, Key Players, Revenue, and Forecast 2031

Positive Growth Outlook for the Global Agriculture Tire Market: Expected CAGR of 6.1% by 2027

The global agriculture tire market is experiencing favorable growth, driven by factors such as increasing population, growing food demand, and government initiatives to support farmers. According to a recent study by strategic consulting and market research firm Report Ocean, the market was valued at USD 8.92 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 6.1% to reach USD 13.59 billion by the end of 2027.

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The global market is witnessing a surge in demand for agricultural equipment with high efficiency and productivity, particularly in developed nations. The need for food is also increasing due to population growth, which is driving the demand for agricultural equipment like tractors and harvesters. Emerging economies like India, China, and Japan are experiencing rapid economic growth and high dependence on agriculture, further fueling the demand for agriculture equipment and tires. Additionally, governments are offering schemes, subsidies, and low-interest loans to support farmers in adopting advanced farming technologies, contributing to the market's growth. However, the high cost of agriculture tires remains a significant challenge for market expansion.

Favorable Government Initiatives and Subsidies Boosting Market Growth

Governments of various countries are providing schemes, subsidies, and low-interest loans to support farmers and enhance the adoption of advanced farming technologies. For example, the U.S. government spends over $20 billion annually on subsidies for farm businesses. China's central government offers low-cost loans to farmers for fertilizers and agricultural machinery, while the Government of India provides the National Food Security Mission (NFSM) scheme, offering aid for machinery equipment and maintenance. Such initiatives are expected to drive the global agriculture tire market's growth.

Increasing OEM Investment in Tire Production Capacity

Original equipment manufacturers (OEMs) are investing significantly in expanding their agriculture tire production capacity to meet the growing demand for farming equipment. Manufacturers are expanding their current production capabilities and establishing new plants to cater to the increasing demand from agricultural contractors and farmers. For instance, Apollo Vredestein is expanding its European agricultural tire production activities in the Netherlands to meet the rising demand. This trend of expanding production capacity is expected to propel the global agriculture tire market during the forecast period.

Global Agriculture Tire Market - Distribution Channels

The market is segmented into OEM and replacement/aftermarket based on distribution channels. The OEM segment holds the largest share in the global agriculture tire market due to the increasing demand for agricultural vehicles such as tractors, harvesters, and trailers. However, the replacement/aftermarket segment is projected to witness the highest growth rate during the forecast period as regular maintenance of agricultural vehicles necessitates the replacement of tires to maintain efficiency and maximize yield during agricultural production.

Regional Insights

In 2020, the Asia-Pacific region dominated the global agriculture tire market. However, North America is expected to witness substantial growth during the forecast period due to the high purchasing power of farmers and increased investment in advanced farming equipment. The emphasis on precision farming to increase agricultural yield is driving the demand for smart agricultural tires in these regions.

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Impact of COVID-19 on the Global Agriculture Tire Market

The global agriculture tire market faced significant disruption due to the COVID-19 pandemic. Lockdown measures imposed by countries halted production and supply chains, resulting in substantial losses for manufacturers. The accessibility of government schemes and subsidies, which many farmers depend on, was also affected. However, as countries focus on expanding agriculture production to meet growing demand, the market is expected to recover during the forecast period.

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 (APAC), LATIN AMERICA (LATAM), MIDDLE-EAST & AFRICA (MEA)

Competitive Landscape

The global agriculture tire market is competitive, with both global and regional players. Key companies 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.

Global players continuously innovate to gain a competitive edge, while regional companies focus on providing products tailored to local agricultural needs. Partnerships, mergers, acquisitions, and joint ventures are prevalent strategies in the market.

Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Key Market Segments
2. Research Methodology
2.1. Qualitative Research
2.2. Methodology
2.3. Regional Split of Primary & Secondary Research
2.4. Secondary Research
2.5. Primary Research
2.5.1. Breakdown of Primary Research Respondents, By Region
2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
2.6. Market Size Estimation
2.7. Assumptions for the Study
2.8. Market Breakdown & Data Triangulation
3. Executive Summary

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This release was published on openPR.