Agricultural Machinery and Tires Market is projected to grow at a CAGR of 7.0% to reach US$ 196.0 billion by 2034

Agriculture Machinery and tire equipment include a wide range of gear and instruments that aid in the execution of a variety of procedures aimed at improving production quality and volume. The benefits of using equipment include time savings, lower labor expenses, and the proper utilization of inputs to achieve desired output. The introduction of machinery has brought about significant improvements. The tires made especially for tractors, combine harvesters, and sprayers to operate effectively on agricultural terrain are known as agriculture tires. Farm tires have broader tread patterns and deeper tread depths to provide flotation and retain traction. Because agricultural tires have reduced air pressure, they provide improved terrain handling and less soil compaction. Agricultural Machinery and Tires Market was valued at US$ 105.8 billion in 2024 and is projected to grow at a CAGR of 7.0% to reach US$ 196.0 billion by 2034.

The report " Agricultural Machinery and Tires Market, By Machine (Tractors, Ploughing and Cultivating Machinery, Planting Machinery, Irrigation Machinery and Harvesting Machinery, and Others), By Tire Construction (Bias Tires and Radial Tires), By Application (Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Other), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Highlights:

• In 2019, Mahindra & Mahindra, a leading tractor manufacturer launched ARJUN NOVO 605, 50 HP technologically advanced tractor that can handle 40 applications, including puddling, harvesting, reaping, and haulage, among others.
• On January 31, 2020, AGCO Corporation introduced the new Fendt Momentum planter. The revolutionary design and versatility of this planter establish a new standard for seed placement accuracy and provide technologies to help overcome planting conditions that have historically challenged even emergence and resulted in less than optimum crop yields.

Analyst View:

Rising demand for farm tractors and harvesting machinery is expected to help the overall market grow, as these are used for multiple purposes, including harrowing, plowing, tilling, and planting. Growing awareness regarding the importance of technology in agriculture for the maximization of output is aiding the growth of the market. Increasing global population, which is in turn augmenting the consumption of food worldwide, is leading to heightened pressure to enhance food production. As agriculture and farm machinery enhances the efficacy of production, there has been significant demand for it in recent years. Increasing modernization and depreciation in agricultural land are other factors accelerating the agriculture and farm machinery market. The incorporation of monitoring systems, GPS systems, and self-driven Machines allows the precise use of material and increases fuel economy as well.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Agricultural Machinery and Tires Market, By Machine (Tractors, Ploughing and Cultivating Machinery, Planting Machinery, Irrigation Machinery and Harvesting Machinery, and Others), By Tire Construction (Bias Tires and Radial Tires), By Application (Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Other), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034"

Key Market Insights from the report:        

Agricultural Machinery and Tires Market Size was valued at US$ 105.8 billion in 2024 and is projected to grow at a CAGR of 7.0% to reach US$ 196.0 billion by 2034. The market report has been segmented on the basis of deployment machine, tire construction, application, and region.

• By machine, the tractor holds the prominent market share and also expected to dominate during forecast period.
• By tire construction, the radial tires segment holds a major market share, as radial tires run at a lower pressure than other tires and offer better ride ability.
• By application, Use of tractors with multiple farming equipment is expected to drive product demand in the application segment.
• By region, Asia Pacific agricultural machinery and tires market is projected to register a high CAGR over the forecast period owing to the growing demand and government initiatives to support the agriculture sector in the region are driving the market for agriculture tires and machinery.

Competitive Landscape:

The prominent player operating in the agricultural machinery and tires market includes Bridgestone Corporation (Firestone), Titan International, Inc. (Goodyear Tires), BKT, Continental Reifen Deutschland GmbH, Michelin, Deere & Company, CNH Industrial N.V., AGCO Corporation, Mahindra and Mahindra Ltd., Kubota Corporation.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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