GLOBAL AGRICULTURAL TIRE MARKET FORECAST AT $7.5 BILLION BY 2024

   10/14/2019 - Dublin, Ireland - Research and Marketing report that the global agriculture tire market stood at $ 4. 5 billion in 2018 and is projected to grow at a CAGR of 8.5% to reach $ 7.5 billion by 2024, on account of increasing use of machinery and equipment in the agriculture sector coupled with constant growth in the agricultural sector across the globe. Moreover, the growing demand for replacement tires on account of expanding the global agriculture vehicle fleet is further expected to boost agriculture tire sales, globally. Some of the major companies operating in the global agriculture tire market are Compagnie Générale des Établissements Michelin (CGEM), Titan Tire Corporation, Trelleborg AB, Balkrishna Industries Limited, Pirelli & C. S.p.A., Prometeon Tyre Group S.r.l., Bridgestone Corporation, Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Continental Aktiengesellschaft, Sumitomo Rubber Industries Ltd., etc. In order to perform the study, primary as well as exhaustive secondary research were conducted. Initially, an exhaustive list of agriculture tire manufacturers and suppliers operating in different regions of the world was prepared. Subsequently, the analysts conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, the researchers were able to include manufacturers which could not be identified due to the limitations of secondary research. The researchers analyzed product offerings, distribution channels and regional presence of all the major agriculture tire suppliers across the globe. The researchers calculated the global agriculture tire market size by using a bottom-up technique, wherein manufacturers’ volume sales data for different vehicle types (tractors, trailers, combine harvesters and others) was recorded as well as forecast for future years. The researchers sourced these values from the industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, databases, Automotive Tyre Manufacturers Association, World Bank, UN Comtrade, company websites, company annual reports, white papers, investor presentations and financial reports were also studied. The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as tire manufacturers, distributors and dealers, customers and policy makers. The study would allow the industry stakeholders to target the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansio.