Agricultural Tires Market | Size | Share | Forecast (2018-2023)
Agricultural Tires Market - Growth, Trends and Forecasts (2019 - 2024)

PUBLISHED

DEC 2017

Agricultural Tires Market - Growth, Trends and Forecasts (2019 - 2024)

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The Agricultural Tires Marke is expected to register a CAGR of 5.3% during 2017-2022 (the forecast period), reaching a market revenue of USD 1310.5 million by 2022.

The need for enhanced productivity and food demand has increased the use of various agricultural machinery, thus, the agriculture tire market is surging at a continuous rate. With the increasing urbanization and industrialization, the land use for agriculture purposes reduces and emphasis on farm mechanization increases, which further contributes to the agricultural tire market growth. As the market scenario is positive, the farmers’ income and purchasing power are heavily dependent on the economic status, worldwide. In addition, weather dependency of farm activities and commodity price volatility are some other factors restraining the market growth.

IMPROVEMENT IN TIRE DESIGN BY MANUFACTURES DRIVES THE MARKET GROWTH

The agricultural tires market is characterized by increasingly sophisticated tire designing. The market for radial tires had been growing, due to their specific designs that help to minimize the soil compaction. Moreover, with the powerful farm vehicles, the productivity and need for tires with improved traction on a wide range of surfaces are increasing.

The replacement tire segment is expected to constitute a major market share, due to the inherent efficiency that makes it universally applicable in varied agricultural purposes. Firestone (a part of Bridgestone) had the largest rear (both radial and bias) farm tires market share in 2016. Further, one of the biggest challenges the agricultural tires manufacturers face is the exposure to frequent raw material price fluctuations, primarily of steel and rubber. With a raw material intensive industry, the profit margins of the manufacturers are correlated with the raw materials prices, among which natural rubber constitutes around 40 to 45% of the total costs. Moreover, it worked as an advantage, for the past three years, as the prices dropped by 55-60% (especially in the United States), further, accelerating the agricultural tire business.

Natural Rubber Price (US cents per Pound) 2016

 

Asia Pacific is growing, due to the agricultural machinery demand, especially in India that covers a large irrigated land. Whereas owing to the high food demand, Europe and North America hold a combined market share of 60%,  which has influenced the agricultural tires market.

NOTABLE DEVELOPMENTS IN THE MARKET

  • In 2017, Continental AG planned to invest USD 53.78 million on agricultural tires production at Lousado plant, to increase its portfolio by next three years and cover about 100 different tires.
  • Bridgestone came up with new tire design known as VT- Combine, which is not only suitable for combine harvesters, but also for the forage harvesters, sugar beet and potato harvesters. 

 

Our report on Global Agricultural Tires Market covers:

  • Agricultural tires market trends & dynamics
  • Latest agricultural tires design technology and News
  • Porter’s five force analysis
  • Deep-dive insights
  • Agricultural tires market in different regions like North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.

1. INTRODUCTION

                1.1 STUDY DELIVERABLES

                1.2 GENERAL STUDY ASSUMPTIONS

2. RESEARCH METHODOLOGY

                2.1 INTRODUCTION

                2.2 ANALYSIS METHODOLOGY

                2.3 STUDY ASSUMPTIONS

                2.4 ECONOMETRIC FORECAST MODEL

3. EXECUTIVE SUMMARY

4. KEY FINDINGS OF THE STUDY

5. MARKET OVERVIEW AND TECHNOLOGY TRENDS

                5.1 CURRENT MARKET SCENARIO

                5.2 TECHNOLOGY TRENDS

                5.3 PORTER'S FIVE FORCES ANALYSIS

                                5.3.1 THREAT OF NEW ENTRANTS

                                5.3.2 THREAT OF SUBSTITUTE PRODUCTS/SERVICES

                                5.3.3 BARGAINING POWER OF SUPPLIERS

                                5.3.4 BARGAINING POWER OF BUYERS

                                5.3.5 INTENSITY OF COMPETITIVE RIVALRY

6. MARKET DYNAMICS

                6.1 DRIVERS

                6.2 RESTRAINTS

                6.3 OPPORTUNITIES

7. GLOBAL AGRICULTURAL TIRE MARKET SEGMENTATION, BY END USER TYPE

                7.1 ORIGINAL EQUIPMENT TIRES

                7.2 REPLACEMENT/AFTERMARKET TIRES

8. GLOBAL AGRICULTURAL TIRE MARKET SEGMENTATION, BY APPLICATION TYPE

                8.1 TRACTORS

                8.2 COMBINE HARVESTER

                8.3 SPRAYER

                8.4 TRAILERS

                8.5 LOADERS

                8.6 OTHERS (ROW-CROP, FLOATATION, FREE ROLLING, FORESTRY)

9. GLOBAL AGRICULTURAL TIRE MARKET SEGMENTATION BY CONSTRUCTION TYPE

                9.1 BIAS TIRES

                9.2 RADIAL TIRES

10. GLOBAL AGRICULTURAL TIRES MARKET, BY GEOGRAPHY

                10.1 NORTH AMERICA

                                10.1.1 UNITED STATES

                                10.1.2 CANADA

                                10.1.3 MEXICO

                                10.1.4 REST OF NORTH AMERICA

                10.2 EUROPE

                                10.2.1 GERMANY

                                10.2.2 UNITED KINGDOM

                                10.2.3 FRANCE

                                10.2.4 SPAIN

                                10.2.5 ITALY

                                10.2.6 REST OF EUROPE

                10.3 ASIA PACIFIC

                                10.3.1 CHINA

                                10.3.2 JAPAN

                                10.3.3 INDIA

                                10.3.4 AUSTRALIA

                                10.3.5 REST OF ASIA PACIFIC

                                10.3.6 SOUTH AMERICA

                                10.3.7 BRAZIL

                                10.3.8 ARGENTINA

                                10.3.9 OTHERS

                10.4 AFRICA & MIDDLE EAST

                10.5 SOUTH AFRICA

                10.6 OTHERS

11. COMPETITIVE LANDSCAPE

                11.1 INTRODUCTION

                11.2 MARKET SHARE ANALYSIS

12. COMPANY PROFILE

                12.1 FIRESTONE

                12.2 MICHELIN

                12.3 CONTINENTAL GROUP

                12.4 TITAN

                12.5 ATG

                12.6 MITAS

                12.7 ARMOUR TYRES

                12.8 BKT TIRES

                12.9 TRELLEBORG WHEEL SYSTEMS

                12.10 GOODYEAR

                12.11 CAMSO

                12.12 APOLLO TIRES

13. DISCLAIMER

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