Market Size of Europe Agricultural Tires Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.21 Billion |
| Market Size (2029) | USD 4 Billion |
| CAGR (2024 - 2029) | 5.32 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Agricultural Tires Market Analysis
The Europe Agricultural Tires Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 4 billion by 2029, growing at a CAGR of 5.32% during the forecast period (2024-2029).
Over the medium term, the agricultural sector of Europe has been one of the key land users and thus shapes maximum landscapes in several rural areas. In addition, agricultural land plays the most pivotal role in land use patterns across all the countries of the European Union. According to the European Energy Agency, the European Green Deal set the target that, by 2030, 25% of the EU’s agricultural area should be under organic farming.
Furthermore, the European government has been implementing CEMA AgriTech 2030 plans for bringing better advancement in the European agriculture industry. The AgriTech 2030, which was issued by the government in 2019, maps out its focus on witnessing the future of Europe's industry for its advanced agricultural machinery and solutions towards 2030 end. Under the plans, the government shall remain consistent with CEMA's mission in order to bring better-shared expertise and further shape the EU legislation for benefiting sustainable farming and the agricultural machinery sector.
Owing to a number of economic and environmental factors (direct and indirect impact on the environment due to different production methods and subsidies provided by the European Union to the farmers), high farm consolidation activities in the past few years affected the agricultural machinery market to a significant extent, especially in Europe, driving the demand for agricultural tires.
Farm consolidation necessitates the use of fertilizing and planting machinery to obtain sufficient and proper fertilizing of the crops in larger land structures, thereby facilitating the demand for agricultural tires and making companies focus on new launches. In July 2023, Yokohama Off-Highway Tires’ (YOHT) flagship brand Alliance recently released new sizes of the proven Agriflex+ 372 radial tire for tractors and harvesters in Europe. Thus, the above factors contribute to the market demand.
