Farm tyre sales are continuing to be influenced by the overall sluggishness in the farm equipment sector; yet, prospects abound, as global sales are expected to top 42 million in 2018. Tractors and harvesters are the most popular, followed by trailers and sprayers. The independent aftermarket channel continues to dominate sales, with OEM and OES filling in the gaps.
According to Fact.recent MR’s research, the farm tyre market will increase at a 6% CAGR through 2028.
For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=752
According to the report, sluggishness in the US farm sector is still a major stumbling block to the expansion of the farm tyre industry. Farm earnings have been lowered due to low commodity prices, which has resulted in a reduction in equipment spending. The slowdown is continuing to affect tyre sales, both new and replacement.
The focus of manufacturers has switched to digitization and adoption of innovative technology, according to the research. Product differentiation has evolved as a critical sales tactic for market players. Farm owners are being influenced by the current low commodity prices to increase operational efficiency while lowering overheads. As a result of these advancements, farm tyre producers have been pushed to introduce technologically superior and cost-effective goods to the market. Due to changing end-user demand, the launch of new farm tyres with sensors is expected to gain traction throughout the evaluation period.
End-users have begun to’shop for value’ as a result of the current market situation. Due to the recent drop in global commodity prices, farm owners are putting money over quality. Farm tyre producers have had to adjust their output due to changes in consumer behaviour. Farm tyre producers are now diversifying their product lines to include more cost-effective options.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=752
Tractors have a higher demand for farm tyres than harvesters.
The demand for agricultural tyres is stronger in the tractor segment than in the harvester segment. According to the survey, the 45 to 140 HP category has the biggest demand for agricultural tyres. The largest demand for agricultural tyres is in harvesters with 300 to 450 horsepower. During the evaluation period, the research predicts that these two vehicle types will continue to be at the forefront of farm tyre adoption. Spreaders continue to be the least appealing segment for farm tyre makers, and this trend is anticipated to continue during the assessment period.
Farm Radial Tires Outsell Bias Variants in the Future
The farm tyre market’s radialization trend is slowing down, although radial tyres remain a lucrative area for manufacturers. Manufacturers are working on improving tyre size to support big weights in order to meet the evolving demand from farm owners. Farm tyre makers are moving to Group 49 tyres, which are 7 feet tall and have a 256-inch rolling circumference index. The analysis predicts that rim diameters between 20 and 45 inches would rise at the fastest rate, indicating a shift toward large radial tyres. According to the survey, manufacturers will continue to focus on size over the assessment period.
For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/752
With roughly 20 million tyres estimated to be supplied in 2018, Asia Pacific excluding Japan (APEJ) will lead the global demand for farm tyres. Consistent demand in North America and Europe will support growth. Commodity price weakness will continue to outweigh gains achieved in profitable areas.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/08/27/1907186/0/en/Europe-s-Share-in-Vocational-Trucks-Market-to-Exceed-22-by-2019-End-Reveals-Fact-MR.html
