Global Farm Tire Market to Grow Steadily Due To Increase in Demand for Agricultural Products
The global farm tire market is expected to experience an upsurge in demand due to the rise in the market during the forecast period. Major players in the global market are funding heavily to reduce the costs by using improved manufacturing process. These organizations are trying to improve their product lines in order attract more customers. It has been noticed that small and new organization in order to have a strong foothold in the market, are competing fiercely against the global giants, reports Transparency Market Research (TMR), in their newly published report. These small companies have found developing countries such as China and India to be their ideal place to set up their market. Reasons such as cheaper land price and low cost to labor than other countries, these small business are expected to tastes success in the region. Some of the major companies in the global farm tire market are Pirelli and C.S.P.A., Mitas Tires Global Inc., Michelin, The Goodyear Tire and Rubber, Continetntal AG, TBC Corp., Balkrishna Industries Limited, and Bridgestone Corporation.
The global farm tire market can be found on the basis of type in two variants, which are bias and radial. Radial tire segment accounts for the leading share in terms of revenue presently and is expected to continue. Reason behind the success of the radial tire segment is that it is made steel belts which are placed at an angle of 90 Degree of the tread center line. There are also known ton fuel efficient in nature. Geographically, Asia Pacific region holds the leading share in the growth of the global farm tire market and is expected to continue so in the future. The region is expected to rise at a CAGR of 7.2%
The global farm tire market is expected to expand at a CAGR of 6.2% from 2017 to 2025. This anticipates the volume in market share to exhibit 25391.4 thousand units by the end of the forecast period.
Rise in Population Bolsters the Growth of the Market
The major factor driving the growth of the global farm tire market is the ever rising grow population. Rise in population has only led to increase in demand for agricultural products. Agricultural products are mainly used for consumption, in order to entice one’s hunger. Rise in population is making farmers to bear the pressure of yielding more crops, thus making them use farm tire for better usage on farms. Farmers in order to grow more crops have started using mechanizing farming methods. This has led to the rise in need of farming machineries like harvesters and tractors which requires farm tires, thus pushing the growth of the global farm tire market.
Government Policies to Help Farmers’ Uptake Farm Tire
Other major factor that is bolstering the growth of the global farm tire market is the numerous policies declared by government in order to provide relief to farmers and enhance the agricultural sector. These policies mainly consist of helping with credits for purchasing farm relating machineries. Tread pattern, and structure are expected are expected to act as a major trend in the growth of the market. Apart from helping the farmers with financial help, government are funding on research and development in order to build a better designer of the product. Technology advancement in crops and enhancement in weight carrying capacity has helped towards GMO crops. The organizations are now looking forward in reducing the potential of sidewall cracks that is caused by tires. This is expected to attract the farmers to uptake the product.
This review is based on the findings of a TMR report, titled Farm Tire Market (Tire Type - Bias and Radial; Application - Tractors and Harvesters; Equipment Horse Power - 0-80HP and 81-200HP) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
Global Farm Tire Market, by Tire Type
Global Farm Tire Market, by Application
- Others (Combines, Sprayers, Trailers etc.)
Global Farm Tire Market, by Equipment Horse Power
- 0-80 HP
- 81-200 HP
Global Farm Tire Market, by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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