Agricultural tires are specifically designed tires for use in farming vehicles and equipment. These tires are rugged and durable to withstand the demands of agricultural work and farming operations such as plowing, planting, harvesting, and more. The demand for agricultural tires is increasing owing to the growth in mechanization of farming activities across the globe.

The global Agricultural Tires Market is estimated to be valued at US$ 7061.26 Mn  in 2023 and is expected to exhibit a CAGR of 5.3% % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increasing mechanization in farming operations is expected to provide growth opportunities to the agricultural tires market during the forecast period. There is a rising trend of mechanization in agricultural production systems across major farming countries to improve farm productivity and efficiency. Mechanization helps reduce dependency on manual labor and save time and effort. It improves the adoption of advanced farming equipment such as tractors, harvesting machinery, planting equipment, and more which significantly drives the demand for specialized agricultural tires suitable for various farming activities. This growing mechanization in the agricultural sector is estimated to fuel the demand for agricultural tires during the forecast period from 2023 to 2030.

Porter's Analysis
Threat of new entrants: The agricultural tires market has moderate threat from new entrants due to high initial investment requirement for establishing manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers is high since agricultural tires are indispensable for farm equipment. Buyers can negotiate on price and quality.

Bargaining power of suppliers: A few tire manufacturers cater to this specialized segment, giving them higher bargaining power over OEMs and distributors.

Threat of new substitutes: There are no close substitutes for agricultural tires currently. Alternatives like solid tires have limitations.

Competitive rivalry: The market has global players competing on technology, price, distribution, and brand recognition.

SWOT Analysis
Strengths: Strong brand loyalty, vast distribution network, product innovation to improve longevity and traction.

Weaknesses: Seasonal demand, vulnerability to raw material price fluctuations, high R&D and marketing costs.

Opportunities: Growth in mechanized farming in developing countries, micromobility solutions, acquisition of regional players.

Threats: Trade wars and policies, changing weather patterns affecting cropping cycles, shift to rental services reducing ownership.

Key Takeaways

The global Agricultural Tires Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Rising food demand, mechanization of farms, and government initiatives to bolster the agricultural sector are driving market expansion.

North America dominates the global agricultural tires market with the largest share currently. Widely spread advanced agriculture and the growing trend of precision farming technologies have contributed to market growth in the region. Europe and Asia Pacific also hold significant shares and are projected to witness fast-paced growth during the forecast period.

Key players operating in the agricultural tires market are Phytex Australia, Bridgestone Corporation, TBC Corp, Titan International, Michelin, etc. These major players are focusing on new product launches and geographical expansion to strengthen their market presence. They are investing heavily in R&D to develop advanced tires with improved traction, durability and reduced soil compaction. Acquisitions of regional manufacturers are another key strategy adopted.

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