The agriculture tires market in India to grow at a CAGR of 6.06 percent over the period 2015-2019, as per a report by Market Research Reports, Inc.
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.
The agriculture sector in India is contributing considerably to the overall GDP, along with the services and manufacturing (industry) sectors. In rural India, around 70 percent 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.
According to the report, benefits associated with tractor usage are immense and this realisation 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.