Agriculture Tires Market in India 2015-2019
About agriculture tires
Tires are an integral component of automobiles and are manufactured using raw materials such as natural rubber, nylon tire cord fabric, and carbon black. Rubber chemicals and synthetic rubber, including styrene-butadiene rubber and poly-butadiene rubber, are also used in manufacturing tires. Agriculture tires are used in different agriculture vehicles and equipment such as tractors, sowers, and harvesters. The use of advanced equipment has had a significant improvement on crop yield and, hence, is leading to cultivators and farmers increasingly using agriculture vehicles and equipment.
India has world's second largest population and world's fourth largest economy. The rapidly growing Indian economy has invoked interests among many investors worldwide, and significant amount of investments is flowing into the country. The agriculture sector in India is contributing considerably to the overall GDP of the country, along with the services and manufacturing (industry) sectors. In rural India, around 70% of the households depend on agriculture as their principal means of livelihood. Over the last few years, the agriculture tires market in India has been registering steady growth. There has been a rise in the mechanisation of the agriculture industry in the country, which has contributed to the growth of agriculture tire vendors.
Technavio's analysts forecast the agriculture tires market in India to grow at a CAGR of 6.06% over the period 2015-2019.
Covered in this report
The report covers the present scenario and the growth prospects of the agriculture tires market in India for the period 2015-2019.
Technavio's report, the Agriculture Tires Market in India 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the landscape of the agriculture tires market in India and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Agriculture Tires Market in India 2015-2019
Technavio recognizes the following companies as the key players in Agriculture Tires Market in India 2015-2019: Apollo Tyres, Balkrishna Industries, CEAT Tyres, JK Tyre and Industries, MRF L, and TVS Srichakra
Other Prominent Vendors in the market are: Anil Rubber Industries, Alliance Tires, Asha Rubber Industries, Asian Tire Factory, Future Tyres, Eastman Industries, Hindustan Tyres, Metro Exporters, Pirelli, Power Max Tyre, Red Stone Industries, Salsons Tyres and Superking Manufacturers
Commenting on the report, an analyst from Technavio’s team said: “As agriculture is more of a seasonal activity, in the lean season Indian farmers find it useful to use tractors for other purposes. The use of agriculture tractors for non-farming applications in India has increased over the past few years and is currently at almost half of the total tractor market.”
According to the report, benefits associated with tractor usage are immense and this realization by farmers has led to increased demand for tractors across India. Sales of tractors in recent years have been growing and are expected to grow further during the forecast period because of an increase in the tractor penetration rate in India. Growing tractor sales have propelled the growth of the tractor tires market, and subsequently enhanced the growth rate for the agriculture tires market in India.
Further, the report states that inverted tax structures for tire manufacturers is a major challenge hindering the growth of the market.
Apollo Tyres, Balkrishna Industries, CEAT Tyres, JK Tyre and Industries, MRF L, TVS Srichakra, Anil Rubber Industries, Alliance Tires, Asha Rubber Industries, Asian Tire Factory, Future Tyres, Eastman Industries, Hindustan Tyres, Metro Exporters, Pirelli, Power Max Tyre, Red Stone Industries, Salsons Tyres, Superking Manufacturers