London, 11 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the agriculture tires market in India 2015-2019, which is expected to grow at a CAGR of 6.06% during the forecast period of 2014-2019.
Agriculture being one of the most important occupations in India, has resulted in an increase in the tractor sales. Benefits associated with tractor usage are immense and this realization by farmers has led to increased demand for tractors across the country.
“The use of agriculture tractors for non-farming applications in India has increased over the past few years and is currently at almost 40-45% of the total tractor market,” says Faisal Ghaus, Vice President of Technavio.
“Use of tractors for non-farming applications is increasing demand for tractors and indirectly having a positive impact on the agriculture tires market in India.”
Key Market Drivers
- Rise in Tractor Sales
- Increase in Farm Mechanization
- Government Policies
- Increase in Product Range by Vendors
Key Market Trends
- Use of Tractors for Non-farming Operations
- Stubble-resistant Tires
- IF Tires
- VF Tires
- Eco-friendly Tires
Key Market Vendors
- Apollo Tyres Ltd.
- Balkrishna Industries Ltd.
- CEAT Tyres Ltd.
- JK Tyre Industries Ltd.
- MRF Ltd.
- TVS Srichakra Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
