Increasingly favourable government initiatives for the agricultural sector in various countries and development in technology of agricultural vehicles has increased the adoption of vehicles which lead to increase the sales of OTR tires.
According to the TechSci Research report, "Global Agricultural Tire Market -Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F", the global agricultural tire market is anticipated to grow at a decent rate in the forecast year 2023-2028. The global agricultural tire market is growing due change in way of farming across the globe in many countries. The increasing demand for the food security and increasing population has accelerated the way of modern farming. The agricultural sector in various countries has witness growth in the past few years. Various country’s government have invested in this sector due to which the demand for efficient and productive agricultural machinery end-products has increased in most of the developed nations, owing to which the agricultural tire market is expected to grow during the forecast period. Moreover, the expanding population and advancement in technology of agricultural vehicle equipment has raised the demand for the agricultural vehicles as well as for the OTR tires. This is one of the primary factors driving the global agriculture tire market growth.
In some regions, the demand for locally produced OTR tires increased after the trade war between China and other countries. Due to this trade war, import duties were increased due to which the price of OTR tires were also increased. As many countries, don’t have their own manufacturing plants for tires, they are mostly dependent on imported tires.
Additionally, with innovation in technology and growing demand in the agricultural market, many tire manufacturers has invested in the research and development for the new range of very high flexion agricultural tires.
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The global agricultural tire market is segmented based on by application type, by sales channel, by tire type, by region and by company. Based on application type, tractors dominated the market in the year 2022, and it is expected that same will grow with good share during the forecast year. Trailers come at the second position with the highest market share. The adoption of the advanced agricultural machinery tools in agricultural operations has increased in last few years, due to increased liberalization which has radically reinforced a structural evolution in the agricultural sector. In many countries the adoption of tractors, combine harvester, and loaders etc. has increased to lower the labor workload and as the agricultural sector is growing, many farmers have started to adopt agricultural vehicles. This advancement in agricultural sector has resulted in increase in sales of agricultural vehicles which has led to a rise in sales of OTR tires in the many countries across the globe.
In the regional segment, Asia Pacific has the highest market share and it is expected to grow during the forecasted period. In India, agriculture is the primary source of livelihood for more than 58% of the population. The Indian agricultural market is expected to grow in the coming year as more than the half population is heavily dependent on farming and every year agricultural sector is growing. Indian agricultural market has huge contribution toward the global food trade due to its enormous prospects for productivity improvement, especially in the food industry worldwide.
In the tire type segments, radial tires occupied the largest market share of more than 50% in the year 2022, and same is expected to grow in the coming year. The bias tries are in the market for the long time but after the introduction of radial tires many agricultural manufacturers shifted their preference toward the radial tires, as the design of radial tires are better than bias tires and also they have more benefits due to which agricultural manufacturers and in aftermarket the demand of radial tires are high compared to bias tires, but in some countries still nowadays, bias tires are preferred by the buyers.
Some of the major players operating in the global agricultural tire market include:
- Michelin Group
- Balkrishna Industries Limited (BKT)
- Apollo Tyres ltd
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Madras Rubber Factory Ltd
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Zhongce Rubber Group Co., Ltd.
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“Many companies are investing in research and development of agricultural tires sector, this will introduce advanced tires that will meet the demand of the buyers in the market, also in many countries governments are spending heavily to promote mechanization in agricultural fields, this will directly affect the agricultural tire market in positive way, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Agricultural Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Application Type (Tractors, Combine Harvester, Sprayers, Trailers, Loaders, Others), By Sales Channel (OEM, Aftermarket), By Tire Type (Bias Type, Radial Type) and By Region, Competition has evaluated the future growth potential of global agricultural tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global agricultural tire market.
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