Agriculture Tire Market to Surpass $ 7.5 Billion by 2024
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.
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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.
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