Agricultural Tractor Tires Market to Record a CAGR of nearly 5%| Technavio’s Research Insights Highlight High Labor Wages as Key Driver
NEW YORK, Nov. 19, 2021 /PRNewswire/ — According to the market forecast report “Global Agricultural Tractor Tires Market 2017-2021”, APAC is the largest market for agricultural tractor tires. Factors such as the dependence of a huge population on agriculture for their livelihood will drive the demand for agriculture machinery and vehicles.
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The global agricultural tractor tires market is expected to grow steadily during the forecast period, registering a CAGR of nearly 5%.
- Bridgestone, Michelin, Goodyear Tire & Rubber Co., Continental AG, Alliance Tire Group (ATG), CEAT, JK Tyre & Industries Ltd., Trelleborg Wheel Systems, Balkrishna Industries Ltd., Titan International are some of the key vendors in the global agricultural tractor tires market.
- The market is moderately competitive due to the presence of a limited number of well-established vendors.
- Investments in farm mechanization and enhancing product portfolios are the major strategies that will help market players gain a competitive advantage.
- In the coming years, established players will increasingly focus on cost-efficient manufacturing techniques that will help them reduce production costs.
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Geographical Market Analysis
- The global agricultural tractor tires market has been segmented into the Americas, APAC, and Europe.
- APAC is dominating the agricultural tractor tires market. It is the largest and fastest-growing region. India has the largest market share in APAC, followed by China.
- The number of units sold in the agriculture tire market in APAC was 5.19 million units in 2016.
- The region has a large population with their livelihood depending on the agriculture sector. This is driving the demand for agriculture machinery and vehicles.
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Key Market Trend:
- The growing demand for high flexion tractor tires is supporting the agricultural tractor tires market share growth.
- These tires have several advantages, as they guarantee a longer footprint by reducing soil compaction, causing a higher yield.
- They help tractors move in dirt and mud with ease, and such designs also reduce tire slippage.
Key Market Challenge
- The increase in the tractor rental market will be a major challenge for the agricultural tractor tires market.
- The seasonal use of tractors makes them less appealing for cost-sensitive farmers. Hence, farmers prefer renting tractors.
- Moreover, increase in the number of households participating in tractor rentals is causing fewer tractors to be sold to farmers in countries such as India.
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Global Agricultural Tractor Tires Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of nearly 5%
The Americas, APAC, and Europe
Leading companies, competitive strategies, consumer engagement scope
Bridgestone, Michelin, Goodyear Tire & Rubber Co., Continental AG, Alliance Tire Group (ATG), CEAT, JK Tyre & Industries Ltd., Trelleborg Wheel Systems, Balkrishna Industries Ltd., Titan International
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, future consumer dynamics, market condition analysis for forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus 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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. 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.
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