According to a report by TechSci Research titled “Global Agriculture Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2014–2024,” the global market for agriculture tires is projected to reach approximately $7.5 billion by 2024. This growth can be attributed to the increasing sales of agriculture vehicles and the expansion of the agriculture vehicle fleet. In 2018, the tractor agriculture tire segment dominated the global market, followed by trailer and combine harvester vehicle tires. The tractor tire segment is expected to maintain its dominance during the forecast period, primarily due to the expanding fleet size of tractors, especially in developing countries.
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Among all the regional markets, Asia-Pacific dominates the global agriculture tire market. With a volume share of over 60% in 2018, the Asia-Pacific region is expected to maintain its dominance in the coming years. Europe & CIS is the second-largest regional market for agriculture tires, followed by North America, South America, and the Middle East & Africa. The presence of multinational companies such as Compagnie Générale des Établissements Michelin (CGEM), Titan Tire Corporation, Trelleborg AB, Balkrishna Industries Limited, and Pirelli & C. S.p.A. has intensified the competition in the global agriculture tire market. Furthermore, the widespread network of well-established dealers and distributors is anticipated to further increase the market share of these tire companies in the future.
Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm, stated, “Over the past few years, the global agriculture tire industry has experienced significant demand for agriculture vehicles due to the governments’ increasing focus on strengthening the agriculture sector, particularly in agrarian nations. This has resulted in an increase in agriculture tire sales. This trend is expected to continue in the future due to the continuous growth in agriculture vehicle production and demand, especially in developing economies worldwide. Moreover, the demand for high flexion tractor tires and VF sprayer tires, known for their exceptional load carrying capacity, will further drive the growth in the agriculture tire market.”
The report “Global Agriculture Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2014–2024” has analyzed the potential of the global agriculture tire market, providing statistics, information on market size, share, and trends. The report aims to provide comprehensive market intelligence to clients and assist them in making informed investment decisions. Additionally, it identifies and analyzes emerging trends, as well as key drivers and challenges faced by the global agriculture tire market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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