This market research report includes a detailed segmentation of the global agriculture tire market by application (tractor tires and other tires), by placement (front tires and rear tires), and by end market (OEM and replacement). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are ATG Tires, BKT Tires, Bridgestone, Mitas, and Titan International.
Technavio’s market research analysts estimate the global agriculture tires market, to grow at a CAGR of around 4% between 2016 and 2020. There is growing emphasis on the mechanization of agricultural activities across the world, which has boosted the demand for modern agricultural equipment and components like tires. APAC is the largest market for agriculture tires, occupying around 46% of the overall market share. Much of this region’s growth can be attributed to its agricultural-based economies such as India and China.
The new market research report from Technavio provides a breakdown and analysis of the agriculture tires segments by technology.
“The demand for agriculture equipment has increased owing to the increased adoption of modern farming techniques and use of genetically modified crops. With growing focus on increasing agricultural yield, farmers are using advanced agricultural equipment such as combines, sprayers grain harvesters, hay forage, tillers, cutters, and shredders among others. They are adopting modern equipment for agricultural activities, which is propelling the need for different types of tires with different specifications,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
Rear tires play a significant role in farm equipment, especially in tractors, as these are larger than the front tires. These tractor tires have longer life span and are expensive compared to front tires and other farm equipment tires. With the improvement in farming equipment in terms of technology and size, agriculture tires have undergone significant technological advancements. For instance, the size of rear tires has increased significantly over the past couple of years, and the introduction of IF and VF technologies has raised the durability of rear tires.
The leading vendors in the global agriculture tires market include ATG Tires, BKT Tires, Bridgestone, Mitas, and Titan International. Investment in the production process and enhancing product portfolios are observed to be key for gaining competitive advantage in the agriculture tire market. Established players are expected to focus on efficient manufacturing processes to manage the cost of production better. Emerging players already have the low-cost advantage due to the placing of their production base in countries such as India and China, and this will further add pressure on established players to explore means to reduce the cost to attain competitiveness during the forecast period.
A more detailed analysis is available in the Technavio report, Global Agriculture Tires Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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