Agricultural tires are specialty tires that are designed to withstand the challenging conditions of farm fields and off-road work. They provide strong traction even on muddy and slippery fields to haul heavy farm machinery and equipment. The growing mechanization in the agriculture sector has led to increasing usage of tractors, harvesters, and other implements that require high-performance tires.
The global Agricultural Tires Market is estimated to be valued at US$ 8134.58 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The key trend propelling the growth of the global agricultural tires market is increasing mechanization in the agriculture sector. With growing farm sizes and labor shortage, the usage of tractors and heavy machinery for plowing, sowing, spraying, harvesting and other operations has increased significantly over the years. Mechanization helps improve farm productivity and efficiency. This has fueled the demand for specialized agricultural tires suitable for rough terrains and capable of bearing heavy loads. Their self-cleaning and slip-resistant properties allow efficient performance in muddy conditions. Leading tire manufacturers are focusing on developing innovative tire designs with advanced composites and materials to deliver optimal traction and durability for modern agriculture equipment and machinery. This is expected to drive the agricultural tires market during the forecast period.
SWOT Analysis
Strength: Agricultural tires are specifically designed to withstand the heavy loads and varying conditions experienced in agricultural applications. They have increased traction and durability compared to normal tires.
Weakness: Agricultural tires are more expensive than normal tires due to their reinforced design and additional features. They also have a shorter life cycle and need to be replaced more frequently.
Opportunity: Growing mechanization in the agriculture sector is driving the demand for high-performance tires that can handle heavy machinery. Developing countries are witnessing increased farm mechanization which will boost market growth.
Threats: Volatility in raw material prices can increase the overall cost of agricultural tires. Weather uncertainties and fluctuations in crop yields also impact the demand for farming equipment and associated tires.
Key Takeaways
The global agricultural tires market is expected to witness high growth over the forecast period of 2024 to 2031. The global Agricultural Tires Market is estimated to be valued at US$ 8134.58 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region currently accounts for over 35% of the global agricultural tire market share. Countries like India, China, Indonesia and Thailand have large agricultural bases and are witnessing increased farm mechanization which is driving the demand for agricultural tires. China dominates the Asia Pacific market with more than 30% revenue share. North America and Europe are other major markets for agricultural tires growing at 5-6% annually due to technological advancements and application in specialized farming equipment.
Key players operating in the agricultural tires market are Phytex Australia., Aspen Holdings, LGM Pharma, Midas Pharma GmbH, Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP. These players are focusing on developing advanced tires with improved durability, traction and self-inflating features to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it