Agriculture Tire Market to Register Intensive Revenue Generation During 2019-2026

  • 09 May 2019

Sustainable farming practices are gaining traction to meet the needs of higher agricultural yields. Shrinking cultivation lands induce the need for advanced farming equipment automation which implies increased demand for agricultural vehicles. This, in turn, is augmenting the use of agriculture tires that offer soft footprint tailored based on farm terrain. Also, the already sold agriculture vehicles need periodic maintenance of agriculture tires fuelling the aftermarket demand. 
Sophisticated tire designing techniques to map a wide range of agricultural land topographic elements is further accelerating the growth of the global agriculture tire market. Awareness among small-scale farmers regarding restoration of organic farming and the role of modern agriculture vehicles is generating high demand for agriculture tire usage. Expanding the regional presence of OEMs and favourable foreign trade policies are further projected to drive the agriculture tire demand.

Factors Hampering the Agriculture Tire Market Growth
•    Government inclination to curb harmful environmental impact due to the use of certain farming vehicles
•    Inverted taxation policy i.e tax on raw rubber is higher than manufactured tires
•    Frequent fluctuations in raw material prices
•    Farming activities weather dependency  

Global Agriculture Tire Market, by Product 
+ Radial
+ Bias
Radial technology utilizes rubber-coated steel belts that offer improved puncture resistance. Also, owing to reduced rolling resistance, the running temperature of radial tires is much less compared to the rest of the counterpart. Thus radial segment accounts for the largest revenue share and is estimated to continue with steady CAGR in future.

Global Agriculture Tire Market, by Application 
+ Harvesters
+ Tractors
Tractors segment is the largest market holding segment due to the high penetration of multiple farming activities and improved turnaround time. New product development to suit specific farming process is estimated to fuel further growth of the tractor segment. Launch of damage-sensitive crops harvester is augmenting the demand for harvester tires which in turn is augmenting the growth of harvester segment at a healthy CAGR. 

Global Agriculture Tire Market, by Distribution 
+ Aftermarket
+ OEM

Global Agriculture Tire Market, by Region 
+ North America 
+ Latin America 
+ Europe 
+ Asia Pacific 
+ Rest of the World 
North America leads the revenue-based CAGR and upgrade of farming equipment in the near future is estimated to further boost the growth in this region. Rise in population and erratic weather conditions in the APAC region are fuelling the demand for rapid cultivation of crops by employing tractors and harvesters. Thus accelerating the demand for agriculture tires in the APAC region.

Competitive Landscape:   
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players  
+ Emerging players which are growing rapidly  
+ New Entrants   

FutureWise Key Takeaways  
+ Growth prospects 
+ SWOT analysis  
+ Key trends  
+ Key data-points affecting market growth  

Objectives of the Study:  
+ To provide an exhaustive analysis of the global agriculture tire market on the basis of product type, application, distribution, and regions
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
+ To evaluate and forecast micro-markets and the overall market  
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies   

 

Get unlimited analyst support and customise this study further to your requirements, contact [email protected]