India Agriculture Tire Market Forecast and Opportunities FY2027

FY2017-FY2027F India Agriculture Tire Market Competition, Forecast and Opportunities

Published: May 2021 www.techsciresearch.com MARKET INTELLIGENCE. CONSULTING

Ta b l e o f C o n t e n t s S. No.

Contents

1.

Product Overview

2.

Research Methodology

3.

Executive Summary

4.

Voice of Customer 4.1.

Factors Influencing Purchase Decision

4.2.

Influencer of Purchase

4.3.

Aided Brand Recall

4.4.

Unaided Brand Recall

4.5.

Brand Switching

4.6.

Brand Switching Attributes

4.7.

Brand Satisfaction Level

5.

India Agriculture Tire Production Overview

6.

India Agriculture Tire Market Outlook Market Size & Forecast 6.1.1.

6.2.

7.

By Value & Volume

Market Share & Forecast 6.2.1.

By Vehicle Type (Tractor, Combine Harvester, Trailer and Others)

6.2.2.

By Demand Category (OEM Vs. Replacement)

6.2.3.

By Radial Vs Bias

6.3.

By Company

6.4.

By Region

6.5.

Market Attractiveness Index (By Vehicle Type)

6.6.

Market Attractiveness Index (By Radial Vs Bias)

India Tractor Tire Market Outlook

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6.1.

Ta b l e o f C o n t e n t s S. No.

Contents

7.1.

Market Size & Forecast 7.1.1.

7.2.

7.3.

Market Share & Forecast 7.2.1.

By Demand Category (OEM Vs. Replacement)

7.2.2.

By Radial Vs Bias

Market Attractiveness Index (By Radial Vs Bias)

India Trailer Tire Market Outlook 8.1.

Market Size & Forecast 8.1.1.

8.2.

8.3.

9.

Market Share & Forecast 8.2.1.

By Demand Category (OEM Vs. Replacement)

8.2.2.

By Radial Vs Bias

Market Attractiveness Index (By Radial Vs Bias)

India Combine Harvester Tire Market Outlook 9.1.

Market Size & Forecast 9.1.1.

9.2.

9.3.

9.

By Value & Volume

By Value & Volume

Market Share & Forecast

9.2.1.

By Demand Category (OEM Vs. Replacement)

9.2.2.

By Radial Vs Bias

Market Attractiveness Index (By Radial Vs Bias)

Supply Chain Analysis

10.

Import Export Analysis

11.

Market Dynamics 11.1.

Drivers

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8.

By Value & Volume

Ta b l e o f C o n t e n t s

S. No.

Contents 11.2.

Challenges

12.

Market Trends & Developments

13.

SWOT Analysis

14.

Pricing Analysis

15.

Impact of COVID-19 on India Agriculture Tire Market

16.

Policy & Regulatory Landscape

17.

Economic Profile

18.

Competitive Landscape 18.1.

Competition Outlook

18.2.

Company Profiles 18.2.1. Company Details 18.2.2. Products & Services

18.2.3. Financials (As Reported) 18.2.4. Key Market Focus & Geographical Presence 18.2.5. Recent Developments 18.2.6. Key Management Personnel 18.2.7. Supply & Distribution Network of the Player 17.

Strategic Recommendations

18.

About Us & Disclaimer

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18.2.8. Manufacturing Capacity & LOcation

PPr ro odduuc ct t OOv ve er rv vi ei eww

Product Definition Global tire supplier Michelin defines tire as, “A precisely engineered assembly of rubber, chemicals, fabric, and metal, designed to provide traction, cushion road shock and carry a load under varying conditions.”

Tire Segment

Agriculture Tire

Sub-Segment

Demand Category

Tractor Tire

(OEM Vs. Replacement)

Combined Harvester Tire

(OEM Vs. Replacement)

Trailer Tire

(OEM Vs. Replacement)

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Classification According to Agriculture Tire Type

Research Methodology

Market Profiling •In-depth secondary research was used to determine top players in India agriculture tire market, overall market size and to identify top farm equipment manufacturers.

Data Collection

Research & Intelligence

Data Filter & Analysis

Actionable Insights

Business Solution

Formulating Questionnaire •In order to conduct industry experts’ interviews, TechSci Research formulated a detailed questionnaire.

Developing list of respondents •List of industry players (manufacturers), distributors, retailers, and industry specialists was developed.

❑

Identifying Key Opinion Leaders

❑ ❑

Questionnaire Design In-depth Interviews

B Desk Research

Data Collection •TechSci Research conducted interviews with industry experts, industry players, for data collection and verification.

A Primary Research

C

❑

Market Participants

❑ ❑

Key Strengths Tire Portfolio

❑

OEM Tie-ups

Company Analysis

❑

Recent Developments

❑

Market Changing Aspects/Dynamics

❑

Government Policies

❑

Final Conclusion

Data Validation Primary Research ❑

Data Analysis

TechSci Internal Database

Secondary Research ❑ ❑ ❑

•The data was scrutinized using MS-Excel and statistical tools such as Time Series Analysis etc., to obtain qualitative and quantitative insights about India agriculture tire market.

❑ ❑ ❑ ❑

Company Website Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body, Associations, etc.

Paid Sources ❑ ❑

Factiva Hoovers

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•Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

Research Methodology Research Methodology

Baseline Methodology: For the study, TechSci Research has gathered information through primary research surveys with leading agriculture tire companies operating in India, and subsequently verified the information from major dealers/distributors of

agriculture tires in the region. We also put through an exhaustive search of credible paid databases such as Business Week, Factiva, Hoovers, etc., including our internal database. Our team of analysts has then prudently evaluated all collected information and presented the same in chronological order to depict a meaningful and clear picture of India agriculture tire market.

While compiling the data, we have also cross-checked all the collected information from multiple sources and data

warehouses, so as to present the most accurate and precise information of India agriculture tire market. We use innovative business model that focuses on improving productivity, which ensuring creation of high-quality reports. The reports are prepared with in-depth primary research, followed by exhaustive secondary research.

Primary Research – Partial List of

Few of Sources of Secondary Research

Companies/Dealers & Distributors Interviewed

Company/Dealer & Distributor Names

1.

Bridgestone Corporation

2.

The Goodyear Tire & Rubber Company

3.

The Yokohama Rubber Co. Limited

4.

Continental India Private Limited

5.

Balkrishna Industries Limited

S. No.

Secondary Sources

1.

Automotive Tyre Manufacturers Association (ATMA) India

2.

Industry Magazines

3.

World Bank

4.

World Bank

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S. No.

Research Methodology Research Methodology

For preparation of India agriculture tire market report, bottom-up model has been used, which has been later cross validated by using top down approach.

Tire Production TechSci Research has mapped production capacities of almost all tire manufacturing units in India, with the help of a series of primary research surveys of all the major tire manufacturing companies in the region, followed by crossvalidation through secondary sources such as company annual reports and industry associations. TechSci Research has been successful in identifying the production capacities of each tire company as well as its respective plant locations, establishment dates and type of tires manufactured.

Farm Equipment Production, Sales & Fleet Size Basic data points needed for the analysis of India agriculture tire market are historical, current and forecast figures for farm equipment production, sales and fleet size. Data for farm equipment sales has been extracted through various secondary sources and credible data portals. TechSci Research has also maintained a database for farm equipment sales, which is regularly updated through various primary research surveys and secondary sources such as automotive

associations and government publications.

Tire Demand

OEM specialty tire demand has been calculated by multiplying the average number of tires per vehicle to the total number of vehicles produced. For instance, for the tractor segment, the average number of tires is considered to be four.

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OEM Tire Sales

Research Methodology Replacement Tire Sales Replacement tire demand of a particular country is directly dependent on the country’s vehicle fleet size and historical vehicle sales. Replacement tire demand is calculated by multiplying vehicle fleet with replacement tire ratio, which is obtained by conducting a series of surveys with car owners to understand the frequency of tire replacement, as it varies for different countries depending upon the country’s road condition, climate, economic and regulatory policies.

The replacement ratio is expressed as a percentage. For example, in case of tractor, replacement ratio is considered to be 100%, if four tires are replaced per vehicle per year.

For instance, for Tractor replacement tire demand calculation: Tractor Fleet Size (Volume)

X

Replacement Ratio (%)

X

No. of Tires

=

Replacement Tire Demand

1,00,000

X

10%

X

4

=

40,000 Tires

The calculated replacement tire demand data was further analyzed by TechSci Research through Delphi technique, i.e. multiple rounds of telephonic interviews were conducted with tire companies/dealers in India. The information collected was thus cross-verified with industry experts and secondary sources, such as annual reports and paid

databases to generate meaningful results.

OEM Tire Sales

+

Replacement Tire Sales

=

Total Tire Market

Forecast

For forecasting the numbers, we have used Time Series Analysis followed by Judgmental Analysis.

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Total Tire Market Forecast

Industry Brief

According to TechSci report, “India Agriculture Tire Market By Vehicle Type (Tractors, Combine Harvesters, Trailers, Others) By Demand Category (OEM Vs. Replacement) By Region, Competition Forecast & Opportunities, FY2027”, India Agriculture Tire Market has shown promising growth in historical years until FY2020 and is expected to continue its growth in upcoming forecast years FY2022 to FY2027. Consistent growth in the agriculture sector and increased usage of agricultural vehicle by farmers are major driving factors behind the growth of India Agriculture Tire Market. Moreover, increasing disposable income among farmers is also influencing the growth of the market.

India Agriculture Tire Market has been showing a consistent CAGR since the last five years. The further growth can be expected to continue, or it may face a challenge from the ever evolving agricultural industry. With the latest model designs and advanced innovations, competitors in the market might want to collaborate with the agricultural vehicle manufacturing companies. These collaborations can meet distinct demand of the end users and thus provide customer satisfaction while building their brand image among the consumers. Intelligent hybrid agriculture tires are a good example of such innovations and provide an efficient way for the operator to adjust the pressure based on type of task the vehicle is performing.

The report on India Agriculture Tire Market is segmented by vehicle type, demand category and regional distribution. Based on demand category, the market is further fragmented into OEMs and replacement/aftermarket tires. Replacement tires dominate the market over OEM tires because of the feasibility and changing agricultural machinery designs. Indian terrain is varied and provides a scope for better, innovative, and stronger rubber tires. Thus, driving the market for replacement tires exponentially.

“India Agriculture Tire Market is expected to witness a significant growth during the forecast period. Digitization and urbanization will influence the India Agriculture Tire Market too. Mobile apps to calculate pressure of the tires and load that tires can bear offer a promising scope for advanced technology to influence the products and thereby the market growth in upcoming years. These applications can help achieve the efficiency and optimal safety of the vehicle as well as the services these vehicles provide. Use of these apps can further support new investors in the market or help in expanding their bases in digital services and solutions for their customers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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Indian economy was widely affected by the COVID-19 pandemic that set foot in early FY2020. India Agriculture Tire market was not untouched, either. While observing the lockdown, consumers were not able to visit distribution channels and could only order the products online. The online retail is expected to gain major revenue shares thus driving the growth in Indian Agriculture Tire market in the forecast years. After observing a setback, Agriculture Tire market is expected to revisit its growth and show a promising future. Furthermore, demand for better agricultural vehicles and products is also expected to drive the Agriculture Tire Market growth.

Sample Data - Snapshot India Agriculture Tire Market Size, By Value (USD Billion), By Volume (Million Units), FY2017-FY2027F CAGR FY2017-FY2021

CAGR FY2022E-FY2027F

By Value: X%

By Volume: X%

By Value: X%

By Volume: X%

FY2017 FY2018 FY2019 FY2020 FY2021

FY2022EFY2023FFY2024FFY2025FFY2026FFY2027F

Value (USD Billion)

Volume (Million Units)

India Agriculture Tire Market Share, By Vehicle Type, By Volume, FY2017-FY2027F

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

Tractor

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

Trailer

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

40.00% 30.00% 20.00%

Combine Harvestor

30.00% 40.00%

30.00% 40.00%

30.00% 40.00%

30.00% 40.00%

30.00% 40.00%

30.00% 30.00% 20.00% 20.00%

30.00% 20.00%

30.00% 20.00%

30.00% 20.00%

30.00% 20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

FY2017

FY2018

FY2019

FY2020

FY2021

Company 1

FY2022E FY2023F FY2024F FY2025F FY2026F FY2027F

Company 2

Company 3

Others*

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India Agriculture Tire Market Share, By Company, By Volume, FY2017-FY2027F 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%

Apollo Tyres Ltd.

Report Name: India Agriculture Tire Market Competition, Forecast and Opportunities FY2017-FY2027F License Type

Price

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TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.

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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.