Tractor Tire Market: Introduction
- Agriculture tires are used as a major application on various agriculture equipment such as harvesters, sprayers, and others including tractors
- Increase in use of tractors for various agricultural activities is driving the wear of their tires, which in turn is driving the global tractor tire market
Key Drivers of Tractor Tire Market
- The global population has increased considerably. According to data published by United Nations in World Population Prospects 2019, the worldwide population has increased from 7.3 billion in 2015 to 7.7 billion in 2019, and it is projected increase to 8.5 billion by 2030. This increase in population has fueled the demand for food globally. OECD-FAO Agricultural Outlook 2019-2028 report states that the demand for agricultural products is estimated to rise by 15% in the next decade. Consequently, agricultural activities are increasing worldwide to cater to this rise in demand for food, which in turn fuels the wear & tear of tiers used in tractors. Therefore, these factors are propelling the tractor tire market across the globe.
- Agriculture is the key contributor to the national income of various countries and government agencies have initiated programs to boost penetration of technology in the agricultural sector to increase productivity. Government agencies dedicated to the agricultural sector have subsidized purchase of farm mechanization technologies. For instance, Department of Agriculture, Cooperation & Farmers Welfare in India provides up to 40% subsidy on the purchase of agricultural machinery. Furthermore, several other countries including the U.S, China, Australia, Thailand, and Indonesia are also providing grants to farmers for the purchase agricultural machinery. These favorable government policies and initiatives to increase mechanization in the agriculture sector have boosted the sale of tractors which in turn is fueling the global tractor tire market.
Challenges in Tractor Tire Market
- The vulnerability of the agricultural sector in any region to on-going climate-change scenarios is restraining farmers from investing in mechanization, which reduces the sale of tractors and hampers the demand for tractor tires. Furthermore, climate change has severely impacted rubber plantations thus, hampering the availability of raw material for the tire industry. Furthermore, agricultural equipment are being equipped with tracks to reduce the damage delivered to the soil by tires. These factors are creating challenges for the global tractor tire market.
Impact of COVID-19 pandemic on Tractor Tire Market
- The COVID-19 pandemic led to the shutdown of companies, which negatively impacted the manufacturing activities across the globe. Moreover, the lockdowns imposed by multiple government agencies to curb the spread of the pandemic have disrupted the supply chains of agricultural machinery manufacturers along with others, thus contracting the market for tractor tires. On the demand side, agricultural activities were halted in the early phases of lockdowns, which reduced the usage of agricultural machinery and lowered the demand for tiers, thereby hampering the global tractor tire market.
North America and Europe to Hold Significant Share of Tractor Tire Market
- Based on region, Asia Pacific accounted for a prominent share of the global tractor tire market owing to the high sale and manufacturing activities in the region. Multiple countries in Asia Pacific such as India, China, and Thailand have a notable agriculture sector, which further boosts the demand for tractor tires from OEMs as well as in the aftermarket. Also, the region has abundant supply of rubber raw material which has led to emergence of many tire manufacturers and thus increase the availability of tractor tires at economic rates. These factors are propelling the share held by Asia Pacific in the global tractor tire market.
Key Players Operating in Tractor Tire Market
The global tractor tire market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the tractor tire market are:
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- Continental AG
- China National Rubber Tire Co.
- Trelleborg AB
- Titan International, Inc.
- Sumitomo Rubber Industries Ltd.
- Pirelli & C. S.p.A.
Global Tractor Tire Market: Research Scope
Global Tractor Tire Market, by Size
- Below 13 inches
- 13 to 23 inches
- Above 23 inches
Global Tractor Tire Market, by Type
Global Tractor Tire Market, by Vehicle Type
Global Tractor Tire Market, by Sales Channel
Global Tractor Tire Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.