BURNABY, Canada, September 15, 2014 /PRNewswire/ --
Large tractor / trailer fleet size coupled with growing demand for tractors would continue to augment farm tyre sales through 2019
Farm tyre market in India accounts for about 80% share of the overall OTR (Off-the-Road) tyre market. Farm tyres comprise Tractor Front, Tractor Rear and Tractor Trailer tyres. Tractor Front is the most dominating farm tyre segment in volume terms, followed by Tractor Rear tyres and Tractor Trailer Tyres. While both Tractor Front and Rear tyres are sold in OEM and replacement segments, Tractor Trailer tyres are sold only in replacement market, with unorganized Trailer manufacturers assembling these tyres at their units. Robust growth in domestic tractor sales and exports, rise in mechanized farming, usage of tractors in horticulture, floriculture, hoe farming, etc., coupled with increasing tractor usage in urban and semi urban centers in infrastructure and construction activities, and large tractor fleet size are the major reasons boosting the country's farm tyre market.
According to TechSci Research report "India Tractor and Trailer Vehicles and Tractor and Trailer Tyre Market Forecast and Opportunities, 2019", the farm tyre market in India witnessed a CAGR of 9% during 2009-13. Major reasons behind this growth include the country's large tractor fleet, continuing growth in tractor sales, rise in mechanization level of farming, tax rebate given by many state governments in the country on the purchase of agricultural products. Tractor and tractor trailer companies in India manufactured around 0.8 million tractors and tractor trailers in 2013 to address the increasing demand for the same in agriculture and semi urban civil applications in the country. Though the farm tyre demand continues to grow in India, level of radialization in Farm Tyres is still at a very nascent stage as majority of tyres sold account for bias based farm tyres. Currently, all the Tractor Front and Tractor Trailer tyres sold in India are based on bias tyre technology.
"Demand for tractor tyres is directly co-related to the existing tractor/trailer fleet and the growth being witnessed for tractors/trailers. Increasing production capacity of tractor manufactures coupled with growing penetration of tractors and trailers in infrastructure and construction sectors of semi urban and rural areas are driving tractor/trailer market in India, thereby benefitting the country's farm tyre market." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Tractor and Trailer Vehicles and Tractor and Trailer Tyre Market Forecast and Opportunities, 2019" has evaluated the future growth potential of India Farm Tyre industry and provides statistics and information on market structure, exports and future growth of India's Farm Tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides all this, the report identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Farm Tyre industry in India.
About TechSci Research
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