The global agriculture tire market is forecast to reach $8.2 billion by 2022, driven by rising agriculture vehicle sales and expanding agriculture vehicle fleet size according to a new report.
TechSci Research, a research based global management consulting firm, recently released their report, “Global Agriculture Tire Market By Vehicle Type, By Region, By Demand Category, By Region, Competition Forecast & Opportunities, 2012–2022.” The report says that in 2016, tractor agriculture tire segment dominated the global agriculture tire market, followed by trailers and combine harvesters vehicle tires. It anticipates further continued growth in the tractor tire segment of the global agriculture tire market due to expanding fleet size of tractors, especially in developing countries.
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, 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.
“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,” said Mr. Karan Chechi, Research Director with TechSci Research. “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.”
View more information about the report here.
