AGRICULTURAL TIRES MARKET ANALYSIS

Agricultural Tires Market Size and Trends

Global agricultural tires market is estimated to be valued at US$ 6.32 billion in 2024 and is expected to reach US$ 9.11 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

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Growing demand for farm equipment and the need to improve agricultural productivity are major factors that are expected to boost demand for agricultural tires. Technological advancements in tire design for improved traction, load-bearing capacity and reduced soil compaction are increasing the adoption of specialized agricultural tires. Furthermore, growing mechanization in developing markets is creating new opportunities for various agriculture equipment and attached tires. Tire manufacturers are focusing on introducing value-added and customized products with added features as per customer requirements to gain higher market share.

Growing Demand for Higher Farm Productivity

Growing global population and rising demand for food leads to increased pressure on farmers to boost their agricultural productivity and output. Agricultural tires play a vital role in enabling higher farm productivity through their various functional benefits. Tires with deeper tread patterns and larger surface areas are able to effectively maneuver through soil and withstand heavier loads, allowing farmers to plow deeper and transport more crops per trip. This helps increase the per-acre yield for various commodities. The tires also provide better traction and floatation to farming vehicles and equipment, reducing compaction of soil. This helps preserve the quality of farmland and supports repeatable high yields over many harvest seasons. As countries aim to meet the rising demand for food through domestic production, farmers are increasingly adopting high-performance agricultural tires to maximize their output through higher productivity per acre. This growing focus on boosting agricultural yields through advanced tire technologies boosts demand for agricultural tires worldwide.

For instance, in May 2022, Apollo Tyres launched a fresh lineup of agricultural tires specially crafted for tractors, aiming to enhance traction, fuel efficiency, and load-carrying capacity while minimizing soil compaction. Engineered with durable construction and innovative tread patterns, these tires are poised to elevate the performance and productivity of agricultural tractors.

Traditional manual practices are increasingly being replaced by modern machinery for various farming activities such as tilling, planting, fertilizing, crop protection, harvesting and post-harvest management. While mechanization helps improve efficiency, reduce costs and boost overall farm output, it has also led to a steep rise in the quantity of tractors, harvesters, applicators and other vehicles used on the fields. All of these machines depend highly on robust and heavy-duty tire sets to effectively navigate varied terrains and carry heavier loads. Moreover, modern tires allow faster transition between operations while maintaining safety and control.

For instance, in May 2023, Yokohama Off-Highway Tires (YOHT) launched AGRI STAR II R – I, a cutting-edge agricultural tire  in India. Featuring radial construction and incorporating 'Stratified Layer Technology' (SLT), this tire is engineered to meet the evolving requirements of modern tractor owners.