(MENAFN- America News Hour) “The report on
Agriculture Tire Market
was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter's five forces.
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Agriculture Tire Market: Overview The global agriculture tire market is anticipated to expand at a CAGR of ~ 4%
during the forecast period, owing to increased use of agricultural equipment worldwide to achieve better farm yields China, India, and the U.S. hold key shares of the agriculture tire market globally, owing to the presence of a larger number of in-use tractors and high sales of new tractors in these countries
Drivers of Agriculture Tire Market Growing mechanization in agriculture in Middle East & Africa and Latin America regions is projected to boost the agriculture tire market in these regions. Financial support and subsidies from various governments and food organizations, such as FAO, is boosting the adoption of tractors in developing countries and is thus, anticipated to drive the agriculture tire market in these countries. Tractors were earlier used for simple applications such as plowing, tilling. Presently, tractors perform an array of operations such as irrigation, harvesting, and fertilizer spreader; hence, more specialized tires with larger rim size are used, which are more expensive. Until
2009 , the largest agriculture tire had a circumference of 243 inches; however, currently, tire manufactures are offering sizes as large as 256 inches. The overall increase in the size of the tire has fueled the price of the tire and, in turn, is boosting the market, in terms of revenue.
Challenges for Agriculture Tire Market Manufacturing cost of the tire is largely dictated by the price of raw materials such as natural rubber and Brent crude. Volatility in the market price has a negative impact on tire manufacturers.
Segmentation of Agriculture Tire Market Based on application , the global agriculture tire market has been segregated into tractors, harvesters, implements, irrigation, forestry, and others. The tractor segment held a leading share of the global agriculture tire market in
2019,
due to government initiatives and commercial farming boosting the sales of tractors. The irrigation segment is anticipated to expand at a high growth rate, owing to trends such as pivot irrigation, which drive the demand for irrigation tires. Based on equipment horsepower , North America is witnessing a high demand for low & medium horsepower or 0-80HP equipment, as a majority of farms are family-owned, and consumers are opting for low interest rate purchase of affordable smaller tractors. The 80-200HP segment of the market in Europe and Asia Pacific region is estimated to expand significantly, as small fragmented farms are being acquired and being converted into larger commercialized farms that requires larger tractors. Furthermore, the use of implements and tractor attachments is increasing in Asia Pacific, which requires high horsepower tractors. This, in turn, is likely to boost the 80-200HP segment of the agriculture tire market in the region. Based on tire type , the bias tire segment dominated the global agriculture tire market. Radial tires have highest penetration in Europe and the segment held a relatively minor share of the market in Asia Pacific, Latin America, and Middle East & Africa in
2019 . Developing regions such as Asia Pacific, Latin America, and Middle East & Africa are price sensitive markets and hence, consumers refrain from buying expensive radial tires. Decrease in price of raw material and production cost and increase in consumer purchase power are estimated to boost the demand for radial tires in these developing regions. Based on sales channel , the agriculture tire market has been classified into OEM and aftermarket. The aftermarket segment held a leading share of the global market in
2019 , due to the wear and tear nature of the tire and requirement for periodic replacement. The OEM segment is anticipated to expand, due to the rise in sales of tractors and agriculture equipment in Latin America & Middle East & Africa during the forecast period.
Agriculture Tire Market: Regional Analysis Based on region, the global agriculture tire market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa Asia Pacific held a prominent share of the global agriculture tire market in 2019 with China and India being major contributors. China and India together account for a significantly high number of tractors in use worldwide. Thus, they offer significant opportunities to manufacturers of agriculture tires. Availability of key raw material such as natural rubber, inexpensive labor, and high domestic demand for tires has helped the emergence and expansion of key players in the region. Asia Pacific is followed by North America and Europe, in terms of share of the global market, with the U.S., Germany, France, Italy, and Turkey being major contributors in the region. The agriculture tire market in these regions is projected to expand with the increase in population and growing mechanization rate boosting the usage of tractors, which in turn is driving the demand for agriculture tire.
Agriculture Tire Market: Competition Landscape Major companies in the global agriculture tire market are expected to benefit from the formation of strategic associations with global players involved in the agriculture tire market. The market witnesses the existence of key players who have strong worldwide existence and firm establishments, coupled with diverse product portfolios. Prominent players operating in the global agriculture tire market include
Balkrishna Industries Limited (BKT) Bridgestone Corporation Continental AG MICHELIN Mitas China National Rubber Tire Co. Trelleborg AB Titan International, Inc. Sumitomo Rubber Industries Ltd.
Pirelli & C. S.p.A.
Agriculture Tire Market – Scope of the Report
The recent report on the agriculture tire market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the agriculture tire market analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This study on the agriculture tire market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the agriculture tire market gives readers an individual understanding of the market.
This study also discusses underlying trends and impact of various factors that are driving the agriculture tire market, along with their influence on the evolution of the market.
This study also offers Porter's Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the agriculture tire market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Agriculture Tire Market How much value will the agriculture tire market generate by the end of the forecast period? Which segment of the market is likely to have the maximum market share by 2030? What are the impact factors and their effects on the agriculture tire market? What regions currently contribute the maximum share to the overall agriculture tire market? What are the indicators expected to drive the agriculture tire market? What region is likely to be a lucrative market during the forecast period? What are the essential strategies by key stakeholders in the agriculture tire market to expand their geographic presence? What are the major advancements witnessed in the agriculture tire market? How regulatory norms affected the market for agriculture tire market?
This report answers these questions and more about the agriculture tire market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Agriculture Tire Market: Research Methodology
This report on the agriculture tire market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the agriculture tire market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the agriculture tire market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the agriculture tire market, with both a bottom-up and top-down approach.
This detailed assessment of the agriculture tire market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts' conclusions on how the agriculture tire market is estimated to expand are based on carefully vetted primary and secondary sources.
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Table of Content
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
2.1. Research Methodology
2.1.1. Primary Research and List of Primary Sources
2.1.2. Secondary Research and Sources
2.2. Key assumptions for Data Modelling
3. Executive Summary : Global Agriculture Tire Market
3.1. Global Agriculture Tire Market Volume (Thousand Units) and Value (US$ Mn) Forecast, 2019?2030
4. Market Overview
4.1. Introduction
4.2. Global Market – Macro Economic Factors
4.3. Industry Dynamics
4.4. Market Dynamics
4.4.1. Drivers
4.4.2. Restraints
4.4.3. Opportunity
4.4.4. Impact Analysis of Drivers and Restraints
4.5. Market Factor Analysis
4.5.1. Porter's Five Force Analysis
4.5.2. PESTEL Analysis
4.5.3. Value Chain Analysis
4.5.3.1. List of Key Manufacturers
4.5.3.2. List of Customers
4.5.3.3. Level of Integration
4.5.4. SWOT Analysis
5. Global Agriculture Tire Market Analysis and Forecast, by Application
5.1. Definition
5.2. Market Snapshot
5.3. Global Agriculture Tire Market Volume (Thousand Units) and Value (US$ Mn) Forecast, by Application, 2019?2030
5.3.1. Tractors
5.3.2. Harvesters
5.3.3. Implements
5.3.4. Irrigation
5.3.5. Forestry
5.3.6. Others