Agricultural, Construction and Industrial Machinery Tyre Market

The article discusses the projected growth in the global market for tyres for agriculture, forestry, construction, industry, and other off-road vehicles. It covers consumption trends, production volumes, import and export statistics, and average prices for different types of tyres. The analysis highlights key countries dominating the market in terms of consumption, production, and trade. It also provides insights into the changes in market value and volume over the years, along with the anticipated CAGR for the period from 2022 to 2030.

Market Forecast

Driven by increasing demand for tyres for agriculture, forestry, construction, industry and other off the road vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 250M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $31.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

In 2022, consumption of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -3.1% to 213M units for the first time since 2016, thus ending a five-year rising trend. The total consumption volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, consumption reached the peak volume of 220M units, and then shrank modestly in the following year.

The value of the market for tyres for agriculture, forestry, construction, industry and other off the road vehicles worldwide reduced to $23.5B in 2022, waning by -1.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $23.9B, and then declined modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (50M units), the United States (42M units) and India (16M units), together accounting for 51% of global consumption. Brazil, Indonesia, the Netherlands, Pakistan, Germany, Mexico, Canada and Italy lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +20.0%), while vehicles for the other global leaders experienced more modest paces of growth.

In value terms, the largest agricultural, construction and industrial machinery tyre markets worldwide were the United States ($2.4B), India ($2.4B) and China ($1.7B), together comprising 28% of the global market. Mexico, Indonesia, Germany, Canada, the Netherlands, Brazil, Italy and Pakistan lagged somewhat behind, together accounting for a further 19%.

The Netherlands, with a CAGR of +21.6%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while vehicles for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of tyres for agriculture, forestry, construction, industry and other off the road vehicles was registered in the Netherlands (347 units per 1000 persons), followed by the United States (126 units per 1000 persons), Canada (105 units per 1000 persons) and Italy (67 units per 1000 persons), while the world average per capita consumption of agricultural, construction and industrial machinery tyre was estimated at 27 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the per capita consumption of tyres for agriculture, forestry, construction, industry and other off the road vehicles in the Netherlands totaled +19.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (+2.3% per year) and Canada (+3.8% per year).

Production

World Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

In 2022, after two years of growth, there was significant decline in production of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when its volume decreased by -5.7% to 184M units. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 26%. Global production peaked at 195M units in 2021, and then declined in the following year.

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank to $23B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. Over the period under review, global production of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak level at $25.3B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (92M units) remains the largest agricultural, construction and industrial machinery tyre producing country worldwide, accounting for 50% of total volume. Moreover, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles in China exceeded the figures recorded by the second-largest producer, India (26M units), fourfold. The third position in this ranking was taken by Indonesia (7.4M units), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+4.2% per year) and Indonesia (+5.7% per year).

Imports

World Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

In 2022, after five years of growth, there was significant decline in supplies from abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume decreased by -11.4% to 121M units. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 28%. As a result, imports reached the peak of 137M units, and then fell in the following year.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reached $15.3B in 2022. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

The United States was the key importing country with an import of about 43M units, which finished at 36% of total imports. Brazil (7.7M units) took a 6.4% share (based on physical terms) of total imports, which put it in second place, followed by Germany (5.4%). The following importers - Mexico (5M units), China (4.7M units), Italy (4.3M units), Canada (4.3M units), France (3.1M units), the UK (3M units), the Netherlands (2.9M units), Poland (2.7M units), Iran (2.6M units) and Australia (2.3M units) - together made up 29% of total imports.

Imports into the United States increased at an average annual rate of +3.3% from 2012 to 2022. At the same time, China (+47.6%), Iran (+14.8%), Australia (+9.1%), Italy (+6.1%), France (+5.7%), Canada (+4.6%), the UK (+3.5%), Germany (+2.0%), the Netherlands (+1.7%) and Mexico (+1.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +47.6% from 2012-2022. Brazil experienced a relatively flat trend pattern. By contrast, Poland (-1.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and the United States increased by +3.8 and +3.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.6B) constitutes the largest market for imported tyres for agriculture, forestry, construction, industry and other off the road vehicles worldwide, comprising 17% of global imports. The second position in the ranking was taken by Australia ($1.2B), with a 7.6% share of global imports. It was followed by Germany, with a 6.1% share.

In the United States, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased at an average annual rate of +1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Australia (-0.3% per year) and Germany (+1.8% per year).

Imports By Type

New pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles was the largest imported product with an import of about 79M units, which reached 65% of total imports. It was distantly followed by new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (22M units) and new pneumatic tyres used on agricultural or forestry vehicles and machines (21M units), together committing a 35% share of total imports.

Imports of new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, new pneumatic tyres used on agricultural or forestry vehicles and machines (+4.1%) and new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (+1.9%) displayed positive paces of growth. Moreover, new pneumatic tyres used on agricultural or forestry vehicles and machines emerged as the fastest-growing type imported in the world, with a CAGR of +4.1% from 2012-2022. From 2012 to 2022, the share of new pneumatic tyres used on agricultural or forestry vehicles and machines increased by +2.9 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($8.5B) constitutes the largest type of tyres for agriculture, forestry, construction, industry and other off the road vehicles imported worldwide, comprising 55% of global imports. The second position in the ranking was held by new pneumatic tyres used on agricultural or forestry vehicles and machines ($4.2B), with a 28% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of new pneumatic tyres used on construction, mining or industrial handling vehicles and machines imports stood at +1.1%. With regard to the other imported products, the following average annual rates of growth were recorded: new pneumatic tyres used on agricultural or forestry vehicles and machines (+1.9% per year) and new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles (-0.5% per year).

Import Prices By Type

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $126 per unit, increasing by 26% against the previous year. Over the period under review, the import price, however, saw a mild contraction. Over the period under review, average import prices attained the peak figure at $143 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($391 per unit), while the price for new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles ($33 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (-0.8%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $126 per unit in 2022, rising by 26% against the previous year. Overall, the import price, however, showed a slight shrinkage. Global import price peaked at $143 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Australia ($502 per unit), while Iran ($42 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

After two years of growth, overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -17.5% to 92M units in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 70% against the previous year. The global exports peaked at 112M units in 2021, and then fell rapidly in the following year.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded sharply to $13.4B in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 27% against the previous year. Over the period under review, the global exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

China was the largest exporter of tyres for agriculture, forestry, construction, industry and other off the road vehicles in the world, with the volume of exports reaching 47M units, which was near 50% of total exports in 2022. India (11M units) ranks second in terms of the total exports with a 12% share, followed by Vietnam (5.1%). Taiwan (Chinese) (3.8M units), Thailand (3.4M units), the United States (3.2M units), Germany (1.6M units), the Netherlands (1.6M units), Sri Lanka (1.5M units), the Czech Republic (1.4M units) and Turkey (1.4M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to agricultural, construction and industrial machinery tyre exports from China stood at -1.0%. At the same time, Vietnam (+16.4%), Germany (+15.1%), India (+9.7%), Taiwan (Chinese) (+5.2%), Turkey (+3.0%), Thailand (+1.7%) and the Czech Republic (+1.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +16.4% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, the United States (-2.7%) and Sri Lanka (-3.0%) illustrated a downward trend over the same period. While the share of India (+6.7 p.p.) and Vietnam (+3.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of China (-11 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest agricultural, construction and industrial machinery tyre supplying countries worldwide were China ($2.1B), India ($1.9B) and the United States ($1.7B), with a combined 42% share of global exports. The Czech Republic, the Netherlands, Thailand, Turkey, Vietnam, Germany, Sri Lanka and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 15%.

In terms of the main exporting countries, Vietnam, with a CAGR of +20.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

New pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles was the key exported product with an export of about 51M units, which resulted at 55% of total exports. New pneumatic tyres used on agricultural or forestry vehicles and machines (25M units) held the second position in the ranking, distantly followed by new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (17M units). All these products together held approx. 45% share of total exports.

New pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles was also the fastest-growing in terms of exports, with a CAGR of +5.0% from 2012 to 2022. At the same time, new pneumatic tyres used on agricultural or forestry vehicles and machines (+3.3%) displayed positive paces of growth. By contrast, new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (-7.2%) illustrated a downward trend over the same period. New pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles (+18 p.p.) and new pneumatic tyres used on agricultural or forestry vehicles and machines (+5.6 p.p.) significantly strengthened its position in terms of the global exports, while new pneumatic tyres used on construction, mining or industrial handling vehicles and machines saw its share reduced by -23.5% from 2012 to 2022, respectively.

In value terms, new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($7.8B) remains the largest type of tyres for agriculture, forestry, construction, industry and other off the road vehicles supplied worldwide, comprising 58% of global exports. The second position in the ranking was held by new pneumatic tyres used on agricultural or forestry vehicles and machines ($3.9B), with a 29% share of global exports.

For new pneumatic tyres used on construction, mining or industrial handling vehicles and machines, exports increased at an average annual rate of +1.7% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: new pneumatic tyres used on agricultural or forestry vehicles and machines (+2.9% per year) and new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles (-2.4% per year).

Export Prices By Type

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $145 per unit, surging by 33% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 57%. As a result, the export price attained the peak level of $212 per unit. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($469 per unit), while the average price for exports of new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles ($35 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (+9.5%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $145 per unit in 2022, surging by 33% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 57% against the previous year. As a result, the export price attained the peak level of $212 per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($523 per unit), while Taiwan (Chinese) ($27 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform