Ag Tire Market Expected to Grow in 2024

March 20, 2024

With 2023 in the rear-view mirror, BKT USA Inc. believes that blue skies are ahead for the U.S. ag tire market.

Alan Eskow, vice president, BKT USA Inc., recently told MTD that the 2023 ag tire market was “a bit of a rollercoaster ride.”

The year started with high inventory levels, “hence the opportunity to get new orders was difficult.”

Farmers were hesitant to buy new equipment and tires due to harsh winter conditions early in the year.

“If farmers have a successful harvest, then they will be more inclined to make new purchases,” said Eskow.

“Over the last couple of months, distributors’ inventory levels have started to return to normal and purchases have started to increase.

“In the first quarter of 2024, we expect that purchases will remain flat,” he noted.

“But from the second quarter of 2024 onwards, farmers will need to evaluate their need to maintain their equipment, which will help grow the ag tire market.

“For BKT, we expect double-digit growth in 2024,” said Eskow.