The global agriculture tire market is estimated to value over USD 9 billion and register a CAGR over 5.2% during the forecast period 2019-2026.

Increase in need of enhanced productivity due to growing food demand globally has propelled the demand for agriculture equipment. The growing demand for agricultural equipment has positively influenced the agriculture tire market. Elevation in the fleet size of tractors in developing countries and technological advancements in farming techniques are primary factors stimulating the market growth. Furthermore, modification in tractors has resulted in compatibility with the latest farming equipment which has elevated the adoption, therefore resulting in the propelling the market. 

Government offering attractive subsidies on the purchase of new agricultural machinery and equipment is playing a major role in bolstering the market growth. Awareness among small-scale farmers regarding restoration of organic farming and the role of modern agriculture vehicles is generating high demand for agriculture tire usage. Expansion of the regional presence of OEMs and favourable foreign trade policies are also expected to spur the agriculture tire demand. 

Sustainable farming practices are gaining traction to meet the needs of higher agricultural yields. Shrinking cultivation lands induce the need for advanced farming equipment automation which implies increased demand for agricultural vehicles. This, in turn, is augmenting the use of agriculture tires that offer soft footprint tailored based on farm terrain. Also, the already sold agriculture vehicles need periodic maintenance of agriculture tires fuelling the aftermarket demand. 

Factors Hampering the Agriculture Tire Market Growth
•    Government inclination to curb harmful environmental impact due to the use of certain farming vehicles
•    Inverted taxation policy i.e tax on raw rubber is higher than manufactured tires
•    Frequent fluctuations in raw material prices
•    Farming activities weather dependency  
     
The market is classified into by product, by application, by distribution, and by region. Based on by-product the market consists of bias and radial ply tires. Radial ply tires are expected to witness notable growth during the forecast. Radial tires are compatible at low pressure and offer much better rideability than other tires. Radial ply tire offer enhanced puncture resistance. Due to these factors, there has been a notable demand for radial-ply tires. Bias ply tires are also forecasted to observe substantial growth over the forecast period as these tires last longer, are tougher and relatively low-priced when compared to other tires. Owing to before-mentioned factors bias-ply tire is expected to witness an increase in demand.  

Based on application, the market is bifurcated into tractors and harvesters. Tractors are expected to dominate the market. New product development to suit specific farming process is estimated to fuel further growth of the tractor segment. Launch of damage-sensitive crops harvester is augmenting the demand of tractors which in turn is augmenting the growth of the market. 

In terms of region, North America and Europe regions are the global leaders of the market. The utilization of the latest advanced technologies is driving the growth of the market in these regions. Technological advancements and rising demand for tractors are presumed to boost the presence of the market. Asia-Pacific region is anticipated to witness substantial growth. owing to favourable government policies in developing nations like India and Bangladesh to support and boost the agriculture sector. 

Rise in population in the region is fuelling the demand for rapid cultivation of crops by employing tractors and harvesters, hence accelerating the demand for agriculture tires in the region.

Established players of the market are Bridgestone, Michelin, Goodyear Tire & Rubber Co., Continental AG, Alliance Tire Group (ATG), CEAT, JK Tyre & Industries Ltd, Trelleborg Wheel Systems, JK Tyre & Industries, CEAT Tyres, and Bridgestone Corporation.

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Market Segmentation:

Global Agriculture Tire Market, by Product 
+ Radial
+ Bias

Global Agriculture Tire Market, by Application 
+ Harvesters
+ Tractors

Global Agriculture Tire Market, by Distribution 
+ Aftermarket
+ OEM

Global Agriculture Tire Market, by Region 
+ North America 
+ Latin America 
+ Europe 
+ Asia Pacific 
+ Rest of the World         

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Competitive Landscape:   
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players  
+ Emerging players which are growing rapidly  
+ New Entrants   

FutureWise Key Takeaways  
+ Growth prospects 
+ SWOT analysis  
+ Key trends  
+ Key data-points affecting market growth  

Objectives of the Study:  
+ To provide an exhaustive analysis of the global agriculture tire market on the basis of product type, application, distribution, and regions
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
+ To evaluate and forecast micro-markets and the overall market  
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

Table of Contents

Introduction

Research Methodology

Executive Summary

 Report assumption

 Market Derivation

 Introduction

Agriculture Sector: Contribution to the Growth of an Economy

Key Drivers

Growing Demand from Emerging Economies

 Increasing Use of High HP Tractors

 Increasing Replacement Market for Agriculture Tractor Tires

 Growing Government Support Driving the Demand for Agriculture Tractor Tires

 Key Market Trends

• Advancement in Agricultural Tractor Tires Technology
• Demand for Green Agriculture Tractor Tires
• Increasing Demand for Wider Agricultural Tractor Tires

Key Restraints

• Volatility in Raw Material Prices
• Increased Soil Compaction due to Use of Large Tractor Tires
• Lack of Awareness about Technicalities of Agriculture Tractor Tires
• Decline in Commodity Prices Lowers the Demand for Tractor Tires

Global Agricultural Tractor Tires Market

 Introduction

Tractor Tire Market Size and Analysis

• Segmentation on Construction Type
• Agricultural Tractor Tires Market by End-user
• Agricultural Tractor Tires Market by Geography
• Agricultural Tractor Tires Market in APAC

Market Size and Analysis

• Segmentation by End-users
• OEM Tractor Tires Market in APAC: Market Size and Forecast
• Replacement Tractor Tires Market in APAC: Market Size and Forecast
• India: Agricultural Tractor Tires Market Size and Analysis
• China: Agricultural Tractor Tires Market Size and Analysis
• Other Leading Agrarian Economies in APAC
• Agricultural Tractor Tires Market in North America
• Agricultural Tractor Tires Market Size and Analysis
• Canada: Agricultural Tractor Tires Market Size and Analysis
• Agricultural Tractor Tires Market in Europe
• Germany: Agricultural Tractor Tires Market Size and Analysis
• Russia: Agricultural Tractor Tires Market Size and Analysis
• France: Agricultural Tractor Tires Market Size and Analysis
• Agricultural Tractor Tires Market Size and Analysis
• Brazil: Agricultural Tractor Tires Market Size and Analysis

Competitive Landscape

• Bridgestone
• Titan International
• Michelin
• Balkrishna Industries Limited (BKT).
• Alliance Tire Group (ATG)
• CEAT
• Mitas
• JK Tyre & Industries Ltd.
• Trelleborg Wheel Systems

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Global agriculture tire market is anticipated to witness an exponential growth in the forecast period. Agriculture tires, as the name suggests, are designed for agricultural vehicles and machinery including sowers, tractors, and harvesters. The factors that propel the growth of the market include growing demand for agricultural equipment and machinery, rapid industrialization and urbanization, developments in farming techniques, and consciousness among farmers in emerging countries. On the other hand, there are factors that may hamper the growth of the market including product price instability and weather dependency of farm activities.

The market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market could be explored by vehicle type, placement, application, end user and geography. Market could be explored by vehicle type as Trailers, Tractors, Combine Harvesters and Others. The “Tractors” segment led the agriculture tire market in 2016 and is anticipated to maintain its dominance over forecast period. The key factor that may be attributed to the growth of market includes high demand.

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Based on placement, the market could span Rear tires and Front tires. The “Rear Tires” segment led the market in 2016 and will continue to lead in the forecast period. These tires have longer life duration and are expensive as compared to front tires. The key applications that could be explored in the agriculture tire market include Tractor tires and Other tires. The “Tractor Tires” segment led the market in 2016 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of the market include growing population, economic growth, increasing requirements, and increase in tractor sales.

The market could be explored based on end user as replacement and OEM. The “Replacement Tire” segment led the market in 2016 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of market include it has the relatively high volume as compared to OEM sales.

APAC accounted for the major share of the market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include technological advancements in farming, growing consciousness among farmers in emerging countries, rising demand, and supportive government initiatives.

Some of the key players that fuel the growth of the agriculture tire market comprise Titan Tire Corporation, Michelin, Trelleborg AB, Balkrishna Industries Limited, Bridgestone Corporation, Prometeon Tire Group S.r.l., The Yokohama Rubber Co., Ltd., The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., and Continental Aktiengesellschaft, etc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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