Agricultural Tires Market 2019- Global Industry Analysis, By Key Players, Segmentation, Trends and Forecast By 2025

, MAHARASHTRA, INDIA, May 20, 2019 /EINPresswire.com/ -- Summary:
A new market study, titled “Discover Global Agricultural Tires Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.

Introduction 
Global Agriculture Tires Market Overview 

Agricultural tires are specialty tires used for agricultural machinery such as tractors, harvesters, trailers, etc. These tires provide better fuel economy, performance and driver comfort for agricultural vehicles. Growing food demand is one of the prime reason for the increased need for mechanization within the Agricultural sector. Specialty vehicles such as combine harvester hold a major share of the market. Tires play an important role in the performance of the agricultural machines, and hence the demand for agricultural ties are increasing.

The Global Agriculture Tires market accounted for USD 7,098 million in 2017 and is expected to grow at a CAGR of 4.3% to reach USD XX million in 2025.

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Global Agriculture Tires Market – Market Dynamics 

The demand for agricultural tires is dependent on the market for agricultural equipment like tractors, trailers, sprayers, combines, and compact lines. The rapid economic growth in developing nations is driving the agriculture sector to be more efficient and productive, in turn resulting in higher sales of agricultural machinery end-products. High demand for food products from expanding populations and technological advancements in agricultural equipment should remain the main factors that may propel demand for agricultural machinery market. Moreover, expanding tire product range, favorable government policies for agricultural, and emerging market for re-treading would further drive the market growth.

Tires are hazardous to the environment as they are not biodegradable. They contribute to landfill waste and although are classified as municipal solid waste rather than hazardous waste by Environmental Protection Agency (EPA). Tires release toxins, and the oils it can contaminate the soil and ground water. Further, solvents or volatile organic compounds (VOC) are used to produce heavy and treads for improving adhesion of the tires, in which the process release the maximum amount of emissions into the air. The hazardous nature of agricultural tires might hamper the market growth in the near future.

Global Agriculture Tires Market – Segment Analysis

Global Agricultural Tires market is segmented by application, by type, by the end user, and by region. By application, the market is segmented as Combine Harvester, Tractors, Trailers, Sprayer, Loaders, and Others. By type, the market is bifurcated as Bias tires and Radial tyres. By end, user global agricultural tires market is segmented as Replacement/Aftermarket tyres and Original Equipment tyres. Tractors holds the major share of the market owing to a wide range of application of tractors within the agricultural industry. The increase in launches of the new technology of tires for tractors is booming the global Agricultural tire market. For instance, Low Sidewall (LSW) Extreme Floatation super single line technology, which reduces power hop and road lope that improves operator comfort and fuel economy, due to their physical size are designed to replace standard row crop duals providing up to a 25% larger footprint under the tractor.

Global Agriculture Tires Market – Geographical Analysis: 

The Global Agriculture Tires market is segmented into the regions as North America, Europe, Asia-Pacific, South America, and rest of the World. Asia-Pacific is the leading region of the market owing increased mechanization and growing Agriculture sector. Further, the increasing growth of agriculture in India and China. Rest of the World segment is anticipated to be the next fastest growing region after Asia-Pacific.

Global Agriculture Tires Market – Competitive Analysis: 
The global Agricultural tires market is a moderately consolidated market with four companies occupying the majority of the market share in 2017. Globally, over XX% of the Agricultural tire market is attributed to the top four players. These recognized players include Trelleborg AG (Mitas), Bridgestone, BKT, ATG, and Others. Trelleborg AG is the market leader with around XX% of the market share followed by Bridgestone and BKT. The expansion is one of the key strategy adopted by top players to expand their market presence. Bridgestone Americas Inc. is investing USD 12 million to expand off-the-road tire production at its plant in Bloomington, adding multiple sizes and patterns for 29-, 33- and 35-inch OTR tires.