Technavio’s analysts forecast the agriculture tires market in Europe to grow at a CAGR of 1.47 percent over the period 2015-2019.
The agriculture tires market in Europe is one of the largest agriculture tires market in the world. Almost all the nations of the EU have been reeling under the negative effects of eurozone crisis. This has largely affected even the most developed economies of Europe such as Germany and France. About half of the population in the EU lives in rural areas, showing the importance of the level of farm mechanization in Europe. The sales of tractors in Europe declined in 2012 compared to 2011. While there was a correction observed in 2013, the market declined in 2014 again. The sales of agriculture tires are directly related to the sales of agriculture equipment.
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.