The report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Agricultural Tires production region, major players, and product type which will provide a simplified view of the Agricultural Tires industry. The Agricultural Tires market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Agricultural Tires market which will help the emerging market segments in making vital business decisions.
The agricultural tires market is expected to register a CAGR of over 4.5%, during the forecast period, 2020 – 2025.
Agricultural Tires Market Segmentation:
This report on Global Agricultural Tires market is a detailed research study that helps provides answers and pertinent questions with respect to the emerging trends and growth opportunities in this industry. It helps identify each of the prominent barriers to growth, apart from identifying the trends within various application segments of the Global market for Agricultural Tires. Collecting historical and recent data from various authentic resources and depending on all the factors and trends, the report presents a figurative estimate of the future market condition, along with compound annual growth rate (CAGR).
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Global Agricultural Tires market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including Bridgestone Corporation (Firestone), Titan International, Inc. (Goodyear Tires), BKT, Continental Reifen Deutschland GmbH, Michelin, amongst others.
Increasing Demand for Replacement Tires
In case of OEM tires, after the warranty expiration, it is difficult for farmers to buy the same tires, due to the high price associated with these tires. As a result, the demand for replacement/aftermarket agricultural tires is continually increasing, as they are cost-effective, when compared to OEM tires, and there are numerous options available in the market (with products from different brands).
Additionally, the price of replacement/aftermarket tires ranges from USD 150 to USD 400, while that of OEM tires would be around USD 800 to USD 1,500. And farmers can easily procure these tires through both online and offline sources.
– The prices of these replacement tires may vary depending on either the quantity ordered/purchased or the sources that they are purchased from, i.e., online or retail stores.
– The replacement/aftermarket agricultural tires occupy a volume of more than 55% of the market studied, while for OEM, it is 40%-45% of the market studied.
Increasing Demand in the United States Despite Falling Farm Income
Farm tires sales in the United States and Canada, have witnessed moderate growth during the first quarter of 2019, and is expected to continue with the same pace, despite a decline in farm income. The growth is mainly driven by the sale of new agricultural machinery, especially the small compact farm tractors. Although the commodity prices remain flat, farmers are demanding replacement tires and new equipment.
During July 2019, the United States tractor sales have decreased slightly as compared to the same period last year:
– 4WD tractor sales decreased by 4.7%
– 40 Hp – 100 Hp tractor sales grew by 4%
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This independent 90 pages report guarantees you will remain better informed than your competition. With over 50 tables and figures examining the Agricultural Tires market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2025.
Key Takeaways from this Report
- Impact of low unit costs, diversified product ranges and intense competition on the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Regional analysis of the market
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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