U.S. Tractor Tire Market Industry Outlook & Forecast 2024-2029, Featuring Profiles of Key Players Alliance Tire Group, BKT, Firestone, Michelin, Titan and Trelleborg - ResearchAndMarkets.com

The "U.S. Tractor Tire Market - Industry Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The U.S. tractor tires market size by revenue is expected to grow at a CAGR of 3.12% from 2023 to 2029.

The U.S. tractor tires market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the market. Global brands not previously present in the U.S. are planning to enter the market. Furthermore, the U.S. tractor tires market is a dynamic segment of the agricultural tire industry.

Key players include Michelin, Bridgestone, and Titan International, focusing on technological advancements and sustainability. The industry is primarily driven by demand for radial tires due to their durability and efficiency, with a notable emphasis on the aftermarket segment. As agriculture mechanization increases, vendors adapt their strategies to meet evolving consumer needs and environmental standards.

The market growth trajectory is driven by several key factors contributing to year-over-year (YoY) expansion, such as:

• Increased Agricultural Mechanization: The ongoing trend towards mechanization in agriculture significantly boosts the demand for tractors, which drives the need for tractor tires. As farms adopt more advanced machinery to improve efficiency and productivity, the requirement for high-quality tires becomes critical.
• Technological Advancements: Innovation in tire technology, such as the development of radial tires and eco-friendly options, encourages farmers to upgrade their equipment. These advancements enhance performance and contribute to sustainability efforts in agriculture.
• Government Support and Subsidies: Various government initiatives promoting agricultural efficiency and sustainability are expected to bolster tire demand. For instance, subsidies for purchasing new tractors and equipment can lead to increased sales of tires as farmers modernize their fleets.
• Growing Demand for Food Production: With a rising global population and increasing food demand, farmers are under pressure to maximize yields. This necessitates using reliable and efficient agricultural machinery, including tractors equipped with quality tires, which supports the growth of the U.S. tractor tires market.
• Replacement Cycle: Tires' natural wear and tear leads to a consistent replacement cycle within the market. As existing tires age or become damaged, the need for new tires remains a steady driver of industry growth.
• Environmental Considerations: There is an increasing focus on environmentally sustainable farming practices, including using tires that minimize soil compaction and reduce fuel consumption. This trend is likely to influence purchasing decisions among farmers.

The U.S. tractor tires market is poised for significant growth over the coming years, supported by mechanization trends, technological innovations, government incentives, and an overarching need for increased food production efficiency. These factors collectively contribute to a robust market outlook as the agricultural sector evolves and adapts to modern challenges.

MARKET DRIVERS & TRENDS

Increasing Demand for Tractor Tire Replacement

The rising demand for replacement tractor tires in the U.S. stems from multiple factors, including the aging of current equipment, the need for tires that can support the increased size and power of modern tractors, and economic pressures faced by farmers. Technological advancements in tire design, such as the development of IF and VF tires, have further boosted this demand, as these innovations enhance performance and operational efficiency. Consequently, farmers prioritize investment in high-quality tires to maximize productivity and reduce maintenance costs.

Government Scheme & Financial Aid to the Farmers

Agriculture significantly contributes to the U.S. economy, with the industry accounting for nearly $1.2 trillion of the national GDP in 2023. The U.S. Department of Agriculture (USDA) offers various financial assistance programs to support the sector's growth and modernization, including machinery and equipment upgrade loans. These initiatives encourage farmers to invest in advanced machinery, including tractors and high-quality tires, driving the U.S. tractor tire market. The government supports agricultural efficiency and productivity by promoting sustainable practices and renewable energy solutions.

INSIGHTS BY PRODUCT TYPE

The U.S. tractor tires market by product type is segmented into radial tires and bias tires. The radial tires segment holds the most significant U.S. market share. Radial tires offer superior ride quality and can operate at lower pressures than traditional tires. They are constructed using a unique design involving rubber molded against two steel bands along the tire's circumference. Furthermore, their enhanced puncture resistance has led to an uptick in demand. Moreover, radial tires feature steel ply in their construction, providing increased durability.

The bead-to-bead structure, positioned at a 90 angle to the tire's centerline, reduces rolling resistance and increases flexibility. These benefits are anticipated to drive demand for radial tires in agricultural vehicles throughout the forecast period. Additionally, the development of innovative products by industry players, such as tires with tread designs for improved grip and stiffness on varied terrains, is expected to boost demand further in the U.S. tractor tires industry.

INSIGHTS BY SALES CHANNEL

The U.S. tractor tires market by sales channel is divided into Original Equipment Manufacturers (OEMs) and aftermarket. The aftermarket segment holds the largest market share. Enhanced consumer awareness and the growth of tire retail networks are expected to spur sales through aftermarket channels. Damaged tires can lead to soil compaction and reduced crop yields, necessitating regular maintenance and replacement. Also, maintaining agricultural tires in optimal condition is critical, with replacements becoming increasingly important due to the global expansion of farming activities.

This growing need for tire replacements is a key factor driving the aftermarket segment in the U.S. tractor tires industry. Further, the U.S. tractor tire aftermarket is moderately concentrated, with several key players dominating the industry. Major manufacturers include Bridgestone, Michelin, and Continental, known for their innovative products that enhance durability and performance in various agricultural applications.

VENDOR LANDSCAPE

Key Company Profiles

• Alliance Tire Group
• BKT (Balkrishna Industries Limited)
• Firestone
• Michelin
• Titan International
• Trelleborg

Other Prominent Vendors

• Continental
• Mitas
• Carlisle
• Vredestein
• Galaxy
• Linglong
• Hankook
• Pirelli
• Toyo Tires
• CEAT
• Yokohama

Key Attributes:

Key Topics Covered:

1. Scope & Coverage

2. Premium Insights

2.1. Opportunity Pockets

2.2. Market Maturity Indicator

2.3. Report Overview

2.4. Market Drivers & Trends

2.4.1. Increasing Demand for Tractor Tires Replacement

2.4.2. Government Scheme & Financial Aid to Farmers

2.5. Segmentation Analysis

2.6. Vendor Landscape

3. Market at a Glance

4. Introduction

4.1. Overview

4.2. Key Factors Driving the Demand for Tractor Tires in the US

4.3. Increase in Adoption of Precision Farming

5. Market Opportunities & Trends

5.1. Increasing Demand for Tractor Tires Replacement

5.2. Rising Adoption of Radial Tires Fuels Innovation in Agricultural Tires

6. Market Growth Enablers

6.1. Government Scheme & Financial Aid to Farmers

6.1.1. Government Schemes and Financial Aid

6.1.2. Technological Innovations

6.1.3. Increased Agricultural Efficiency

1.1.1 Recent Developments in the Market

6.2. Rising Demand for High-Performance Tractors in Large-Scale Farming

7. Market Restraints

7.1. Increasing Competition from Low-Cost Asian Manufacturers

7.2. Environmental Impacts of Agriculture and Tires

8. Market Landscape

8.1. Market Overview

8.2. Market Size & Forecast

8.3. Five Forces Analysis

9. Product Type

9.1. Market Snapshot & Growth Engine

9.2. Market Overview

9.3. Radial

9.4. Bias

10. Sales Channel

10.1. Market Snapshot & Growth Engine

10.2. Market Overview

10.3. Original Equipment Manufacturer (OEM)

10.4. Aftermarket

11. Geography

11.1. Market Snapshot & Growth Engine

11.2. Geographic Overview

11.3. Midwest

11.4. South

11.5. West

11.6. Northeast

12. Competitive Landscape

12.1. Competition Overview

12.1.1. Recent Development by Top Brands

12.1.2. Key Innovations in Tractor Tire Technology

13. Key Company Profiles

13.1. Alliance Tire Group

13.2. Balkrishna Industries Limited (Bkt)

13.3. Firestone

13.4. Michelin

13.5. Titan International

13.6. Trelleborg

14. Other Prominent Vendors

14.1. Continental

14.2. Mitas

14.3. Carlisle

14.4. Vredestein

14.5. Galaxy

14.6. Linglong

14.7. Hankook

14.8. Pirelli

14.9. Toyo Tires

14.10. Ceat

14.11. Yokohama

15. Report Summary

15.1. Key Takeaways

15.2. Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/bcw5j6

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