Global Agricultural Tractor Tires Market Likely to Grow at a CAGR of 3.52% during 2016-2022
Tractor tires are key traction points in a vehicle. Agricultural Tractor Tires are responsible for transmitting power from the tractor to the field. Two types of construction technology are involved in the manufacturing of agricultural tractor tires: radial-ply and bias-ply.
Scope of the Report
The report considers the present scenario of the global agricultural tractor tires market and its strategic assessment for the period 2017-2022. It also includes a detailed study of market drivers, trends, and restraints. The report also profiles the leading four vendors in the market.
It provides the study of key segments of the market in terms of type, construction type, geography, country, and vendors. It provides a detailed study of the revenue from the following segments:
By Construction Type
- Bias-ply tires
- Radial-ply tires
By End User Type
- North America
- Latin America
Agricultural Tractor Tires Market - Market Size and Dynamics
According to the analysts at Beige Market Intelligence, the global tractor tires market is likely to grow at a CAGR of 5.06% in terms of shipment during the period 2016-2022. The demand for agricultural tractor tires will witness a flat growth during 2017 mainly due to the growth of the replacement market. Further, the demand for tires is strongly correlated with the global agricultural tractors market. Also, increasing farm mechanization in developing countries such as India, China, Thailand, and the African continent is increasing the sale of agricultural tractors. This, in turn, is increasing the demand for agricultural tractor tires.
The demand from replacement end-users dominates the agricultural tractor tires market in each geography. This is mainly due to the number of registered agriculture tractors remains lower than the number already in use.
Radial-ply tires are the most recent ones and are more efficient than bias-ply tires. The demand for radial-ply tires is likely to come from developed countries such as Europe and North America, where the demand for technical advanced tires is high.
Agricultural Tractor Tires Market - Trends, Drivers, and Restraints
The demand for high HP tractors is witnessed in developed geographies, especially European countries. Apart from these region, the demand for high HP vehicle is also increasing in Latin America, particularly Brazil and Argentina. High HP increases the demand for technically advanced agricultural tractor tires. Mainly wide and large tires are used in high HP vehicles. Hence, the increasing demand of high HP vehicles is one of the key drivers of the market.
Further, growing government support is driving the demand for agriculture tractor tires, and increasing replacement market for the same is another major driver discussed in the report.
Today’s generation of agriculture tires are highly engineered and are more capable of carrying more weight, efficient, and leave less of an impact on the terrain than before. With the help of LSW technology, the inner wheel diameter is increased while keeping the same outer diameter. This formation improves the performance by reducing the height of the sidewall of the tire. This shows that the advancement in agricultural tractor tires technology is one of the latest trends, which is going to drive the market in the upcoming years. Other emerging trends included in the report are growing demand for green agriculture tractor tires and increasing demand for wider agricultural tires.
Further, the report includes a detailed study of emerging trends, factors driving the growth, and expected challenges for the market during the period 2017-2022.
Agricultural Tractor Tires Market - Geographical study
The report includes market study of different regions such as North America, Latin America, APAC, MEA, and Europe. It outlines the major market shareholders and the market size study of all regions. In terms of unit sales, in 2016, APAC was the largest market, whereas North America and Europe contributed 14.57% and 12.01%, respectively to the global market. The contribution of geographies will remain steady till 2022. In 2022, APAC is expected to account for more than 71% of the overall market share, whereas the share of North America is expected to decline. However, Africa is the fastest growing market, registering a CAGR of more than 8%, followed by APAC during the forecast period. In terms of revenue, North America is expected to have the largest market share in 2022.
Agricultural Tractor Tires Market - Market Share and Key Vendors
This market research report profiles major companies in the market and provides the competitive landscape of key players. The report covers the entire market outlook regarding the value chain operating in the market. Major players in the market include the following:
- Titan International Inc.
Other prominent vendors in the market include Alliance Tire Group (ATG), CEAT, Mitas, JK Tyre, Trelleborg Wheel Systems.
Why Should You Buy The Report?
The report offers reasonable answers to the following questions which help you to understand the in-depth market study.
- Which companies are the key vendors in the market?
- Which region in the US is going to witness the largest market share and what are the factors propelling the market growth in that region?
- What is the market size and market forecast for each product segment?
- What are major trends and challenges likely to be confronted by the market in the next five years?
- What are various factors that can affect the market in the US over the next few years?
- How has market been performing and what are the major changes that are expected to alter the landscape in the coming years?
- What are the strategies used by the leading vendors, and what are key opportunities to grow?
- Which companies are the emerging vendors in the market?
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