Agro-based Economies and Need for Food Security to Up Demand for Agriculture Tires across Globe

MarketResearchReports.biz announced the addition of a new research report to its online depository. This research report sheds light on the dynamic market forces driving the demand for agriculture tires. The publication, titled “Agriculture Tires Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026”, presents a detailed study of the changing agricultural scenario that is expected to accelerate the uptake of these tires. It discusses the advancements in technology and changing outlook of vendors that are impacting the production of agriculture tires as well.

Agriculture tires are specifically designed to suit the needs of tough terrains. Their deep treads and broad width lends them better traction and floatation. Agriculture tires are thus meant to minimize slippage and a softer footprint. The rising demand for crops and growing efforts by governments across globe to assure food security has upped the demand for agriculture tires in the eponymous industry. Influx of small-scale farmers and increasing focus toward organic farming have also had a positive impact on the global agriculture tires market in recent years.

On the basis of type, the global agriculture tires market is segmented into radial ply tires and bias ply tires. Out of these, the radial ply tires segment dominates the global market as they use less pressure as compared to other tires thus ensuring better ride ability. On the other hand, the bias ply tires segment is also expected to gain momentum as these tires are inexpensive and highly durable, which makes them long lasting in nature. Thus, the bias ply tires are expected to be especially popular in cost-sensitive markets of the world.

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In terms of geography, the global agriculture tires market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. Out of these, Europe is projected to be the biggest consumer, which will be closely followed by North America. However, the report predicts that Asia Pacific will grow at a fast pace in the coming years as emerging economy of India is primarily agro-based. China will also be a key contributor as demand for upgrading equipment and machinery in the agricultural industry continues to be on the rise. However, tire retreading options across developing nations and influx of counterfeit or local products could dampen the spirit across Asia Pacific agriculture tires market.

Some of the leading players operating in the global agriculture tires market are Trelleborg Wheel Systems Americas Inc., JK Tyre & Industries Ltd, Apollo Tyres, CEAT Tyres, Comar Tyre & Rubber Industrial Co., Ltd, Bridgestone Corporation, MICHLIN, and Titan International Inc. The research report offers a detailed understanding of the competitive landscape present in the global market for agriculture tires along with an in-depth insight into the financial outlooks of these companies. Analysts have also offered a Porter’s five forces reports, which assesses the power of suppliers, power of buyers, and threat from new entrants.

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