Agriculture Tyre Market by Type (Bias, Radial) by Sales Channel (OEM, Aftermarket) by Application (Harvesters, Tractors, Irrigation, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

Published Date: 15-Feb-2021 Category: Chemical & Materials Report Format : PDF Pages: 110 Report Code: ZMR-5821 Status : Published

The agriculture tyre market is set for a rapid growth over the forecast period. In terms of revenue, the global agriculture tyre market accounted for USD 4,952.50 Million in 2019 and is expected to reach USD 6,957.58 Million by 2026, growing at a CAGR of 4.98%

Description

The agriculture tyre market is set for a rapid growth over the forecast period. In terms of revenue, the global agriculture tyre market accounted for USD 4,952.50 Million in 2019 and is expected to reach USD 6,957.58 Million by 2026, growing at a CAGR of 4.98%

Global Agriculture Tyre Market: Overview

Agriculture tyres are usually built with robust shoulder walls and are made of high-density, wear-resistant compounds. It allows the tyres last longer on the track, allowing a multipurpose use of the vehicle. However, it is important to take note of the application of the vehicle when buying agriculture tractor tyres. There are various types of tractor tyres for transportation and agricultural use. Tractor tyres, for farm use, cannot offer as much mileage as tractor tyres, for transportation and road use.

Tractor tyre for agriculture normally last longer than the typical car or bike tyre. However, with certain precautionary measures and tests, users can get more mileage out of agriculture purpose tyres and thus save on long-term maintenance costs. The regular test of the air pressure of the tractor tyres – front and back is also an important factor. Maintaining perfect air pressure helps prevent rough road wear outs and improves the fuel efficiency of the agricultural vehicle.

One of the big concerns that end users face is to distinguish between the prices of different agricultural tyre brands. Consumers are confused whether to invest in expensive quality agricultural tyres or go for low-end tyres that are affordable. The agricultural tyre industry is largely consolidated, with key players accounting for more than 45 per cent of the market share. As the rest of the market share is controlled by emerging and other fragmented players, many unscrupulous agricultural tyre manufacturers offer discount rate agricultural tyres produced from low-quality raw materials to customers. Prominent market players are therefore educating clients about the construction of casings and listings of high-tech agricultural tyres in order to increase their market uptake.

In addition, beneficial characteristics such as cross-stabilizing ply and durable sidewalls in high-end agricultural tyres build consumer value.

Global Agriculture Tyre Market: Growth Factors

Rising mechanization in agriculture in the Middle East and Africa and Latin America regions is anticipated to raise the agricultural tyre demand in these regions.  Financial assistance and subsidies from government bodies and food organizations, such as the Food and Agriculture Organization (FAO), is encouraging the demand for agricultural tractors in developing economies, thereby propelling the agricultural tyre demand in these countries.

Previously, tractors were used for basic applications such as plowing and tilling. Tractors are currently engaged in a number of activities, such as harvesting, fertilizer spreader, and irrigation. Thus, more advanced tyres, with wider rim sizes, are typically used today, which tend to be more expensive as they are less common. The largest agricultural tyre had a diameter of 243 inches until 2009, but tyre manufacturers now sell sizes as wide as 256 inches. In terms of sales, the overall rise in the size of the tyre has fueled the price of the tyre and is, in turn, stimulating the market. Overall, there is a high demand for rugged and economical all-round tyres and tyre for winter and other demanding conditions.

Intelligent hybrid tyres are a new introduction to the agricultural tyre industry. Manufacturers are growing their R&D activities to incorporate pressure sensors into tyres, allowing the operator to minimize field soil compaction and reduce road wear. Hybrid agricultural tyres allow the operator to change the pressure according to the task efficiently.

The agricultural tyre market is projected to grow at a favorable CAGR of 4.98% during the forecast period. The ever-evolving nature of the agricultural industry, however, poses extra challenges for businesses in the tyre market. Therefore, companies cooperate with producers of tractors and farm equipment to fulfill particular end-user specifications.

The price of raw materials such as natural rubber and Brent crude is primarily determined by the manufacturing cost of the tyre. Market price instability has a negative effect on the manufacturers of tyres.

Impact due to the outbreak of COVID-19

As firms in the agricultural tyre industry were gaining confidence in 2020 after overcoming trade tensions and adverse weather in 2019, which hindered rubber planting and harvesting activities across North America, the outbreak of COVID-19 (coronavirus) caused further disruption in the business environment. Apollo Tyres Ltd., an Indian tyre manufacturing company, on the other hand, is scaling down its passenger vehicle operation and is concentrating now on the sales of agricultural tyres in the Netherlands, Europe.

Manufacturers comply with the rules set out in the local health advisory to conduct their development activities during the COVID-19 period. Several production units are temporarily halted to flatten the COVID-19 curve. Meanwhile, companies in the agricultural tyre industry are making efforts to determine market conditions in order to re-open their manufacturing facilities.

Global Agriculture Tyre Market: Segmentation

On the basis of application, the global agricultural tyre market is divided into tractors, harvesters, irrigation and others. In 2019, the tractor segment held a leading share of the global agricultural tyre market due to the growth in commercial farming and government initiatives. The irrigation segment is expected to grow at a fastest rate due to the growth in pivot irrigation that drive the market for irrigation tyres.

In terms of tyre type, the bias tyres segment dominated the global agricultural tyre market. Radial tyres had the highest presence in Europe and had a relatively limited market share in Asia-Pacific, Latin America and the Middle East and Africa in 2019. Developing regions such as Asia-Pacific, Latin America, and the Middle East and Africa are cost sensitive economies, so customers are not choosing expensive radial tyres. Declining raw material prices, cost of production and increased consumer purchasing power are anticipated to fuel demand for radial tyres in these developing regions.

Based on sales channel, the agricultural tyre industry is categorized into OEM and aftermarket. The aftermarket segment maintained a leading global market share in 2019 due to the nature of wear and tear of the tyre and the need for regular maintenance. The OEM segment is expected to expand due to the increase in sales of tractors and agricultural equipment in Latin America & Middle East & Africa during the projected timeline.    

Global Agriculture Tyre Market: Regional Analysis

By Geography, the agriculture tyre market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.

Asia Pacific held a significant share of the global agricultural tyre market in 2019, with China and India making a big contribution. China and India together account for a large number of tractors used globally. They therefore offer major opportunities for agricultural tyres. The availability of key raw materials such as natural rubber, low-cost labor and strong domestic demand for tyres has enabled the emergence and expansion of key players in the region.

Asia Pacific is followed by North America and Europe in terms of global market share, with the United States, France, Germany, Turkey, and Italy, making a significant contribution to the region. The agricultural tyre market in these regions is projected to expand with a rise in population and an increasing mechanization rate, fueling the use of tractors, thereby, driving the demand for agricultural tyre.

Global Agriculture Tyre Market: Competitive Players

The major players in the global agriculture tyre market include Balkrishna Industries Limited (BKT), China National Rubber Tire Co., Continental AG, Bridgestone Corporation, MICHELIN, Mitas, Pirelli & C. S.p.A., Trelleborg AB, Sumitomo Rubber Industries Ltd., and Titan International, Inc among others.

The report segment of global agriculture tyre market are as follows:

Global Agriculture Tyre Market: Type Segment Analysis

  • Bias
  • Radial

Global Agriculture Tyre Market: Sales Channel Segment Analysis

  • OEM
  • Aftermarket

Global Agriculture Tyre Market: Application Segment Analysis

  • Harvesters
  • Tractors
  • Irrigation
  • Others

Global Agriculture Tyre Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description
      • 1.1.1. Objective
      • 1.1.2. Target Audience
      • 1.1.3. Unique Selling Proposition (USP) & Offerings
    • 1.2. Research Scope
    • 1.3. Research Methodulogy
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodulogy
      • 1.3.3. Level 1: Primary Research
      • 1.3.4. Level 2: Secondary Research
      • 1.3.5. Level 3: Data Validation and Expert Panel Assessment Report Description and Scope
  • Chapter 2. Executive Summary
    • 2.1. Global Agriculture Tyre Market, 2016-2026, (USD Million)
    • 2.2. Agriculture Tyre Market: Market snapshot
  • Chapter 3. Global Agriculture Tyre Market – Industry Analysis
    • 3.1. Introduction
    • 3.2. Industry ecosystem analysis
    • 3.3. Technulogy landscape
    • 3.4. Market Drivers
      • 3.4.1. North America
      • 3.4.2. Europe
      • 3.4.3. Asia Pacific
      • 3.4.4. Latin America
      • 3.4.5. MEA
    • 3.5. Restraints
    • 3.6. Opportunity
    • 3.7. Innovation & sustainability
    • 3.8. Regulatory landscape
    • 3.9. Porter’s Five Forces Analysis
    • 3.10. PESTLE Analysis
    • 3.11. Agriculture Tyre Market: Market Attractiveness Analysis
      • 3.11.1. Market Attractiveness Analysis by Type Segment
      • 3.11.2. Market Attractiveness Analysis by Sales Channel Segment
      • 3.11.3. Market Attractiveness Analysis by Application Segment
  • Chapter 4. Global Agriculture Tyre Market - Competitive Landscape
    • 4.1. Company Market Share Analysis, 2019
    • 4.2. Strategic Development
      • 4.2.1. Acquisitions and Mergers
      • 4.2.2. New Product Launch
      • 4.2.3. Agreements, Partnerships, Cullaborations and Joint Ventures
      • 4.2.4. Research & Development and Regional Expansion
  • Chapter 5. Agriculture Tyre Market – Type Segment Analysis
    • 5.1. Global Agriculture Tyre Market Revenue Share, by Type, 2019 & 2026 (USD Million)
    • 5.2. Global Agriculture Tyre Market by Bias, 2016 – 2026 (USD Million)
    • 5.3. Global Agriculture Tyre Market by Radial, 2016 – 2026 (USD Million)
  • Chapter 6. Agriculture Tyre Market – Sales Channel Segment Analysis
    • 6.1. Global Agriculture Tyre Market Revenue Share, by Sales Channel, 2019 & 2026 (USD Million)
    • 6.2. Global Agriculture Tyre Market by OEM, 2016 – 2026 (USD Million)
    • 6.3. Global Agriculture Tyre Market by Aftermarket, 2016 – 2026 (USD Million)
  • Chapter 7. Agriculture Tyre Market – Application Segment Analysis
    • 7.1. Global Agriculture Tyre Market Revenue Share, by Application, 2019 & 2026 (USD Million)
    • 7.2. Global Agriculture Tyre Market by Harvesters, 2016 – 2026 (USD Million)
    • 7.3. Global Agriculture Tyre Market by Tractors, 2016 – 2026 (USD Million)
    • 7.4. Global Agriculture Tyre Market by Irrigation, 2016 – 2026 (USD Million)
    • 7.5. Global Agriculture Tyre Market by Others, 2016 – 2026 (USD Million)
  • Chapter 8. Agriculture Tyre Market - Regional Analysis
    • 8.1. Global Agriculture Tyre Market: Regional Overview
      • 8.1.1. Global Agriculture Tyre Market Revenue Share, By Region, 2019 & 2026 (USD Million)
    • 8.2. North America
      • 8.2.1. North America Agriculture Tyre Market Revenue 2016 – 2026 (USD Million)
      • 8.2.2. North America Agriculture Tyre Market Revenue, By Type, 2016 – 2026 (USD Million)
      • 8.2.3. North America Agriculture Tyre Market Revenue, By Sales Channel, 2016 – 2026 (USD Million)
      • 8.2.4. North America Agriculture Tyre Market Revenue, By Application, 2016 – 2026 (USD Million)
      • 8.2.5. U.S.
        • 8.2.5.1. U.S. Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.2.5.2. U.S. Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.2.5.3. U.S. Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.2.6. Canada
        • 8.2.6.1. Canada Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.2.6.2. Canada Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.2.6.3. Canada Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.2.7. Mexico
        • 8.2.7.1. Mexico Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.2.7.2. Mexico Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.2.7.3. Mexico Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
    • 8.3. Europe
      • 8.3.1. Europe Agriculture Tyre Market Revenue 2016 – 2026 (USD Million)
      • 8.3.2. Europe Agriculture Tyre Market Revenue, By Type, 2016 – 2026 (USD Million)
      • 8.3.3. Europe Agriculture Tyre Market Revenue, By Sales Channel, 2016 – 2026 (USD Million)
      • 8.3.4. Europe Agriculture Tyre Market Revenue, By Application, 2016 – 2026 (USD Million)
      • 8.3.5. UK
        • 8.3.5.1. UK Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.5.2. UK Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.5.3. UK Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.6. France
        • 8.3.6.1. France Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.6.2. France Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.6.3. France Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.7. Germany
        • 8.3.7.1. Germany Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.7.2. Germany Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.7.3. Germany Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.8. Italy
        • 8.3.8.1. Italy Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.8.2. Italy Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.8.3. Italy Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.9. Spain
        • 8.3.9.1. Spain Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.9.2. Spain Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.9.3. Spain Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.10. Russia
        • 8.3.10.1. Russia Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.10.2. Russia Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.10.3. Russia Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.3.11. Rest of Europe
        • 8.3.11.1. Rest of Europe Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.3.11.2. Rest of Europe Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.3.11.3. Rest of Europe Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
    • 8.4. Asia Pacific
      • 8.4.1. Asia Pacific Agriculture Tyre Market Revenue 2016 – 2026 (USD Million)
      • 8.4.2. Asia Pacific Agriculture Tyre Market Revenue, By Type, 2016 – 2026 (USD Million)
      • 8.4.3. Asia Pacific Agriculture Tyre Market Revenue, By Sales Channel, 2016 – 2026 (USD Million)
      • 8.4.4. Asia Pacific Agriculture Tyre Market Revenue, By Application, 2016 – 2026 (USD Million)
      • 8.4.5. China
        • 8.4.5.1. China Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.5.2. China Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.5.3. China Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.4.6. Japan
        • 8.4.6.1. Japan Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.6.2. Japan Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.6.3. Japan Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.4.7. India
        • 8.4.7.1. India Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.7.2. India Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.7.3. India Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.4.8. Australia
        • 8.4.8.1. Australia Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.8.2. Australia Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.8.3. Australia Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.4.9. South Korea
        • 8.4.9.1. South Korea Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.9.2. South Korea Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.9.3. South Korea Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.4.10. Rest of Asia Pacific
        • 8.4.10.1. Rest of Asia Pacific Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.4.10.2. Rest of Asia Pacific Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.4.10.3. Rest of Asia Pacific Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
    • 8.5. Latin America
      • 8.5.1. Latin America Agriculture Tyre Market Revenue 2016 – 2026 (USD Million)
      • 8.5.2. Latin America Agriculture Tyre Market Revenue, By Type, 2016 – 2026 (USD Million)
      • 8.5.3. Latin America Agriculture Tyre Market Revenue, By Sales Channel, 2016 – 2026 (USD Million)
      • 8.5.4. Latin America Agriculture Tyre Market Revenue, By Application, 2016 – 2026 (USD Million)
      • 8.5.5. Brazil
        • 8.5.5.1. Brazil Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.5.5.2. Brazil Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.5.5.3. Brazil Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.5.6. Argentina
        • 8.5.6.1. Argentina Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.5.6.2. Argentina Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.5.6.3. Argentina Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.5.7. Rest of Latin America
        • 8.5.7.1. Rest of Latin America Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.5.7.2. Rest of Latin America Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.5.7.3. Rest of Latin America Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
    • 8.6. Middle East & Africa
      • 8.6.1. Middle East & Africa Agriculture Tyre Market Revenue 2016 – 2026 (USD Million)
      • 8.6.2. Middle East & Africa Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
      • 8.6.3. Middle East & Africa Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
      • 8.6.4. Middle East & Africa Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.6.5. GCC Countries
        • 8.6.5.1. GCC Countries Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.6.5.2. GCC Countries Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.6.5.3. GCC Countries Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.6.6. South Africa
        • 8.6.6.1. South Africa Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.6.6.2. South Africa Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.6.6.3. South Africa Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
      • 8.6.7. Rest of MEA
        • 8.6.7.1. Rest of MEA Agriculture Tyre Market Revenue, by Type, 2016 – 2026 (USD Million)
        • 8.6.7.2. Rest of MEA Agriculture Tyre Market Revenue, by Sales Channel, 2016 – 2026 (USD Million)
        • 8.6.7.3. Rest of MEA Agriculture Tyre Market Revenue, by Application, 2016 – 2026 (USD Million)
  • Chapter 9. Company Profiles
    • 9.1. Balkrishna Industries Limited (BKT)
      • 9.1.1. Overview
      • 9.1.2. Financials
      • 9.1.3. Product portfulio
      • 9.1.4. Business strategy
      • 9.1.5. Recent developments
    • 9.2. *Same information will be provided for below mentioned companies*
      • 9.2.1. China National Rubber Tire Co.
      • 9.2.2. Continental AG
      • 9.2.3. Bridgestone Corporation
      • 9.2.4. MICHELIN
      • 9.2.5. Mitas
      • 9.2.6. Pirelli & C. S.p.A.
      • 9.2.7. Trelleborg AB
      • 9.2.8. Sumitomo Rubber Industries Ltd.
      • 9.2.9. Titan International, Inc.
      • 9.2.10. Others

Methodology


Frequently Asked Questions

Rising mechanization in agriculture in the Middle East and Africa and Latin America regions is anticipated to raise the agricultural tyre demand in these regions.  Financial assistance and subsidies from government bodies and food organizations, such as the Food and Agriculture Organization (FAO), is encouraging the demand for agricultural tractors in developing economies, thereby propelling the agricultural tyre demand in these countries.

Previously, tractors were used for basic applications such as plowing and tilling. Tractors are currently engaged in a number of activities, such as harvesting, fertilizer spreader, and irrigation. Thus, more advanced tyres, with wider rim sizes, are typically used today, which tend to be more expensive as they are less common. The largest agricultural tyre had a diameter of 243 inches until 2009, but tyre manufacturers now sell sizes as wide as 256 inches. In terms of sales, the overall rise in the size of the tyre has fueled the price of the tyre and is, in turn, stimulating the market. Overall, there is a high demand for rugged and economical all-round tyres and tyre for winter and other demanding conditions.

Intelligent hybrid tyres are a new introduction to the agricultural tyre industry. Manufacturers are growing their R&D activities to incorporate pressure sensors into tyres, allowing the operator to minimize field soil compaction and reduce road wear. Hybrid agricultural tyres allow the operator to change the pressure according to the task efficiently.

The agricultural tyre market is projected to grow at a favorable CAGR of 4.98% during the forecast period. The ever-evolving nature of the agricultural industry, however, poses extra challenges for businesses in the tyre market. Therefore, companies cooperate with producers of tractors and farm equipment to fulfill particular end-user specifications.

The price of raw materials such as natural rubber and Brent crude is primarily determined by the manufacturing cost of the tyre. Market price instability has a negative effect on the manufacturers of tyres.

According to Zion Market Research, the Agriculture Tyre market is expected to generate revenue of around USD 6,957.58 Million by the end of 2026, growing at a CAGR of 4.98%.

By Geography, the agriculture tyre market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.

Asia Pacific held a significant share of the global agricultural tyre market in 2019, with China and India making a big contribution. China and India together account for a large number of tractors used globally. They therefore offer major opportunities for agricultural tyres. The availability of key raw materials such as natural rubber, low-cost labor and strong domestic demand for tyres has enabled the emergence and expansion of key players in the region.

Asia Pacific is followed by North America and Europe in terms of global market share, with the United States, France, Germany, Turkey, and Italy, making a significant contribution to the region. The agricultural tyre market in these regions is projected to expand with a rise in population and an increasing mechanization rate, fueling the use of tractors, thereby, driving the demand for agricultural tyre.

The major players in the global agriculture tyre market include Balkrishna Industries Limited (BKT), China National Rubber Tire Co., Continental AG, Bridgestone Corporation, MICHELIN, Mitas, Pirelli & C. S.p.A., Trelleborg AB, Sumitomo Rubber Industries Ltd., and Titan International, Inc among others.

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