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The agriculture tire market share is expected to increase by USD 2.2 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5%.
This agriculture tire market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers agriculture tire market segmentation by end-user (replacement and OEM) and geography (APAC, North America, Europe, MEA, and South America). The agriculture tire market report also offers information on several market vendors, including Apollo Tyres Ltd., Balkrishna Industries Ltd., Bridgestone Corp., Continental AG, Michelin Group, Nokian Tyres Plc, TBC Corp., Titan International Inc., Trelleborg AB, and Yokohama Rubber Co. Ltd. among others.
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Technological advancements is one of the factors driving the Germany agriculture tire market growth.
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The integration of modern technology with tires is notably driving the agriculture tire market growth, although factors such as growing popularity of retreading tires may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the agriculture tire industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Agriculture Tire Market Driver
One of the key factors driving growth in the agriculture tire market is the integration of modern technology with tires. Companies in the agriculture tire market are increasing their R&D activities in interconnected products in order to make farming activities more versatile and efficient. Meanwhile, technological advancements in US are expected to drive the US agriculture tire market growth positively. For instance, in 2019, Trelleborg introduced its carbon-free tire in association with Massey Ferguson. The tire manufacturer has kitted out Massey Ferguson's MF Next Concept tractor with a special version of its Trelleborg TM1000 Progressive Traction. The TM1000 tires are mounted on advanced extra light rims integrated with a central tire inflation pressure system (CTIS) inside, which is co-developed with Dana Ltd. Meanwhile, the Brazil agriculture tires market is one of the fastest growing tire markets in the world. Manufacturers are rapidly investing in integrating pressure sensors in tires to help operators minimize soil compaction in agricultural fields and reduce wear on the road. Hybrid agriculture tires allow the operator to adjust the pressure efficiently according to the task.
Key Agriculture Tire Market Trend
The burgeoning market for heavy load-carrying capabilities and low-pressure farm tires is another factor supporting the agriculture tire market share growth. For a fact, the Canada agriculture tire market will have a positive impact during the forecast period due to the wide scope for agriculture tires in the region. In the past couple of years, the agriculture tire industry has observed that a majority of tire manufacturers have joined the increased flexion (IF), very high flexion (VF), and low sidewall trend, introducing their own versions of tires with flexible and long sidewalls, with the capability of greater load-carrying capacity and lower soil compaction. Furthermore, the industry is witnessing a dramatic rise in the size, power, and weight of agricultural equipment. The current generation of farm tires carry relatively more weight and are sturdier and more resilient in fields against steel and rubber belt-piercing stalks of genetically modified crops (GMO) crops. On the other hand, the stability of the Europe agriculture tire market is projected to influence the farm equipment market positively in the near future. Lower-pressure tires that produce a larger tire footprint find a higher preference, as they distribute the weight of the tractors and other agriculture machinery over the largest possible area and thereby reduce soil compaction.
Key Agriculture Tire Market Challenge
The growing popularity of retreading tires will be a major challenge for the agriculture tire market during the forecast period. The continuous decline in income of farmers is forcing them to find alternative ways to maintain their farming machinery and equipment. Therefore, in recent years, the trend and awareness of retreading tires has surged, which significantly restricts the growth of the global agriculture tire market. Tire retreading is the process of selecting and inspecting the tread tire. The process also includes the replacement of the worn part of the tread tire with a new tread by following a manufacturing process similar to that of a new tire. This process provides the advantage of lower costs over the purchase of a new tire. The remolding of these retread tires costs 30%-50% less than new tires, and the mileage provided by these tires is approximately the same as new ones. Hence, retreading of agriculture tires is becoming a favorable option for farmers.
This agriculture tire market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global agriculture tire market as a part of the global tires and rubber market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the agriculture tire market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the agriculture tire market encompasses successful business strategies deployed by the key vendors. The agriculture tire market is fragmented and the vendors are deploying growth strategies such as focusing on developing innovative tires to compete in the market.
Apollo Tyres Ltd. - The company offers tires according to specific agricultural needs also it provides multipupose tires.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The agriculture tire market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the agriculture tire market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global tires and rubber market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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