Europe Agricultural Tires Market Projected to Reach 5.3% CAGR Till 2023 | Key Players – Bridgestone, Continental, Goodyear, Michelin Group

The agricultural tires market in Europe is anticipated to witness a CAGR of about 5.3% during the forecast period of 2018-2023. Due to recovery in agricultural machinery demand in European countries is likely to boost the agricultural tire market.

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Recovery in European Agricultural Machinery Market

According to the European Committee of Farm Machinery Manufacturer’s Associations (CEMA), in 2017, Europe (EU) agricultural machinery market has seen growth of 4% from 2016, after its declining trend since 2012. Also, Europe anticipates seeing growing trend in agricultural machinery market during the forecast period, as European countries, especially Germany, have started experiencing increasing orders for agricultural machinery from domestic as well as international markets.

The spike in Germany’s agricultural tires sector primarily drives the growth in the region. German companies manufacture around 27% of the agricultural machinery and equipment components in the entire European region. Germany also represents the largest domestic market for agricultural machinery and equipment in Europe, with a share of around 20% in 2017. The growth of the agricultural tires market is directly related to the growth of agricultural machinery market in the country.

Key Developments of the Market:

September 2017: Continental AG is re-entered into the agricultural tire business with its first two standard launch of agricultural tractor tires, namely Tractor70 and Tractor85

Major Players: BRIDGESTONE, CONTINENTAL, GOODYEAR, MICHELIN GROUP, amongst others

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Large Tractor Tires Cover the Major Share in the Agricultural Tires Market

In 2017, tractor registrations varied significantly across Europe. The growth of the agricultural tires market was primarily driven by the tractor sales in European countries, where tractors more than 50HP cover major share of more than 45% of the total tractor usage in the region. For instance, UK observed an increase in the tractors (>50HP) sales of about 12,033 units in 2017 from 10,602 units in 2016.

However, the European agricultural equipment market has witnessed an overall drop in sales by an average of 8% in 2015, owing to the drop in sales in France as well as Germany from the 2014 levels. This can be mainly attributed to the lowering of farmers’ income, which is again due to the fall in commodity prices. Thus, the drop in the sales of new agricultural machinery during 2013-2016 showed an impact on the agricultural tire replacement market. The agricultural tire replacement declined to 11% from 2016, with 1.28 thousand units in 2017.

The replacement tire segment is expected to constitute a majority of the share in the European tire market, due to the inherent demand from the aftermarket segment. The market is characterized by a significant amount of research and development in the tire manufacturing process, driven by the presence of the largest agricultural machinery and equipment research in the region. Also, the increasing adoption of modern farming techniques with agricultural machinery and using suitable tire size and pattern for specific crops is expected to drive the growth of the agricultural tire market in the region during the forecast period.

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This release was published on openPR.