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.
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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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