Agriculture Tire Market Current Trends, Analysis, and Growth Factors
The factors that propel the growth of the market include growing demand for agricultural equipment and machinery, rapid industrialization and urbanization, developments in farming techniques, and consciousness among farmers in emerging countries.
(firmenpresse) - global agriculture tire market is anticipated to witness an exponential growth in the forecast period. Agriculture tires, as the name suggests, are designed for agricultural vehicles and machinery including sowers, tractors, and harvesters. The factors that propel the growth of the market include growing demand for agricultural equipment and machinery, rapid industrialization and urbanization, developments in farming techniques, and consciousness among farmers in emerging countries. On the other hand, there are factors that may hamper the growth of the market including product price instability and weather dependency of farm activities.
The market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market could be explored by vehicle type, placement, application, end user and geography. Market could be explored by vehicle type as Trailers, Tractors, Combine Harvesters and Others. The “Tractors” segment led the agriculture tire market in 2016 and is anticipated to maintain its dominance over forecast period. The key factor that may be attributed to the growth of market includes high demand.
Based on placement, the market could span Rear tires and Front tires. The “Rear Tires” segment led the market in 2016 and will continue to lead in the forecast period. These tires have longer life duration and are expensive as compared to front tires. The key applications that could be explored in the agriculture tire market include Tractor tires and Other tires. The “Tractor Tires” segment led the market in 2016 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of the market include growing population, economic growth, increasing requirements, and increase in tractor sales.
The market could be explored based on end user as replacement and OEM. The “Replacement Tire” segment led the market in 2016 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of market include it has the relatively high volume as compared to OEM sales.
APAC accounted for the major share of the market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include technological advancements in farming, growing consciousness among farmers in emerging countries, rising demand, and supportive government initiatives.
Some of the key players that fuel the growth of the agriculture tire market comprise Titan Tire Corporation, Michelin, Trelleborg AB, Balkrishna Industries Limited, Bridgestone Corporation, Prometeon Tire Group S.r.l., The Yokohama Rubber Co., Ltd., The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., and Continental Aktiengesellschaft, etc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Datum: 30.07.2019 - 08:59 Uhr
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