The global agricultural tires market size reached US$ 7.7 Billion in 2022.

UNITED STATES, September 29, 2023 /EINPresswire.com/ — The latest report by IMARC Group, titled “Agricultural Tires Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global agricultural tires market share. The global agricultural tires market size reached US$ 7.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.

Agricultural or ag tires are specialized tire types designed exclusively for use on agricultural vehicles and equipment. These tires are meticulously engineered to endure the demanding conditions found in farm environments, where heavy machinery operates on rugged and often uneven terrain. They come in various varieties tailored to suit distinct farming applications, such as tractors, combines, harvesters, and other types of farm equipment. These tires are equipped with deep treads and robust sidewalls to provide the necessary traction, stability, and durability required in fields, muddy soils, and off-road situations. The careful selection of agricultural tires is of utmost importance to maximize productivity while minimizing soil compaction, which can have adverse effects on crop yields and the overall health of farmland. Currently, agricultural tires are extensively employed in modern farming practices, significantly enhancing the efficiency and productivity of agricultural machinery in a wide range of crop cultivation and harvesting tasks worldwide.

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Agricultural Tires Market Trends and Drivers:

The global agricultural tires market is primarily being propelled by the rapid expansion of the agriculture industry, driven by the increasing demand for food. Furthermore, the growing necessity for robust and high-performing agricultural tires, driven by the widespread adoption of modern mechanized equipment, is having a positive impact on market growth. In addition to this, numerous tire technology advancements, such as the introduction of radial tires that enhance tire longevity and performance, have accelerated market growth. Moreover, there is a multitude of product innovations in the form of eco-friendly and fuel-efficient tires, prompted by escalating concerns about sustainability and the industry’s growing emphasis on reducing environmental impact, which are driving market growth. Additionally, the increasing adoption of precision agriculture practices has heightened the demand for specialized tires tailored for specific farming applications, further contributing to the expansion of the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Apollo Tyres Limited
Balkrishna Industries Limited (BKT)
Bridgestone Corporation
CEAT Ltd. (RPG Group)
Continental AG
JK Tyre & Industries Ltd.
MRF Limited
Specialty Tires of America Inc.
Sumitomo Rubber Industries Ltd.
TBC Corporation (Michelin)
The Carlstar Group LLC
Titan International Inc.
Trelleborg AB
Yokohama Off-Highway Tires America Inc. (Yokohama Rubber Company).

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The report has segmented the market on the basis of Product Type, Distribution Channel, Packaging Type and Region.

Breakup by Product Type:

Bias Tires
Radial Tires

Breakup by Application:

Tractors
Harvesters
Forestry
Irrigation
Trailers
Others

Breakup by Distribution Channel:

OEM
Aftermarket

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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SANTA ANA, Calif., Sept. 27, 2023 (SEND2PRESS NEWSWIRE) — The Town & Country Life Plan Community celebrated the two-year anniversary of Grace Gardens Memory Care with a Dedication Ceremony on September 16. Dr. John Stumbo, the president of The Christian and Missionary Alliance, presided over the dedication, which was attended by city officials, business partners, residents, and their families.

Photo Caption: Resident Edith Hansen, Dr. John Stumbo, Joanna Stumbo and resident Rhea Zakich at the Grace Gardens Dedication Ceremony.

“Grace Gardens Memory Care is a ministry that we are dedicating to God—we are setting it aside for Him and His purposes,” said Dr. Stumbo. “Grace Gardens Memory Care is a community whose sole purpose is to care for those who cannot care for themselves.”

“Our community was honored with the dedication, and we would like to thank Dr. John Stumbo and The Christian and Missionary Alliance, who have provided invaluable support over the years,” said Town & Country CEO Rob Goerzen. “Town & Country offers a caring Christian environment designed to meet each resident’s physical, social and spiritual needs at all care levels. We are proud to celebrate Grace Gardens and have it recognized as a leading memory care community in Orange County.”

Grace Gardens opened in 2021 on the Town & Country campus and offers residency for approximately 70 residents with Alzheimer’s and dementia in four distinct neighborhoods. The beautiful and innovative community provides ample access to the outdoors with natural surroundings, sunlight, and plenty of secure, open space to move around to promote physical, mental and social health.

Additional amenities include a bistro, a sun deck terrace, quiet rooms, a beauty salon, activity rooms, lounges and a media room. Families and residents can also have meals onsite at Rob’s Garden Cafe. Grace Gardens offers 24×7 nursing staff and concierge doctor’s office, medical appointment transportation and chef-crafted meals. Therapies include art, music, exercise and horticulture.

Town & Country offers a continuum of care that also includes independent living, assisted living and skilled nursing. The Medicare rated, 5-star skilled nursing center is convenient for all residents and is especially helpful should the need arise for memory care residents.

Couples who have different care needs live on our campus. Most couples have the option to continue to live together, while others may choose to live in different areas of the community knowing that they can easily visit each other and spend quality time together each day.

Town & Country is a non-profit organization, which means they put money back into the community. A non-profit organization is different than a for-profit community that needs to pay back investors.

Town & Country is a charitable 501(c)(3) nonprofit Christian retirement community in the heart of Orange County. Built in 1975, Town & Country was brought to life with the vision of showing God’s love through the caring and serving of their residents. The 8-acre campus is full of outdoor courtyards, gardens and fountains with every residential apartment having a private patio. Town & Country offers independent living, assisted living, memory care, skilled nursing, and short-term rehab care.

For more information, visit: https://www.tcmanor.com/

TAGS: #MemoryCare #SeniorLiving #GraceGardens #TownAndCountry

News Source: Town and Country Life Plan Community

SINGAPORE–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Union Medical Benefits Society Limited (UniMed) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect UniMed’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

UniMed’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which was at the strongest level for fiscal year ended 30 June 2022 reflecting the company’s, low underwriting leverage and moderate risk investment strategy. The company’s regulatory solvency position was substantially higher than the regulatory minimum requirement and its own internal minimum threshold. As a member-owned organisation, AM Best considers UniMed’s financial flexibility to be limited. However, this is mitigated partially by the company’s prudent approach to capital management and its track record of robust internal capital generation.

AM Best views UniMed’s operating performance as strong, with a five-year average return-on-equity ratio of 6.0% and a combined ratio of 93.4% (fiscal years 2018-2022). In recent years, the company’s overall operating results experienced volatility as a result of COVID19 and volatile investment markets. UniMed benefits from its ability to adjust premium rates rapidly in response to any claims deterioration, as well as an efficient cost structure that allows it to offer competitive health coverage and premiums to its members. Prospectively, AM Best expects the company’s operating performance to remain robust although investment in marketing activities and technology infrastructure is expected to drive an increase in its expense ratio over the medium term.

AM Best assesses UniMed’s business profile as limited, largely reflecting its small-scale operations and its limited product and geographic diversifications. The company is a not-for-profit organisation that provides health insurance to its members in New Zealand. In addition, AM Best views the company as having a concentration toward a small number of large group medical accounts, which increases the susceptibility of overall earnings to changes in the performance of these key accounts. AM Best expects the company’s investments in marketing and technology to support its next phase of accelerated growth and customer retention.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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