London, March 16, 2023 (GLOBE NEWSWIRE) -- Greater emphasis on farming activity mechanization is primarily driving sales of agriculture equipment, in turn boosting the prospects for sales of agriculture tires. Poised to demonstrate a stable growth trajectory between 2021 and 2027, the worldwide agriculture tires market is all set to exceed the US$12.5 Bn mark in revenue by the forecast year. The market exceeded US$10 Bn in 2022 and will exhibit nearly 4.1% growth through the end of 2027 as suggested by the latest published report of Fairfield Market Research. “The global agriculture tires market revenue will more likely remain concentrated in the top five or six players that currently contribute over 46% share to the overall market revenue,” says the analyst at Fairfield, further adding, “We have covered the most significant industry players for strategic analysis within intent to uncover the actionable insights for potential participants”.
Key Report Insights
- Tractors will continue to be the leading application segment, accounting for over 67% of total demand
- With more than 70% share in market revenue, biased tires remain preferred
- Asia Pacific slated to maintain a dominant spot with around 68% market value share
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Insights into Segmentation Analysis
A host of applications keep the demand for agriculture vehicles, especially small tractors, afloat. This according to the report accounts for low powered agricultural vehicle tires to witness growth in sales. are expected to witness growing sales momentum over the forecast period. By the application, tractors represent the top-performing segment and will retain the hegemony through the end of assessment period. Given the environmentally sustainable, and cost-efficient attributes of biased tires, the market for agriculture tires will continue to see clear dominance of biased tire segment throughout the period of forecast. With more than 73% share in market valuation, this segment is likely to be at the forefront and the report majorly attributes this to sustained prominent of this tire type across the key Asian markets, i.e., China, and India. Gradually decreasing availability of natural rubber may however create a long-term roadblock for radial tire manufacturers, indicates the report.
On the other hand, there has been growing awareness among farmers recently regarding the advantages of high-performance radial tires, which is expected to fortify the growth potential of radial tire segment. Aftermarket sales have played a pivotal role in maintaining the buoyancy of agriculture tire businesses. This however continues to dampen the new agriculture vehicle sales, which holds direct influence on the OE sales segment of agriculture tires market.
Key Report Highlights
- More frequent sales of tires across agriculture industry when compared to that in construction, and mining industries underline sustained market growth
- Technological headwinds in global tire industry to augment and support the agriculture production and works digitally
- The market in developed regions largely leverages soaring farmers’ spending
Insights into Regional Analysis
Agriculture industry of the highly populous Asian economies such as China, and India is creating massive tailwinds for the expansion of agriculture tire sales. The advancing manufacturing processes, and the deepening next-gen technology penetration across the various farming activities collectively uphold the performance of agriculture tires market in Asia Pacific. The region currently accounts for more than 68% market value share and is expected to reflect high growth potential in long run. Rapidly rising rates of precision farming adoption, as well as widening acceptance of smart agriculture are likely to heavily contribute toward the market growth here. With some of the leading manufacturers of the industry eying the region for expansion, the market will witness notable expansion in the near future. Supportive regulatory structure will further complement the scenario, says the report.
Major Competitors in Global Agriculture Tires Market
Yokohama Rubber Co., Ltd., Continental AG, Bridgestone Corporation, Trelleborg AB, Sumitomo Rubber Industries Ltd., Balkrishna Industries Limited, Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin (CGEM), Prometeon Tyre Group S.r.l., Titan Tire Corporation
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2027 | |
| Market Size in 2022 | US$10 Bn | |
| Estimated Market Size in 2021 | US$12.5 Bn | |
| CAGR | 4.1% | |
| Key Players | Yokohama Rubber Co., Ltd., Continental AG, Bridgestone Corporation, Trelleborg AB, Sumitomo Rubber Industries Ltd., Balkrishna Industries Limited, Pirelli & C. S.p.A. | |
The Global Agriculture Tires Market is Segmented as Below:
By Application Coverage
- Tractors
- Harvesters
- Implements
- Irrigation
- Forestry
- Others
By Tire Type Coverage
- Bias
- Radial
By Equipment Horsepower Coverage
- 0-80 HP
- 80-200 HP
By Sales Channel Coverage
- OEM
- Aftermarket
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Bridgestone Corp.
- Continental AG
- Balakrishna Industries Ltd. (BKT)
- Yokohama Rubber
- Michelin
- Titan International Inc.
- Sumitomo Rubber Industries, Ltd.
Inside This Report You Will Find:
1. Executive Summary
2. Agriculture Tires Market Outlook
3. Global Agriculture Tires Market Outlook, 2019 - 2027
4. North America Agriculture Tires Market Outlook, 2019 - 2027
5. Europe Agriculture Tires Market Outlook, 2019 - 2027
6. Asia Pacific Agriculture Tires Market Outlook, 2019 - 2027
7. Latin America Agriculture Tires Market Outlook, 2019 - 2027
8. Middle East & Africa Agriculture Tires Market Outlook, 2019 - 2027
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/agriculture-tires-market/more-information
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