North America Agricultural Tires Market Size By Sales Channel, By Radial Size, By Application, By Geographic Scope And Forecast

North America Agricultural Tires Market Size And Forecast

North America Agricultural Tires Market size was valued at USD 937.27 Million in 2023 and is projected to reach USD 1,282.09 Million by 2030, growing at a CAGR of 5.36% during the forecast period 2024-2030.

North America Agricultural Tires Market Drivers

The market drivers for the North America Agricultural Tires Market can be influenced by various factors. These may include

• Sales of Agricultural MachineryThe demand for agricultural tyres is directly impacted by sales of agricultural machinery, including harvesters, combines, and tractors. The need for tyres to outfit these machines rises in response to higher sales of farm equipment.
• Technological developmentsNew tyre technologies, such as airless tyres, radial tyres, and precision agriculture solutions, encourage consumers to replace their outdated tyres with more robust and energy-efficient models, which in turn accelerates market expansion.
• Government Subsidies and PoliciesThe agricultural sector’s demand for tyres may be boosted by government initiatives that promote agricultural development, such as incentives for sustainable farming methods or subsidies for farm equipment.
• Crop Production TrendsThe need for agricultural tyres is influenced by variations in crop production levels brought on by variables such as weather, market demand, and governmental regulations. An increase in crop yield is usually accompanied by a rise in the need for tyres and agricultural equipment.
• Trend towards Larger Farm OperationsThe demand for larger, more durable tyres that can support heavier loads and offer superior traction is driven by the trend towards larger farm operations, which is typified by an increase in the area under cultivation and the employment of larger, more powerful machinery.
• Replacement CycleThe market’s recurring demand for new tyres is determined by the replacement cycle of agricultural tyres, which is impacted by variables such as tyre durability, frequency of use, and maintenance procedures.
• Growing Mechanisation in AgricultureAs agricultural processes become more mechanised, there is a greater need for tyres for various types of agricultural machinery. This demand is a result of the requirement for enhanced productivity and efficiency.
• Environmental ConcernsThe introduction of tyre technology, such as low-pressure tyres and tyre inflation systems, that minimise soil disturbance and reduce fuel consumption is being driven by growing concerns about environmental sustainability and soil compaction.

North America Agricultural Tires Market Restraints

Several factors can act as restraints or challenges for the North America Agricultural Tires Market. These may include

• High CostBecause of their unique materials and design, agricultural tyres can be costly. Market expansion may be hampered by high costs, particularly for smaller farmers or agricultural enterprises with little funding.
• Volatility in Raw Material PricesA number of variables, including supply chain interruptions, geopolitical tensions, or shifts in demand, can affect the price of raw materials used in the production of tyres, such as steel and rubber. The total cost structure of agricultural tyres may be impacted by this volatility, which could hinder market expansion.
• The agricultural industry is prone to periodic oscillations that are impacted by several factors such as meteorological trends, commodity pricing, and governmental regulations. Farmers may postpone or cut back on purchases of new machinery, including tyres, during downturns, which may have an impact on consumer demand.
• Technological DisruptionsNew developments in agricultural technology and machinery, such precision farming or driverless cars, may eliminate the need for some tyres altogether or alter their specifications. For conventional tyre makers, adjusting to these technological disruptors might be difficult.
• Environmental RegulationsStricter rules governing the materials or manufacturing techniques used in agricultural tyres may result from a growing emphasis on environmental sustainability and emissions reduction. Adherence to these rules may raise manufacturing expenses and impede market expansion.
• Competition from Alternative SolutionsIn the agricultural industry, alternative solutions like tyre ballast, airless tyres, or tracks could pose a threat to conventional pneumatic tyres. These substitutes might have advantages like less compacted soil or longer lifespans, which would hinder the development of traditional agricultural tyres.
• Economic UncertaintyUncertainties in the economy, like as trade disputes, exchange rate swings, or geopolitical unrest, can affect investments in tyres as well as the activities associated with agriculture as a whole.
• Industry FragmentationThere are many small and medium-sized participants in the North American agricultural tyres industry, in addition to a few leading corporations. The market is relatively fragmented. Some firms may find their ability to grow in the market is limited by pricing pressure and fierce rivalry brought on by this fragmentation.

North America Agricultural Tires Market Segmentation Analysis

The North America Agricultural Tires Market is segmented on the basis of Sales Channel, Radial Size, Application, and Geography.

North America Agricultural Tires Market, By Sales Channel

• Original Equipment Manufacturers (OEMs)
• Replacement/aftermarket

Based on sales channel, The market is segmented into original equipment manufacturers (OEMs) and replacement/aftermarket. Replacement/Aftermarket accounted for the largest market share of 55.82% in 2021, with a market value of USD 1,402.45 Million and is projected to grow at a CAGR of 4.54% during the forecast period. OEM was the second-largest market in 2021, valued at USD 1,109.84 Million in 2021; it is projected to grow at the highest CAGR of 5.81%. The replacement/aftermarket channel type of agriculture tires refers to the sales and distribution of agriculture tires that are not originally manufactured for a particular piece of farming equipment, but are instead sold as replacements for worn or damaged tires. These tires are made by various manufacturers and are often compatible with a range of different farming equipment. They are sold through various channels such as tire dealerships, farm supply stores, and online retailers.

North America Agricultural Tires Market, By Radial Size

• 9.5R24
• 11.2R20
• 12.4R20
• others

Based on radial size, The market is segmented into 9.5R24, 11.2R20, 12.4R20, and others. The North America Agricultural Tires Market is experiencing a scaled level of attractiveness in the Radial Size segment. 9.5R24 accounted for the largest market share of 48.73% in 2020, with a market value of USD 1,224.31 Million and is projected to grow at a CAGR of 4.17% during the forecast period. 11.2R20 was the second-largest market in 2020, valued at USD 447.14 Million in 2020; it is projected to grow at a CAGR of 4.90%. However, Others is projected to grow at the highest CAGR of 6.66%.

12.4R20 is a tire size commonly used in the agriculture industry. The “12.4” part of the size designates the tire’s nominal section width in inches, and the “R20” part of the size designates the tire’s nominal rim diameter in inches. The “R” in the size designates that the tire is a radial construction tire. Agriculture tires are specifically designed for use in farming applications, and the 12.4R20 size is often used for larger equipment such as tractors, trailers, and loaders. These tires are designed to provide good traction, stability, and manoeuvrability in challenging field conditions, and are constructed to withstand the heavy loads and tough terrain encountered in agricultural operations.

North America Agricultural Tires Market, By Application

• Tractors
• Trailers
• Sprayers
• Combine Harvesters
• Loaders
• Others

Based on Application, The market is segmented into Tractors, Trailers, Sprayers, Combine Harvesters, Loaders, and Others. Tractors accounted for the largest market share of 84.15% in 2020, with a market value of USD 2,114.06 Million and is projected to grow at a CAGR of 5.03% during the forecast period. Trailers was the second-largest market in 2020, valued at USD 101.28 Million in 2020; it is projected to grow at a CAGR of 5.09%. However, Others is projected to grow at the highest CAGR of 7.25%.

Agriculture tractor tire players in North America are companies that specialize in producing and distributing tires specifically designed for use on tractors in the agriculture industry. Some of the well-known players in this market include, Bridgestone, Agriculture tractor tire players in North America are companies that specialize in producing and distributing tires specifically designed for use on tractors in the agriculture industry.

North America Agricultural Tires Market, By Geography

• United States
• Canada
• Mexico

Based on Geography, The North America Agricultural Tires Market is segmented into United States, Canada, and Mexico. U.S. accounted for the largest market share of 87.64% in 2021, with a market value of USD 2,201.73 Million and is projected to grow at a CAGR of 4.97% during the forecast period. Canada was the second-largest market in 2021, valued at USD 234.64 Million in 2021; it is projected to grow at the highest CAGR of 6.27%. The exploration of new farming terrains and changing farming equipment design led to rising demand for the potent rubber compound. The tire is the leading actor in transmitting power to the ground, making it your principal ally in the pulling power of your vehicle. Mechanical settings, the height of the studs, wear, and pressure are all elements that influence your daily work and the compaction of your soils, which can affect your profitability. One can optimize the productivity without too much effort by mastering specific techniques linked directly to your agricultural tires. The carcass, the tire frame, takes the highest loads during exploitation.

Growing awareness regarding the importance of technology in agriculture has led to technological innovation. This is owing to the rising adoption of farm tractors and other agricultural machinery, which yields high productivity gains. Integration of advanced technologies such as telematics systems and GPS in farm tractors is expected to boost the adoption of farm machinery. The autopilot system is a significant technological advancement in agricultural machinery. In this system, tractors, sprayers, and combines are mounted with GPS kits, and they can accurately drive themselves through fields. The tracking system is tied to the steering of tractors, freeing the operator from going through the area. Therefore, these factors are expected to propel the North American agriculture and farm machinery market growth over the forecast period

Key Players

The major players in the North America Agricultural Tires Market are

• Micheline North America
• Titan International Inc
• Mitas Tires
• Continental AG
• Bridgestone Americas
• Trelleborg AB
• Firestone Tire And Rubber Company
• Specialty Tires Of America IncMagna Tyres Group
• BKT
• CEAT Ltd.
• Yokohama Off-Highway Tires
• The Carlstar Group LLC
• Maxam Tires
• Apollo Tires
• Nokian Tyres PLC

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