Latin America Agriculture Tractor Tires Market is worth $ xx million in 2021 and is expected to grow to $ xx million by the end of 2026 with a compound annual rate of xx% between 2021 and 2026.
Agriculture tractor tires provide comfort while farming and also enhances fuel economy. These tires increase the performance of the tractors. Besides, the agriculture tractor tires resist the abrasive action of various surfaces and offer braking steering and directional stability. These tires help the tractor to cushion against minor surface irregularities. Rising investments in rural agriculture from government agencies is enhancing the demand of the Latin America agriculture tractor tires market.
COVID 19 is a deadly disease that disrupted the shares of every sector. Agriculture tractor tires market has seen a downfall in the first half of 2020. The government imposed strict lockdown guidelines to curb the spread of the novel coronavirus is the major factor for the downfall of shares. However, with the increasing demand for rise, the production of the crop with high quality across the world is likely to promote the demand of the market. With the unlock guidelines, the supply chain is coming back into a normal state. It is expected that the market is to have the highest shares by the end of 2021.
Drivers and Restraints of Latin America Agriculture Tractor Tires Market:
Drivers:
The increasing population associated with the rising demand for the production of quality food products is enhancing the Latin America agriculture tractor tires market. Now a days, farmers are focusing on increasing the production of the crop by adopting the latest technologies. This factor is attributed to propel the demand of the market to the extent. Creating awareness on the availability of various agriculture techniques to increase the productivity level is anticipated to fuel the growth rate of the Latin America agriculture tractor tires market. Precision farming and advanced logistics are two major methods adopted by farmers these days that is inclined to fuel the growth rate of the market. Key players focused on developing advanced agriculture vehicles to improve the soil conservation are promoting market growth in Latin America. In addition, the growing prevalence for organic farming techniques in developed countries is evaluating the growth rate of the Latin America tractor tires market.
Restraints:
However, high cost of the vehicles where farmers could not afford is slightly restricting the demand of the Latin America tractor tires market. Lack of proper knowledge is also hampering the growth rate of the market. Also, rapid urbanization and natural calamities are to hinder the demand of the agriculture tractor tires market.
By Type, the Latin America agriculture tractor tires market is segmented into original equipment tires and replacement tires. Original equipment tires segment is leading with the highest shares of the market by owing to increasing awareness over the latest available techniques. The replacement tires segment is expected to have the highest CAGR in the coming years.
Based on the application type, the Latin America agriculture tractor tires market is divided into Tractors, Combine Harvester, Sprayer, Trailers, and Compact line, Others (Row-crop, Floatation, Free Rolling, Forestry, and Tractor Pulling). Tractors segment is holding the dominant shares of the market. Rising economy and increasing support from government organizations are promoting the growth rate of this segment. The combine harvester segment is anticipated to have significant growth opportunities in the coming years. The sprayer segment is projected to have a high growth rate.
According to construction type, the Latin America agriculture tractor tires market segments are Bias Tires and Radial Tires. Bias tires segment is ruling with the prominent shares of the market.
Regional Analysis:
Latin America agriculture tractor tires market is likely to have significant shares. Easy availability of raw materials like natural rubber and inexpensive labor charges are promoting the growth rate of the market. In addition, rising sales of the tractors is anticipated to fuel the growth rate of the agriculture tractor tires market. Brazil is contributing the highest shares for the agriculture tractor tires market. Farmers are likely to adopt the new technologies to improve the efficiency of crop production that is elevating the growth rate of the market in Brazil. Mexico's agriculture tractor tires market is to have the fastest growth opportunities.
Key Players:
Mitas Tires North America Inc
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