Growing agriculture industry, increasing sales of agriculture vehicles coupled with constantly expanding agriculture vehicle fleet to boost global agriculture tire market through 2024
According to TechSci Research report, “Global Agriculture Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2014–2024”, global agriculture tire market is forecast to reach around $ 7.5 billion by 2024, on account of rising agriculture vehicle sales and expanding agriculture vehicle fleet size. In 2018, tractor agriculture tire segment dominated global agriculture tire market, followed by trailers and combine harvesters vehicle tires. Tractor tire segment is anticipated to continue its dominance in the market during forecast period as well owing to expanding fleet size of tractors, especially in developing countries.
Global agriculture tire market is segmented by vehicle type, by demand, and by region. Based on vehicle type the market is further fragmented into tractors, trailers, combine harvesters and other related vehicles. Tractor as an agricultural vehicle asserts its dominance over the market that remains unmatched by other types of vehicles. The reason behind this can be explained by the growth of penetration of tractors in various farm activities and rising trend amongst farmers to invest in a vehicle that can improve turnaround time & perform multiple tasks due to their weak financial capability. Moreover, market segmentation by the demand category elaborates how replacement tires overpower the market over OEM tires.
Browse 112 Figures spread through 215 Pages and an in-depth TOC on "Global Agriculture Tire Market"
Among all the regional markets, global agriculture tire is dominated by Asia-Pacific. With a volume share of more than 60% in 2018, Asia-Pacific region is anticipated to continue its dominance in the coming years as well. The second largest regional market for agriculture tires is Europe & CIS, followed by North America, South America, and Middle East & Africa. Over the last few years, presence of various multinational companies like Compagnie Générale des Établissements Michelin (CGEM), Titan Tire Corporation, Trelleborg AB, Balkrishna Industries Limited, Pirelli & C. S.p.A., etc., has intensified the competition in global agriculture tire market. Moreover, widespread presence of well-established network of dealers and distributors is expected to further increase the market share of the above-mentioned tire companies in the coming years.
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“Over the past few years, global agriculture tire industry has witnessed a considerable increase in demand for agriculture vehicles due to increasing focus of the governments on strengthening the agriculture sector, especially in agrarian nations, which has resulted in rising agriculture tire sales. This trend is expected to prevail in the coming years as well owing to continuous growth in agriculture vehicles production and demand, especially in developing economies across the globe. Moreover, increasing demand for high flexion tractor tires and VF sprayer tires due to their extreme load carrying capacity would further steer growth in agriculture tire market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Agriculture Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2014–2024” has analyzed the potential of global agriculture tire market, and provides statistics and information on market size, share and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by global agriculture tire market.
Objective of the Study:
- To assess the scenario of agriculture tires across the globe.
- To analyze and forecast the market size of agriculture tire market globally.
- To classify and forecast global agriculture tire market based on vehicle type, region and demand category.
- To identify drivers and challenges for global agriculture tire market.
- To identify market trends and developments in the global agriculture tire market.
- To evaluate the average selling price for agricultural tires.
- To identify and analyze the profiles of leading players involved in manufacturing and selling of agriculture tires.