NEW YORK, March 18, 2022 /PRNewswire/ -- The Agriculture Tire Market Share is expected to increase by USD 2.2 billion from 2020 to 2025 with an accelerated CAGR of 5%, according to the recent market study by Technavio.
Segmentation by End-user (In-Scope/Out-of-Scope)
The agriculture tire market share growth by the replacement segment will be significant during the forecast period. The replacement segment of the global agriculture tire market has captured a significant market share in 2020. This is attributed to the rising demand for the replacement of tires by the farmers for the expansion of agricultural activities. The expansion of agriculture activities requires more use of agriculture machines, which further boosts the demand for replacements or maintenance of machine parts such as tires.
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Moreover, the report also provides Value Chain Analysis which helps companies gain a competitive advantage in the market. The Value Chain of the Agriculture Tire Market includes the following core components:
Highlights-
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Vendor Insights-
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.
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Learn More about Key Driver & Challenge of the Market-
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. 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. Moreover, intelligent hybrid tires are being introduced in the agriculture tire market. 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.
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.
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Agriculture Tire Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2021-2025 |
$ 2.2 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.50 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 69% |
Key consumer countries |
India, China, US, Germany, and Turkey |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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