Agriculture Tire Market to Surpass $ 8 Billion by 2022
According
to TechSci Research report, “GlobalAgriculture Tire Market By Vehicle Type, By Region, By Demand
Category, By Region, Competition Forecast & Opportunities, 2012–2022”, the global
agriculture tire market is forecast to reach $ 8.2 billion by 2022, on account
of rising agriculture vehicle sales and expanding agriculture vehicle fleet
size. In 2016, tractor agriculture tire segment
dominated the global agriculture tire market, followed by trailers and combine
harvesters vehicle tires. Tractor tire segment is anticipated to continue its
dominance in the global agriculture tire market through the forecast period
owing to expanding fleet size of tractors, especially in developing countries.
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Agriculture Tire Market"
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Among all the regional markets, the global agriculture tire is dominated
by Asia-Pacific. With a volume share of more than 60% in 2016, Asia-Pacific
region is anticipated to continue its dominance in the global agriculture tire
market during the forecast period. The second largest regional market for
agriculture tires in 2016 was Europe & CIS, which was followed by North
America, South America, and Middle East & Africa. Over the last few years, presence
of various multinational companies like Michelin, Titan, BKT Trelleborg, etc., has
intensified the competition in global agriculture tire market. Moreover,
the widespread presence of well-established network of dealers and distributors
is expected to further increase the market share of the above-mentioned tire
companies across the globe in the coming years.
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“Over
the past few years, the 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 boosting agriculture tire sales. This trend is
expected to prevail in the coming years as well owing to continuing growth in agriculture
vehicles production and demand, especially in developing economies across the
globe.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Agriculture Tire
Market By Vehicle Type, By Region, By Demand Category, By
Region, Competition Forecast & Opportunities, 2012–2022” has analyzed the potential of 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 the global agriculture
tire market.
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