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The Agricultural Tires Market has been segmented by Sales Channel Type (OEM and Replacement/Aftermarket), Application Type (Tractors, Combine Harvesters, Self-Propelled Sprayers, Attachments/Implements), Construction Type (Bias Tires and Radial Tires), and Geography.
Fastest Growing Market:
The agricultural tires market is expected to register a CAGR of over 4.5%, during the forecast period, 2020 - 2025.
The agricultural tires market has been segmented by sales channel type, application type, construction type, and by geography.
|Sales Channel Type|
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In case of OEM tires, after the warranty expiration, it is difficult for farmers to buy the same tires, due to the high price associated with these tires. As a result, the demand for replacement/aftermarket agricultural tires is continually increasing, as they are cost-effective, when compared to OEM tires, and there are numerous options available in the market (with products from different brands).
Additionally, the price of replacement/aftermarket tires ranges from USD 150 to USD 400, while that of OEM tires would be around USD 800 to USD 1,500. And farmers can easily procure these tires through both online and offline sources.
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Farm tires sales in the United States and Canada, have witnessed moderate growth during the first quarter of 2019, and is expected to continue with the same pace, despite a decline in farm income. The growth is mainly driven by the sale of new agricultural machinery, especially the small compact farm tractors. Although the commodity prices remain flat, farmers are demanding replacement tires and new equipment.
During July 2019, the US tractor sales have decreased slightly as compared to the same period last year:
Other countries in the North American region witnessed sluggish growth in the sale of farm equipment. Although farm tractor sales in Canada increased by 1.7%, other machinery, such as 4WD tractors, which witnessed a decline of 13%, self-propelled combines, which witnessed a decline of 4%, and 40-100 HP tractor sales witnessed a decline of 3%, in sales.
Although there has been a decline in sales of farm equipment, the region is expected to witness healthy growth rates over the forecast period, as manufacturers continue to develop powerful tractors for increased flexion and low sidewall technology-based farm tires.
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The major players in the agricultural tires market are Bridgestone Corporation (Firestone), Titan International Inc. (Goodyear Tires), BKT, Continental Reifen Deutschland GmbH, Michelin, among others.
Other companies in the industry include Carlisle Companies Incorp., Trelleborg Wheel Systems, McCreary Tire & Rubber Co. In order to maintain market dominance, the major companies are focusing on product upgradation and customization, to keep the overall product line, with robust offerings to the agricultural tires market.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Sales Channel Type
5.2 Application Type
5.2.2 Combine Harvesters
5.2.3 Self-Propelled Sprayers
5.3 Construction Type
5.3.1 Bias Tires
5.3.2 Radial Tires
5.4.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.4.4 Rest of the World
220.127.116.11 South Africa
18.104.22.168 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Bridgestone Corp
6.2.2 Continental AG
6.2.3 Balakrishna Industries Limited
6.2.4 Titan International, Inc.
6.2.5 Trelleborg AB
6.2.7 Nokian Tyres Oyj
6.2.8 Pirelli & C SpA (Prometeon Tyre Group)
6.2.9 Alliance Tire Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS