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Global Agricultural Tractor Tires Market 2017-2021

  • Published: May 2017
  • Pages: 70
  • SKU: IRTNTR12778
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Technavio’s market research report predicts that the global agricultural tractor tires market will grow steadily during the next four years and in terms of units, will post a CAGR of nearly 5% during the forecast period. This market research report identifies Bridgestone, MICHELIN, and Titan International as the key vendors in the global agricultural tractor tires market. This report also presents a detailed analysis of the market by wheel width (small-size tires and large-size tires) and by geography (the Americas, APAC, and Europe).

Agricultural Tractor Tires Market: Key Drivers, Trends, and Challenges

The high labor wages is notably driving the agricultural tractor tires market growth, although factors such as the increase in the tractor rental market may impede market growth. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Agricultural Tractor Tires Market Driver

One of the key factors driving growth in the agricultural tractor tires market is the high labor wages. Labor wages in the Americas and Europe are at their peak, whereas in APAC countries, such as India and China, farmers are facing difficulty in employing more laborers in the farms. Farmers are increasingly showing the willingness to be independent, which can be possible by farm mechanization. Tractor implementation is the most vital step for farm mechanization, as it will lead to less reliance on human labor. One of the key factors driving growth in the agricultural tractor tires market is the high labor wages. Labor wages in the Americas and Europe are at their peak, whereas in APAC countries, such as India and China, farmers are facing difficulty in employing more laborers in the farms. Farmers are increasingly showing the willingness to be independent, which can be possible by farm mechanization. Tractor implementation is the most vital step for farm mechanization, as it will lead to less reliance on human labor.

Key Agricultural Tractor Tires Market Trend

The growing demand for high flexion tractor tires is another major factor supporting the agricultural tractor tires market share growth. The high flexion tractor tires can carry load with approximately 40% reduced air pressure. These tires have several advantages as they guarantee longer footprint by reducing soil compaction, causing a higher yield. The tire lugs are manufactured in such a way that they help tractors move in dirt and mud with ease and such designs also reduce tire slippage. OEMs are increasingly facing the challenge to reduce the cost of high flexion tractor tires to make them affordable for small farmers with low land holdings. This has led the market to be highly price-sensitive, compelling OEMs to reduce the cost of manufacturing while investing heavily in the new technological advances.

Key Agricultural Tractor Tires Market Challenge

The increase in the tractor rental market will be a major challenge for the agricultural tractor tires market. Farm areas in APAC, mostly in countries like India and China, are highly fragmented and small compared with farm areas in developed areas like the US and Europe. Farmers owning small plots often find it difficult to raise funds to buy tractors. The seasonal use of tractors makes it less appealing for cost-sensitive farmers to buy such tractors. Hence, farmers prefer renting tractors for a fraction of their cost and save the additional money, which would have otherwise been spent on tractor maintenance. Increase in the number of households participating in tractor rentals is causing less tractors to be sold to the farmers in India.

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Who are the Major Agricultural Tractor Tires Market Vendors?

The market is moderately competitive since it has the presence of a limited number of well-established vendors. Investment in farm mechanization and enhancing product portfolios are the major strategies that will help the market players gain a competitive advantage in the market. In the coming years, the established players will increasingly focus on cost-efficient manufacturing techniques that will help them reduce production costs.

Key vendors in the market are:

  • Bridgestone
  • MICHELIN
  • Titan International

Other prominent vendors include ATG Tires, CEAT, and Mitas.

What are the Revenue-generating Wheel Width Segments in the Agricultural Tractor Tires Market?

  • Small-size tires
  • Large-size tires

During 2016, the small-size tires segment dominated the agricultural tractor tires market and is expected to continue its dominance over the next four years. The utilization of small-size tires in compact-size tractors due to its cost-effectiveness and low fuel consumption and the increased utilization of small-size tires in India and China due to the small size of farms, will be the major factors fueling the growth of this market segment.

Which are the Key Regions for Agricultural Tractor Tires Market?

  • Americas
  • APAC
  • Europe

In terms of geography, APAC accounted for the majority of the market shares of the agricultural tractor tires market during 2016 and is predicted to continue the domination during the forecast period as well. The major contributor to the region’s market dominance is the dependence of a huge population on agriculture for their livelihood that will drive the demand for agriculture machinery and vehicles.

What are the Key Factors Covered in this Agricultural Tractor Tires Market Report?

  • CAGR of the market during the forecast period 2017-2021
  • Detailed information on factors that will drive agricultural tractor tires market growth during the next five years
  • Precise estimation of the agricultural tractor tires market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the agricultural tractor tires industry across Americas, APAC, and Europe
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of agricultural tractor tires market vendors

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1. Executive Summary                           

2. Scope of the report                           

                2.1 Market overview

                                2.1.1 Vendor segmentation

                                2.1.2 Base year

                                2.1.3 Summation errors

                                2.1.4 Product segmentation

                Exhibit 01:  Segmentation of global agricultural tractor tires market       

                2.2 Top-vendor offerings        

            Exhibit 02:  Product offerings  

3. Market research methodology                    

                3.1 Research methodology    

                3.2 Economic indicators           

4. Introduction                         

                4.1 Key market highlights        

5. Market landscape                              

                5.1 Market overview

                5.2 Market size and forecast 

                Exhibit 03: Global agricultural tractor tires market 2016-2021 (millions of units)

                5.3 Five forces analysis             

                Exhibit 04:  Five forces analysis

6. Market segmentation by wheel width                      

                6.1 Global agricultural tractor tires market by wheel width      

                Exhibit 05: Global agricultural tractor tires market by wheel width 2016

                Exhibit 06:  Global agricultural tractor tires market by wheel width 2021               

Exhibit 07:  Global agricultural tractor tires market by wheel width 2016-2021 (millions of units)               

                6.2 Global agricultural tractor tires market in small-size tire segment  

                6.2.1 Market size and forecast

Exhibit 08:  Global agricultural tractor tires market in small-size tires segment 2016-2021 (millions of units)   

Exhibit 09:  Global agricultural tractor tires market in small-size tires segment by region 2016-2021 (millions of units)            

                6.3 Global agricultural tractor tires market in large-size tire segment  

                6.3.1 Market size and forecast

Exhibit 10:  Global agricultural tractor tires market in large-size tire segment 2016-2021 (millions of units)   

Exhibit 11: Global agricultural tractor tires market in large-size tires segment by region 2016-2021 (millions of units)            

7. Geographical segmentation                          

                7.1 Global agricultural tractor tires market by geography         

                Exhibit 12: Global agricultural tractor tires market by geography 2016 and 2021                

                7.2 Agricultural tractor tires market in Americas           

                7.2.1 Market size and forecast

                Exhibit 13:  Agricultural tractor tires market in Americas 2016-2021 (millions of units)   

                7.3 Agricultural tractor tires market in Europe

                Exhibit 14:  Average farm size in European countries (acres)      

                7.3.1 Market size and forecast

  Exhibit 15:  Global agricultural tractor tires market in Europe 2016-2021 (millions of units)          

                Exhibit 16:  Sales of new tractors in European countries 2010-2015 (thousands of units)

                7.4 Agricultural tractor tires market in APAC  

                7.4.1 Market size and forecast

   Exhibit 17:  Global agricultural tractor tires market in APAC 2016-2021 (millions of units)             

                Exhibit 18:  Agricultural tractor tires market in APAC 2016-2021 (millions of units)           

8. Key leading countries                       

                8.1 India         

                8.2 China       

                Exhibit 19:  Key leading countries in global agricultural tractor tires market      

9. Market drivers                    

                9.1 High labor wages

                Exhibit 20:  Minimum wages in US states on hourly basis 2016  

                9.2 Growing participation of private players and government initiatives             

                9.3 Developing global agricultural industry      

10. Impact of drivers                             

                Exhibit 21:  Impact of drivers 

11. Market challenges                          

                11.1 Increase in tractor rental market                

                11.2 Intermediate layers curbing farmers' purchasing power  

                11.3 Fluctuation in raw material prices             

                11.4 Impact of drivers and challenges

                Exhibit 22:  Impact of drivers and challenges  

12. Market trends                   

                12.1 Increase in demand for high flexion tractor tires 

                12.2 Increase in consolidation of fragmented land in Europe and Americas       

                12.3 Asia to emerge as a hub for airless tire manufacturing      

13. Vendor landscape                            

                13.1 Competitive scenario      

                13.2 Prominent vendors         

14. Key vendor analysis                        

                14.1 Bridgestone        

                14.1.1 Business overview          

                14.1.2 Business segmentation by revenue         

                Exhibit 23:  Bridgestone: Business segmentation by revenue 2015           

                14.1.3 Geographical segmentation by revenue

                Exhibit 24:  Bridgestone: Geographical segmentation by revenue 2015  

                14.1.4 Business strategy            

                14.1.5 Recent developments   

                Exhibit 25:  Bridgestone: Recent developments

                14.2 MICHELIN            

                14.2.1 Business overview          

                Exhibit 26:  MICHELIN: Business segmentation by revenue 2015               

                14.2.2 Business strategy            

                14.2.3 Recent developments   

                Exhibit 27:  MICHELIN: Recent developments   

                14.3 Titan International           

                14.3.1 Business overview          

                Exhibit 28:  Titan International: Business segmentation by revenue 2015              

                14.3.2 Business strategy            

                14.3.3 Recent developments   

                Exhibit 29:  Titan International: Recent developments 

15. Appendix                            

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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