LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global agricultural tractor tires market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Praveen Kumar, a lead analyst from Technavio, specializing in research on automotive components sector, says, “The global agricultural tractor tires market is moderately competitive. The market has a limited number of well-established vendors and is steadily growing. The factors driving farm mechanization are increased efficiency and improved productivity. The increased use of tractors in farms will drive the demand for agricultural tires.”
In the Americas and Europe, large tire size (greater than 500 mm) is more popular unlike that of APAC as average land size is bigger in the Americas and Europe than in other regions. Farmers in such regions require high-powered engine tractors, as the load required for plowing, harrowing, and pushing agricultural machinery from one place to another, and other similar farm-related tasks will be more.
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The top three emerging trends driving the global agricultural tractor tires market according to Technavio research analysts are:
Increase in demand for high flexion tractor tires
There has been a growing demand for high flexion tractor tires that 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. In 2016, Michelin Automotive Tires demonstrated low-pressure tires, using high flexion technology at a farm show in Canada,” according to Praveen.
Increase in consolidation of fragmented land in Europe and Americas
There has been a growing trend where the size of the land in the Americas and Europe is getting consolidated since the return from larger farms is greater than from smaller farms. Large companies in the US, such as Monsanto and Archer-Daniels Midland, have started dominating the agricultural market.
In the Americas, the average farm size is 432 acres of land, which is much higher than the average land size in APAC. Larger farm size helps farmers to decrease the cost of growing crops, as economies of scale can be attained easily.
Asia to emerge as a hub for airless tire manufacturing
As demand for natural rubber is expected to increase, specialty tire manufacturers (like airless tire manufacturers) are likely to focus on making Asia the hub for tires, as eight of the 10 prominent rubber producing countries are in Asia. In addition, the demand for vehicles is also increasing in Asia, when compared with developed regions such as the Americas and Europe.
The key vendors are as follows:
- Bridgestone
- MICHELIN
- Titan International
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