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Airless Tires Market Research Report - Global Industry Forecast To 2023

Overview

Market Research Future (MRFR) announced the publication of its Cooked Research Report — Global Airless Tires Market 2020–2026

In terms of value, the airless tires market is projected to reach USD 63.6 million by 2026, registering a 9% CAGR during the forecast period.

The global airless tires market is driven by factors such as increasing demand for fuel-efficient tires, government regulations regarding tire labeling, and the need to eliminate the requirement of spare tires. However, the increasing raw material prices and less reliable options are expected to restrain the market growth. The growing demand for airless tires in fleets is expected to create growth opportunities for the market players.

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Competitive Analysis

The global airless tires market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Continental AG, Bridgestone, Michelin, Hankook Tire, and The Goodyear Tire & Rubber Company are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development their key strategy in the global airless tires market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.

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Segmental Analysis

Increasing demand for fuel-efficient tires, government regulations regarding tire labeling, and adoption for eliminating the requirement of spare tires will spur market growth. The global airless tires market has been segmented based on type, material, tire size, vehicle type, and sales channel.

Based on type, the global market has been segmented into radial tires and bias tires. In 2019, the radial tires segment accounted for the larger market share of 85.77%, with a total market value of USD 34.7 million. It is projected to register a 17.76% CAGR during the projected timeframe. Based on material, the global market has been segmented into rubber and plastic. In 2019, the plastic segment accounted for the larger market share of 73.35%, with a market value of USD 29.7 million. It is projected to register an 18.55% CAGR over the forecast period.

Based on the tire size, the global market has been segmented into <20 inches, 21–25 inches, 26–30 inches, 31–35 inches, and >35 inches. In 2019, the 26–30 inches segment accounted for the largest market share of 38.45%, with a total market value of USD 15.6 million. It is projected to register a 19.30% CAGR during the projected timeframe.

Based on vehicle type, the global market has been segmented into two-wheelers, passenger cars, light/heavy industrial/commercial vehicles, and trucks & buses. In 2019, the light/heavy industrial/commercial vehicles segment accounted for a considerable market share of 44.57%, with a market value of USD 18.0 million. It is projected to register a 15.50% CAGR over the forecast period.

Based on sales channel, the global market has been segmented into OEM and aftermarket. In 2019, the OEM segment accounted for the larger market share of 91.18%, with a market value of USD 36.9 million. It is projected to register a 17.47% CAGR during the projected timeframe.

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Regional Analysis

Based on region, the global airless tires market report has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific has one of the biggestautomotive aftermarkets, owing to the automotive industry's rapid growth in countries such as China, India, and Japan. The increased demand for airless tires in the region can be credited to factors such as the growing construction activities, industrial development, and the rise in demand for fuel-efficient technologies. The region has abundant raw material suppliers, low labor costs, and favorable government guidelines in most countries in the region,such asJapan,China, and South Korea. These countries also have a strong focus on agriculture, and hence the demand for airless tires in the agriculture sector is also expected to be high.

The demand for airless tires in construction and industrial equipment vehicles is expected to drive the growth of the airless tires market in North America. Furthermore, the rising demand for high-performance industrial-grade tires, especially in the replacement market, is expected to offer lucrative opportunities to the airless tires market during the forecast period. Furthermore, in 2019, Canada renewed a signed Comprehensive Economic and Trade Agreement (CETA) with the EU and a free trade agreement with South Korea for vehicle exports, which is expected to offer promising growth opportunities for the airless tires market in Canada during the forecast period.

About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.

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marketresearchanalyst · 4 years ago

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Agricultural Tractors Market Research Report - Global Forecast till 2023

Market Overview

Global Agricultural Tractors Market in terms of value is estimated to reach a value of USD 124,932.2 Million by 2026, registering a 5.67% CAGR during the forecast period.

The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global agricultural tractors market has registered a significant growth in adoption rates over the past few years in developing nations, such as China, India, and Brazil, owing to the growing

harvesting, seed sowing, irrigation, and cultivation activities in farm fields. The agricultural tractors market is highly dependent upon the ownership of the tractors. Thus, the growth of the tractor rental market has a negative impact on the agricultural tractors market.

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Competitive Analysis

Global Agricultural Tractors Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Deere & Company, CNH Industrial, SDF, Mahindra & Mahindra Limited, and Massey Ferguson are a few of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the global agricultural tractors market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.

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Segmental Analysis

The increasing need for productivity and adoption of smart farming will spur market growth. The global market for agricultural tractors has been segmented based on engine power, application, type, operation, and driver type.

Based on engine power, the global agricultural tractors market has been segmented into below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and more than 250 HP. In 2019, the below 40 HP segment accounted for the largest market share of 32%, with a market value of USD 27,350.9 million. It is projected to register a 5.52% CAGR during the projected timeframe.

Based on the application, the global agricultural tractors market has been segmented into harvesting, seed sowing, irrigation, and others. In 2019, the irrigation segment accounted for the largest market share of 38.00%, with a market value of USD 32,479.2 million. It is projected to register a 4.70% CAGR over the forecast period.

Based on type, the global agricultural tractors market has been divided into ICE and electric. In 2019, the ICE segment accounted for the larger market share of 79.50%, with a market value of USD 67,949.9 million. It is projected to register a 5.64% CAGR during the projected timeframe.

Based on the operation, the global agricultural tractors market has been bifurcated into manual tractor vehicle and autonomous tractor vehicle. In 2019, the manual tractor vehicle segment accounted for the larger market share of 81.00%, with a market value of USD 69,232.0 million. It is projected to register a 5.55% CAGR over the forecast period.

Based on driver type, the global agricultural tractors market has been divided into 2-wheel drive and 4-wheel drive. In 2019, the 2-wheel drive segment accounted for a considerable market share of 67.70%, with a market value of USD 57,864.3 million. It is projected to register a 5.40% CAGR over the forecast period.

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Regional Analysis

Based on region, the report on the Global Agricultural Tractors Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

China and India are the leading markets in terms of the production of agricultural products such as crops and vegetables. Countries in Asia-Pacific are among the most attractive markets for agricultural tractors as there is the availability of agricultural fields, especially in India, China, Vietnam, and Indonesia. According to the India Brand Equity Foundation, the agricultural sector is the primary source of livelihood, as nearly 58% of the country's population is dependent on the sector. This is likely to drive the adoption of agricultural tractors in the region during the forecast period.

The rising demand for agricultural machinery in the agricultural industry is expected to drive the growth of the agricultural tractors market in North America. Furthermore, the rising demand for the development of modernization of agricultural implements is expected to offer lucrative opportunities to the agricultural tractors market during the study period. The increase in agricultural activities across the region is also expected to contribute significantly to the regional market's growth during the forecast period.

About Market Research Future:

Market Research Future

Office No. 524/528, Amanora Chambers

Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

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#agricultural tractors market

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