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Ag Tire Market Surging Due to Increased Farm Automation
Ohio Ag Connection - 02/08/2019

The global agriculture tire market is anticipated to rise at a higher CAGR of 3.67% by 2023.

The agriculture tire market is driven by burgeoning requirements of food and production of crops. Regional demand of food directly affects the crop production, which in turn creates a pressure, particularly in case of population explosion. In addition, rapid industrialization and urbanization are likely to affect farm production. Income of farmers has been a dominant factor for purchase of equipment. Agricultural activities followed by rise of automation in farming is likely to create a massive demand for agro vehicles, which again triggers the market growth in the estimated period. By usage, agriculture tires market is segmented as lowland and highland agriculture activities.

By models, the market segmentation comprises replacement tires and original equipment. Replacement tires occupy a largest share in the global space. Agriculture tires market is driven by rise in demand for modern agricultural machinery and increase in food demands. Rise in urbanization and industrialization is another factor for market growth in the forecast period. Development of sustainable agricultural equipment. Geographical segmentation for agriculture tires market comprises North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions have displayed an all-round development in the agricultural sector due to significant history of agriculture and constant R&D for enhancement for agro-automobiles. In addition, government subsidies and support at various levels helps the farmers to procure vehicles for better yield.

North America and Europe regions have a strong foothold in manufacture of tires for vehicles. Strategic collaborations and joint ventures in agricultural domain have boosted the agricultural tire industry in these regions. Availability of assistance for periodic maintenance for wear and tear of tires is likely to propel the market growth during the forecast period.

The key players in agriculture tires market include IF Tires, VF Tires, Goodyear, Michelin, BKT, Trelleborg and Titan.

The global agriculture tire market is anticipated to grow at a CAGR of 3.67% by 2023. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (North America, Europe, Asia-Pacific, MEA and South America). The Global Market for agriculture tire to 2023 offers detailed coverage of agriculture tire industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading agriculture tire producers to provide exhaustive coverage of the agriculture tire.

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