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The Agricultural Tires Market has been segmented by Sales Channel Type (OEM and Replacement/Aftermarket), Application Type (Tractors, Combine Harvesters, Sprayers, Trailers, Loaders, and Other Application Types), Tire Type (Bias Tires and Radial Tires), and Geography.
Fastest Growing Market:
The agricultural tires market is expected to register a CAGR of over 5.13%, during the forecast period, 2020 - 2025.
The agricultural tires market has been segmented by sales channel type, application type, tire type, and by geography.
|Sales Channel Type|
|Other Application Types|
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Low-pressure tires cause less soil compaction, as lower-pressure radial tires create a more extended soil footprint to more evenly distribute the tractor's weight.
Early results from work done at the Harper Adams University also suggests that reducing tire pressure may have significant economic implications, including an average 4% yield increase using lower-pressure tires.
As a result, more versatile tires are being launched in the market, which reduces soil compaction and saves farmers' time, while meeting all the safety standards.
Technology companies are expanding its existing portfolio of comprehensive services, with a digital solution for end customers, dealers, and contractual partners, and they are further expanding its activities in the agricultural sector. For instance:
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The agricultural tires market in the US is projected to grow at a CAGR of 5.36 % during the forecast period.
The US agricultural sector has witnessed steady growth, with marginal production loss due to the COVID-19 pandemic. However, in 2019, trade tensions, coupled with bad weather hampered planting and harvesting throughout the country. As per the latest data released by the US Department of Agriculture, agricultural exports in 2020 accounted for USD 135.87 billion, while the agricultural imports amounted to USD 133.22 billion.
The US Department of Agriculture projects the country’s agricultural exports to amount to USD 152 billion during FY2021, driven by higher soybean and corn exports.
Replacement tire sales in the country witnessed a YoY decline of 9% in 2019, however, it is pegged for growth during the forecast period due to the positive outlook for the agriculture sector. The envisioned growth has encouraged tire manufacturers to enhance their production capacity and release new tire variants to cater to a larger market segment.
On this note, Nokian Tires and Continental A.G. are aiming to initiate commercial production at their newly constructed facilities in the US, which have been constructed at a capital investment of USD 360 million and USD 1.45 billion, respectively.
Because of the aforementioned reasons, the market in the United States is projected to grow at at high rate compared to other regions.
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The agricultural tires market is fragmented. 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 up-gradation and customization, to keep the overall product line, with robust offerings to the agricultural tires market. For instance,
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
5.2.6 Other Application Types
5.3 Tire Type
5.3.1 Bias Tires
5.3.2 Radial Tires
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 South Africa
184.108.40.206 Rest of the World
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 PLC
6.2.8 Pirelli & C SpA (Prometeon Tyre Group)
6.2.9 Alliance Tire Group
6.2.10 Apollo Tyres
7. MARKET OPPORTUNITIES AND FUTURE TRENDS