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The Sale of Tractor Tires Market to Reach $29.5 Million Units by 2029 - OEMs Set to Propel Sales Growth - Arizton
Tractor Tires Market Research Report by Arizton
Looking for More Information? Click: [https://www.arizton.com/market-reports/agricultural-tractor-tires-market]
Report Scope:
Market Size - Shipment (2029): $29.50 Million Units
Market Size - Shipment (2023): $21.94 Million Units
CAGR (2023-2029): 5.06%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Product Type, Sales Channel, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
The global tractor tire market is experiencing significant growth. This growth is driven by several factors, primarily the increasing demand for food due to a rising global population, which is pushing farmers to enhance agricultural productivity. As a result, there is growing investment in advanced machinery, including tractors equipped with high-performance tires, to meet these demands. The ongoing mechanization of agriculture is one of the key drivers of this market. Modern farms are shifting from manual labor to more efficient, mechanized operations, requiring tires that can withstand the demands of heavy, high-performance equipment. Technological advancements in tire design and materials, particularly in radial tires, have further boosted demand. Radial tires now account for approximately 57% of global sales due to their superior durability and efficiency.
Regionally, the APAC market dominates, holding 74.9% of global sales, driven by rapid farm mechanization and a growing middle class with better access to agricultural machinery. North America, however, is expected to see the fastest growth, driven by advanced farming techniques. Sustainability is also becoming a key focus, with manufacturers developing eco-friendly tire solutions. Government incentives and subsidies, such as those in China, are also encouraging farmers to upgrade their machinery, further supporting market growth.
OEM Sales Channel to Dominate the Tractor Tires Market
The OEM segment in the global tractor tire market is poised for continued dominance, projected to hold around 42% of the market share by 2029. This growth is fueled by advantages such as direct sales, streamlined supply chains, and the pre-installation of tires on agricultural machinery. By offering bundled solutions, OEMs make it easier for farmers to acquire fully equipped tractors, increasing operational efficiency and fostering brand loyalty. However, the OEM segment faces challenges with pricing, as these tires tend to be more expensive than aftermarket options, which may deter some farmers post-warranty. Nevertheless, as agricultural mechanization grows and tire technology advances, OEM tires-designed to enhance performance, reduce soil compaction, and improve durability-are expected to see strong demand, further solidifying their market position.
Strategic Responses by Tractor Tire Manufacturers
To meet the growing demand in the global tractor tire market, leading manufacturers are ramping up production capacities and focusing heavily on research and development (R&D). Companies like CEAT and Trelleborg are investing in new manufacturing plants and expanding their distribution networks to improve turnaround times for replacement tires. Michelin, for instance, recently introduced a series of ultra-durable agricultural tires tailored to large-scale farms in North America and Europe, emphasizing enhanced lifespan while acknowledging that regular replacements will continue to drive revenue growth.
The tractor tire replacement market is also seeing rising competition from new entrants and regional players. In Europe, brands like Cultor and Kenda are gaining popularity by offering cost-effective yet high-performance tire solutions, appealing to farmers seeking affordability and durability. This has prompted global manufacturers to innovate further and diversify their offerings to maintain market share.
Increased tractor tire replacements, driven by factors such as the rise of high-horsepower tractors, expanding mechanization in emerging markets, and modern farming's diverse demands, are boosting market growth. Despite technological advancements in tire durability, the operational demands on tractors ensure continued demand for replacements. Manufacturers are well-positioned to benefit from this trend as they expand production and develop specialized solutions to meet various market needs.
Competitive Landscape in the Global Tractor Tire Market
The global tractor tire market is witnessing steady growth, driven by mechanization in agriculture and the demand for efficient farming equipment. Key players, including Bridgestone, Michelin, Titan International, Trelleborg, and Mitas, dominate the market through technological innovations, regional expansion, and strategic partnerships. Bridgestone has expanded its range in Europe with advanced radial tires, while Michelin has introduced eco-friendly solutions like the Michelin EvoBib to reduce soil compaction. Titan focuses on expanding OEM partnerships, particularly in North America.
In the Asia-Pacific region, local players like BKT and CEAT are gaining ground, offering cost-effective solutions for regional farmers. BKT's pricing strategy has helped secure a strong position in India and Southeast Asia. Despite challenges such as fluctuating raw material costs, market players continue to invest in R&D to meet both performance and environmental standards. The market is expected to grow at a CAGR of 6.74% from 2024 to 2029, driven by emerging economies like India and Brazil.
Recent Developments in the Global Tractor Tires Market
* On May 1, 2023, Trelleborg Wheel Systems announced the successful completion of its acquisition by The Yokohama Rubber Co., Ltd. for 2,074 million. The newly formed entity, Yokohama TWS, will maintain its existing organizational structure while enhancing Yokohama's position as a global leader in the off-highway tire market, complemented by Trelleborg's portfolio of brands and services.
* On March 17, 2023, CEAT Specialty entered into an agreement with CNH Industrial to supply FARMAX agricultural radial tires for Case IH and New Holland tractors in Brazil and Argentina. This collaboration follows rigorous audits and testing, affirming CEAT's tire quality and its investment in advanced technologies, aiming for long-term partnership and enhanced agricultural productivity.
* In 2022, Titan International Inc. and Kubota Tractor Corp. formalized an exclusivity agreement for select sizes of Titan's Trac Loader II tires, designed for compact and utility tractors. This collaboration marks Titan's inaugural OEM-branded tire offering and represents their second exclusive partnership with Kubota, following their previous association with the Goodyear brand R14T.
Looking for More Information? Click: [https://www.arizton.com/market-reports/agricultural-tractor-tires-market]
Key Company Profiles
* Alliance Tire Group
* Balkrishna Industries Limited (BKT)
* Bridgestone
* Michelin
* Titan International
* Trelleborg
* Continental
* Mitas
* Carlisle
* Vredestein
* Galaxy
* Linglong
* Hankook
* Pirelli
* Toyo Tires
* CEAT
* Yokohama
* Cultor
* Kleber
* Kenda Rubber Industrial Co., Ltd
* Kormoran
* Nokian Tyres plc
* MRF
* Dunlop
* Sava
* Cooper
* Camso
* JK Tyre
* Double Coin
* Prinx Chengshan
* Shandong Hengfeng Rubber & Plastic Co., Ltd.
* Belshina
* Petlas
* Sime Tyres
* Deestone Ltd.
* ZC Rubber (Zhongce Rubber Group Co., Ltd.)
* Armstrong Tires
Market Segmentation
Product Type
* Radial
* Bias
Sales Channel
* OEMs
* Aftermarket
Geography
APAC
* India
* China
* Thailand
* Malaysia
* Australia
* Indonesia
North America
* The U.S.
* Canada
Europe
* France
* Germany
* Italy
* Poland
* The U.K.
* Spain
* Sweden
* Finland
Latin America
* Brazil
* Mexico
* Argentina
Middle East & Africa
* Turkey
* South Africa
* Egypt
The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the tractor tires market. Request for Free Sample to get a glance of the report now: [https://www.arizton.com/market-reports/agricultural-tractor-tires-market]
What Key Findings Our Research Analysis Reveals?
How big is the global tractor tires market?
Which region holds the most significant global tractor tires market share?
What are the significant trends in the tractor tires industry?
What is the growth rate of the global tractor tires market?
Who are the key players in the global tractor tires market?
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[https://www.arizton.com/market-reports/united-states-tractor-tires-market]
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We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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