Agriculture Tire Market to grow at a CAGR of 5.1%

Reports And Markets Publish a New Market Research Report On –"Tire Market- By Type, Application, Construction and Geography-Market Shares, Forecasts And Trends (2017 - 2022)"

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Need for enhanced productivity in the wake of growing global population and increased food demand has led to substantially growing usages of various agricultural machineries. With the increasing demand for agricultural machineries and equipment, the market for agriculture tire industry is surging at a continuous rate. The global agricultural tire market is expected to grow at a CAGR of 5.1% during 2015-2020.

The major underneath factor driving the demand for agriculture tires across the world is the growing demand for food products and the issue of food security. The global population is growing at an alarming rate necessitating greater use of available land. Further, with increasing urbanization and industrialization, the potential land use for agriculture has been reduced.

These factors together put a clear picture for greater emphasis on farm mechanization and in turn growing agricultural tire market. While the overall market scenario is positive, the sentiment is hugely dependent on economic turmoil around the world that invariably affects farmers’ income and the purchase of farm machineries. Add to that, weather dependency of farm activities and commodity price volatility are some other major factors restraining the market growth.

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The market for agricultural tires is a specialist segment, with clearly defined products and markets. On the basis of usage in agricultural activities, the market is classified on types, application, construction types and as per geography. The global market is broadly classified into original equipment and replacement tire wherein the later forms the latest share. On construction basis, the market is divided into bias ply and radial tires. Radial tires are used predominantly in North America and Europe as they have the ability to reduce compaction and handle heavier loads.

The market trend and sentiment clearly differs between developing and developed world. Globally, while North America and Europe together form majority of share owing to high industrialization of agricultural activities, future growth is seen coming from developing regions like Asia-Pacific and South America.

Major players in the global farm tire market are Firestone, Goodyear, Cooper Tire, Continental Tires, Michelins, Titans, and Bridgestone etc. Other names in the industry include Firestone, Carlisle Companies Incorp., Balkrishna Industries Ltd., Trelleborg Wheel Systems S.p.A., McCreary Tire and Rubber Co. etc. In order to maintain position in the market place, major companies are focusing on product innovation and customization in order to keep the overall product line and offering robust in world farm tire market.

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