The report of Agriculture Tire & Tire Cord Market By Application (Tractors, Harvesters, Implements, Irrigation and Other), By Tire Type (Radial, Bias), By Fabric Material (Nylon, Polyester, Rayon), By Sales Channel (OEMs, Aftermarket) and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ xx Mn by 2027, at a CAGR of 4.5% during a forecast period.
The agriculture raw material showing low growth in price, owing to the COVID 19 condition, the recovery of the agricultural raw material price is expected to grow at the start of 2021 stated by Raw Materials Price Index of World Bank. Global Agriculture Tire & Tire Cord Market witness growing with the growth in global farm industry witnessing production concerns, demand for food is increasing, inadequate arable land, population growth, water scarcity, and degradation of soil fertility. Growing demand for mechanization innovation, expected to improve the efficiency of farmlands.
The increase in the demand for agricultural equipment owing to operational efficiency & profitability, rising labor cost, and market growth is driving owing to the trend of mechanization. Technological Advancement in agriculture equipment is expected to provide growth opportunities in Global Market.
Global Agriculture Tire & Tire Cord Market: Sales Channel
By Sales Channel, Global Agriculture Tire & Tire Cord Market is segmented into OEMs and Aftermarket. The Aftermarket is dominating the global Agriculture Tire & Tire Cord market, Asia Pacific region is showing high demand for Tractors, owing to ease of use it provides. The OEM fitted tires are replaced by the aftermarket tires.
Global Agriculture Tire & Tire Cord Market: Application
By Application, Global agriculture tire & tire cord market is segmented into harvesters, tractors, implements, irrigation and others. The tractor segment is the largest segment and held a dominating share in the global agriculture tire & tire cord market in 2019, owing to initiatives taken by the government and growth of commercial farming is fueling the tractor sales. The irrigation segment is expected to majorly grow in the forecasted period, owing to pivot irrigation, which driving the market in the forecasted period.
Global Agriculture Tire & Tire Cord Market: Drivers
Development in agriculture industry in developing countries and heavy dependency and population growth is demanding high farm yield. International agencies and governments are taking initiatives and providing various schemes in order to promote agriculture sector mechanization. Financial subsidies and support from governments boosting the Global Agriculture Tire & Tire Cord Market.
Indian government provides financial support for Agricultural modernization under the Sub- Mission from Aug 2020 and released about USD 7.5 Bn to state government for increasing agricultural growth and productivity. Tractors and harvesters are expected to play an important role in boosting agricultural productivity is expected to grow Global Agriculture Tire & Tire Cord Market.
Global Agriculture Tire & Tire Cord Market: Regional Overview
By region, Global Agriculture Tire & Tire Cord Market is segmented into Asia Pacific, North America, Europe, South America and Middle East & Africa. Asia Pacific holds the largest share in Global Agriculture Tire & Tire Cord Market over 65% of total volume. The region is showing increase in demand for tractors in developing countries, such as India and China. In India, tractors are playing vital role in growth of agricultural output. The average tractor sale in India ranges from 600 Thousand to 700 thousand units annually. Moreover, India is major tractor manufacturer as per Deere & Company most of U.S. tractors are manufactured in India, around 30% of tractors export is manufactured in India. Asia Pacific region market is expected to continuously grow in forecasted period.
Key players operating in the Agriculture Tire & Tire Cord Market are Claas KGaA mbH, CNH Industrial N.V., AGCO Corporation, Mahindra & Mahindra Ltd., Deere & Company, Kubota Corporation, Yanmar Co., Ltd., Tractors and Farm Equipment Limited, Zetor Tractors A.S., Alamo Group, Inc., STEYR, New Holland Agriculture, Antonio Carraro, Argo Tractors S.p.A., Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., CLAAS KGaA mbH, Steyr Landmaschinentechnik AG, Daedong-USA, Inc. KIOTI Tractor Division, Escorts Group, Force Motors Ltd., Indo Farm Equipment Limited., Iseki & Co. Ltd, Kubota Corporation, Mahindra and Mahindra Ltd., Pronar Sp. z o.o., SDF S.p.A., Sonalika International Tractors Ltd., Tractors and Farm Equipment Ltd. (TAFE), Traktorenwerk Lindner GmbH.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Agriculture Tire & Tire Cord Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Agriculture Tire & Tire Cord Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Agriculture Tire & Tire Cord Market positioning of competitors.
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