Market Size of North America Agricultural Tires Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.36 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Agricultural Tires Market Analysis
The North America Agricultural Tires Market was valued at USD 937.27 Million in 2021 and is projected to grow to USD 1282.09 Million by 2027, registering a CAGR of 5.36% in terms of revenue during the forecast period.
The COVID-19 pandemic bought the economic slow down in the United States as construction, agriculture, and other sector were hit badly owing to the supply chain disruptions and shortages in labor and supplies lead to a down in the sector and reflected in the GDP with a drop rate of 32.9%. Even though the market as a whole is doing well, demand is heavily influenced by the region's economic turmoil, which always has an impact on farmers' income and purchases of farm equipment. However, sales of farming equipment experienced a decline in 2020 due to the COVID-19 pandemic, which had a significant impact on the automotive and agriculture tire markets. North America is recovering from the pandemic and witnessing stable economic growth in 2021. The rise in manufacturing activities across the region is also creating lucrative opportunities for the market during the forecast period.
Over the medium term, The technology advancement in the agriculture activities, improvement in the agriculture vehicles and equipment's are rising the agriculture sectors, the increasing demand for agricultural products is increasing due to the rising standard of living, consumption, and foreign exports. The growth in demand for agricultural products is propelling the market growth for agricultural tires in North America.
The North American region exhibits a significant growth rate in farm mechanization. This factor is propelled by decreasing workforce in the agriculture sector in the United States Of America and Canada. The farm mechanization trend is increasing the agricultural yield as more tractors, and combine harvesters are being put into use.
Improvements are being made in traction and material technology due to the increasing demand for heavy-duty agricultural tires. The exploration of new farming terrains and change in the design of farming equipment is leading to rising demand for the strong rubber compound. Steel flex walls are currently being used in compound rubber tires, trailer tires, forestry tires, etc. to provide lower ground compaction.
The aforementioned technological advancements and innovations are propelling the growth of the agricultural tire market in North America.
North America Agricultural Tires Industry Segmentation
Agricultural tires are designed for vehicles used in agriculture or forestry such as tractors, combine harvesters, sprayers, spreaders, and many others. Such tires have a low inflation pressure which can be used for all-terrain conditions.
The North America Agricultural Tires Market is segmented into the sales channel, application type, tire type, and country.
Based on the Sales Channel, the market is segmented into OEM and Aftermarket/Replacement.
Based on the Application Type, the market is segmented into Combine Harvesters, Tractors, Trailers, Loaders, Sprayers, And Other Application Types.
Based on the Tire Type, the market is segmented into Radial Tires and Bias Tires.
Based on the Country, the market is segmented into the United States, Canada, and the Rest of North America.
For each segment, market sizing and forecast have been done based on value (USD Million).
| By Sales Channel Type | |
| OEM | |
| Replacement/Aftermarket |
| Application Type | |
| Tractors | |
| Combine Harvesters | |
| Sprayers | |
| Trailers | |
| Loaders | |
| Other Application Type |
| Tire Type | |
| Bias Tires | |
| Radial Tires |
| Country | |
| United States | |
| Canada | |
| Rest Of North America |
North America Agricultural Tires Market Size Summary
The North America Agricultural Tires Market is poised for significant growth, driven by advancements in agricultural technology and increasing demand for farm mechanization. The region's economic recovery post-COVID-19 has spurred manufacturing activities, creating lucrative opportunities for the agricultural tire sector. The trend towards farm mechanization, fueled by a decreasing workforce in agriculture, is enhancing agricultural yields and boosting the demand for agricultural tires. Technological innovations, such as telematics and driverless tractors, are further propelling market growth by increasing operational efficiency and addressing labor shortages. The introduction of high-technology tires and materials, like steel flex walls and Low Sidewall Technology, is enhancing traction and reducing soil compaction, thereby supporting the market's expansion.
Key players in the North American agricultural tire market, including Continental AG, Bridgestone Corporation, and Michelin North America Inc., are investing heavily in technological developments and expanding their manufacturing capabilities to meet the rising demand. The market is also benefiting from government initiatives and financial support, such as the Canadian Agricultural Loans Act, which encourages investment in agricultural equipment. Despite challenges posed by the pandemic, the agriculture sector in Canada and the United States is showing signs of recovery, with increased sales of agricultural vehicles and equipment. This growth is expected to drive the demand for agricultural tires, as both OEM and aftermarket sales rise to support the expanding agricultural activities in the region.
North America Agricultural Tires Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Sales Channel Type
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2.1.1 OEM
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2.1.2 Replacement/Aftermarket
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2.2 Application Type
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2.2.1 Tractors
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2.2.2 Combine Harvesters
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2.2.3 Sprayers
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2.2.4 Trailers
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2.2.5 Loaders
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2.2.6 Other Application Type
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2.3 Tire Type
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2.3.1 Bias Tires
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2.3.2 Radial Tires
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2.4 Country
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2.4.1 United States
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2.4.2 Canada
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2.4.3 Rest Of North America
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North America Agricultural Tires Market Size FAQs
What is the current North America Agricultural Tires Market size?
The North America Agricultural Tires Market is projected to register a CAGR of 5.36% during the forecast period (2024-2029)
Who are the key players in North America Agricultural Tires Market?
Michelin North America Inc., Titan International Inc., Mitas Tires, Continental AG and Bridgestone Americas Tire Operations, LLC are the major companies operating in the North America Agricultural Tires Market.
