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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
