Agriculture Tire Market: Introduction

According to the report, the global agriculture tire market is projected to reach ~US$ 15 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. The population boom around the world is boosting the demand for better agriculture yield, which is a key factor propelling the global agriculture tire market. Attractive financing options on purchase of new tractors and subsidies on agricultural tractors and equipment by governments are driving the demand for agriculture tires. Government stimulus such as Common Agriculture Policy (CAP) by European Union (EU) for EU member countries, funding by Food & Agriculture Organization (FAO) & other African food organizations in Middle East & Africa are providing financial support to develop and help purchase agriculture machinery for farms in these regions, which, in turn, is estimated to propel the agriculture tire market.

Get Sample Copy

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=43736

Rapid urbanization and economic expansion have fueled the demand for utilization of harvesters, combines, and tractors. The shift from subsistence to larger commercial farming has necessitated the use of tractors, which in turn is boosting the demand for agriculture tires. Based on tire type, the bias segment held a dominant share of the global agriculture tire market, as they are cost-effective as compared to radial tires and less susceptible to wear & tear. The radial segment accounted for a notable share of the market in Europe and North America in 2019. These tires provide 10% to 15% more traction as compared to that offered by bias tires. However, Asia Pacific accounts for a prominent share of the global agriculture tire market and the market in the region is dominated by bias tires, thus the bias segment accounted for a dominant share of the global market.

In terms of sales channel, the aftermarket segment is projected to hold a leading share of the market during the forecast period. It is imperative to maintain good health of agriculture tires and replace them periodically due to wear & tear. Damaged tires erode soil and cause more compaction, which leads to poor yield. Rise in consumer awareness and expansion of tire dealers and retailers in developing countries is expected to further propel the demand for agriculture tires in the aftermarket segment.

Regional Analysis of Agriculture Tire Market

In terms of region, the global agriculture tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a leading share of the global agriculture tire market with China and India witnessing significantly high sales of tractors and a large number of tractors in use. North America accounted for a considerable share of the global agriculture tire market in 2019, owing to high rate of mechanization of farms in the U.S. and consumer awareness about periodic replacement of tires. The market in Middle East & Africa is projected to expand at a notable growth rate during the forecast period, owing to the increase in income among farmers and government subsidies boosting the adoption of agricultural machinery, which in turn is driving the demand for agriculture tires.

Buy Complete Report@

https://www.transparencymarketresearch.com/checkout.php?rep_id=43736&ltype=S

Prominent players operating in the global agriculture tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, China National Rubber & Tire Co., Titan International, Inc., Trelleborg AB, Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A.

Global Agriculture Tire Market: Segmentation

  • Agriculture Tire Market, by Application
    • Tractors
    • Harvesters
    • Implements
    • Irrigation
    • Forestry
    • Others
  • Agriculture Tire Market, by Tire Type
    • Radial
    • Bias
  • Agriculture Tire Market, by Equipment Horsepower
    • 0-80 HP
    • 80-200 HP
  • Agriculture Tire Market, by Sales Channel
    • OEM
    • Aftermarket
  • Agriculture Tire Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

Contact

Transparency Market Research State Tower,

90 State Street,

Suite 700,

Albany NY – 12207

United States

USA – Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here