Global Market Research Company US Automotive_Global Agriculture Tire Market, 2024 | Page 18

INDUSTRY BRIEF
According to TechSci Research report, “Global Agriculture Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast
& Opportunities, 2014–2024”, global agriculture tire market is forecast to reach around $ 7.5 billion by 2024, on account of rising agriculture
vehicle sales and expanding agriculture vehicle fleet size. In 2018, tractor agriculture tire segment dominated global agriculture tire market,
followed by trailers and combine harvesters vehicle tires. Tractor tire segment is anticipated to continue its dominance in the market during
forecast period as well owing to expanding fleet size of tractors, especially in developing countries.
Among all the regional markets, global agriculture tire is dominated by Asia-Pacific. With a volume share of more than 60% in 2018, Asia-Pacific
region is anticipated to continue its dominance in the coming years as well. The second largest regional market for agriculture tires is Europe &
CIS, followed by North America, South America, and Middle East & Africa. Over the last few years, presence of various multinational companies
like Compagnie Générale des Établissements Michelin (CGEM), Titan Tire Corporation, Trelleborg AB, Balkrishna Industries Limited, Pirelli
& C. S.p.A., etc., has intensified the competition in global agriculture tire market. Moreover, widespread presence of well-established network of
dealers and distributors is expected to further increase the market share of the above-mentioned tire companies in the coming years.
“Over the past few years, 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 rising
agriculture tire sales. This trend is expected to prevail in the coming years as well owing to continuous growth in agriculture vehicles production
and demand, especially in developing economies across the globe. Moreover, increasing demand for high flexion tractor tires and VF sprayer
tires due to their extreme load carrying capacity would further steer growth in agriculture tire market.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
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