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Global Agricultural Tires Market Growth, Trends, and Forecasts 2019-2024: Major Players are Firestone, Goodyear, Cooper Tire, Continental Tires, Michelin, Titans, and Bridgestone - ResearchAndMarkets.com

July 31, 2019

DUBLIN--(BUSINESS WIRE)--Jul 31, 2019--

The “Agricultural Tires Market - Growth, Trends, and Forecasts (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.

The global Agricultural Tire market is expected to grow at a CAGR of 4.88%, during the forecast period, 2019-2024.

Machinery usage in farming has increased significantly over the years, in all parts of the world. The introduction of internal combustion engines and tractors as a power source has revolutionized the agriculture sector, by covering large agricultural areas in a short span of time. Labor-saving technologies, like harvesters and tractors, have been adopted to expand farm operations. Additionally, increased liberalization rate has radically reinforced a structural evolution, resulting in increased adoption of advanced agricultural machinery tools in the agricultural operations.

Furthermore, rise in population along with growing urbanization across the world is driving the demand for food, which is expected to propel the agricultural activities, in turn, boosting the demand for tractors, across the world, consequently influencing the tractor market growth positively.

Combine harvester used for harvesting crops has been in application in developed countries for decades now. Developing countries like Brazil, India, and China have been fast adopting combine harvesters for reducing workload in farming activities.

The demand for heavy-duty tires with a higher load capacity, coupled with significant efficiency and traction, along with lower ground compaction, is one of the major needs that the tire market has to cater to regarding agricultural machinery.

The agriculture tires aftermarket is highly fragmented and poses a high risk to OEMs in this field. Changing agriculture machinery design and increasing penetration into newer unknown terrain are expected to require tires with newer and stronger rubber compounds. Floatation tires, forestry tires, trailer tires, and compound rubber tire with steel flex walls are the trending tires in the market studied.

Scope of the Report

The global agricultural tires market has been segmented by end-user type, application type, and construction type.

Key Market Trends

Increasing Demand for Replacement Tires

In case of OEM tires, after the warranty expiration, it is difficult for farmers to buy the same OEM 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 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.

Increasing Demand in the United States Despite Falling Farm Income

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.

As compared to 2017, the farm equipment sales in 2018 have increased in the United States and are as follows:

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 (witnessed a decline of 13%), self-propelled combines (witnessed a decline of 4%) and 40-100 HP tractor sales (witnessed a decline of 3%) in sales.

Agricultural machinery and equipment sales continue to grow over the forecast period as manufacturers continue to develop powerful tractors for increased flexion and low sidewall technology based farm tires.

Competitive Landscape

Major players in the global farm tire market are Firestone, Goodyear, Cooper Tire, Continental Tires, Michelin, Titans, and Bridgestone, among others.

Other companies in the industry include Carlisle Companies Incorp., BKT, Trelleborg Wheel Systems, McCreary Tire & Rubber Co., to maintain market dominance, major companies are focusing on product innovation and customization, to keep the overall product line, with robust offerings to the global farm tire market.

Key Topics Covered:

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Current Market Scenario

4.2 Technology Trends

4.3 Industry Attractiveness - Porter’s Five Force 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

4.4 Market Drivers

4.5 Market Restraints

5 MARKET SEGMENTATION

5.1 By End-User

5.1.1 OEM

5.1.2 Replacement/Aftermarket

5.2 By Application Type

5.2.1 Tractors

5.2.2 Combine Harvester

5.2.3 Sprayers

5.2.4 Trailers

5.2.5 Loaders

5.2.6 Others

5.3 By Construction Type

5.3.1 Bias Tires

5.3.2 Radial Tires

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Company Profiles

6.2.1 Michelin

6.2.2 Firestone

6.2.3 Continental Group

6.2.4 Titan

6.2.5 ATG Tires

6.2.6 Mitas

6.2.7 BKT Tires

6.2.8 Trelleborg Wheel Systems

6.2.9 Goodyear

6.2.10 Apollo Tires

6.2.11 Camso

6.2.12 Armour Tires

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/1kvzd3

View source version on businesswire.com:https://www.businesswire.com/news/home/20190731005602/en/

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Related Topics:Automotive Tires,Agricultural Machinery and Equipment

KEYWORD:

INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 07/31/2019 10:13 AM/DISC: 07/31/2019 10:13 AM

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