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The demand for agricultural tractor tires is strongly correlated with the global tractors market, and the sale of agricultural tractors are dependent on the farmer's income. The global agricultural tractor tires market is expected to reach 20,905.61 thousand units by 2022, growing at a CAGR of 5.06%. Increasing farm mechanization in developing countries such as India, China, Thailand, and the African continent is increasing the sale of agriculture tractors. This, in turn, increasing the demand for agricultural tractor tires.
The market is expected to increase due to the growth of the replacement market for agricultural tractor tires. It is likely that the radial-ply tires segment will surpass the bias-ply segment by 2022. While APAC is expected to account for more than 71% of the overall market share, the share of North America is expected to decline.
Global Agricultural Tractor Tires Market Share by Geography 2016 and 2022 Unit
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further the report also provides complete value chain analysis of the global agricultural tractor tires market.
Agricultural Tractor Tires Market Key Vendor Analysis
The report profiles the leading vendors and provides a complete value chain analysis of the market. The strength, strategies and opportunities of the major companies are discussed in the report. The global market is largely dominated by three companies, Bridgestone (catering geographies through Firestone), Michelin, and Titan International with more than 80% of the market share.
Other prominent vendors in the market include Alliance Tire Group (ATG), CEAT, Mitas, JK Tyre, Trelleborg Wheel Systems.
Agricultural Tractor Tires Market Dynamics
Advancement in Tire Technology Emerging as a Latest Trend
The growing demand from emerging economies, and increasing use of high HP tractors are among the major factors that are responsible for the high growth of the market. Further, increasing replacement market for tires is another significant factor that is going to boost the global market. In addition to it, the growing government support driving the demand.
Among the emerging trends of the market are advancement in tires technology and the growing demand of wider tires which are going to accelerate the market growth during the forecast period.
Agricultural Tractor Tires Market Segmental Analysis
Radial-ply tires will account for the maximum share
The radial-ply-tires segment to account for more than 75% of the global market in 2022. The decreasing price of radial tires technology has increased the market share for radial-ply tires in the global market. The demand for OEM agricultural tractor tire will remain flat in 2017 as reducing commodity prices and changing trends have impacted how farmers redistribute their wealth. The demand from replacement end-users dominates the agricultural tractor tires market in each geography.
Agricultural Tractor Tires Market Geographical Analysis
APAC region to have the largest market share
The report provides a detailed market analysis of four major regions: APAC, EMEA, Latin America, North America.
In APAC, the demand for below 40 HP tractors is high. Countries such as India and China are registering a high demand for 40-100 HP tractors, however, the average HP remains under 100 HP in these countries. In terms of unit shipment, APAC is expected to account for more than 71% of the overall agricultural tractor tires market share. However, Africa is the fastest growing market, registering a CAGR of more than 8%. In terms of revenue, North America is expected to have the largest market share in 2022.
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