Transparency Market Research has published a new report titled, “Farm Tire Market [Application: Tractors, Harvesters, Implements, Irrigation, Forestry, Others; Tire Type: Radial and Bias; Equipment Horsepower: 0-80Hp and 80-200HP; Sales Channel- OEM and Aftermarket] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2025.” According to the report, the global farm tire market is projected to reach US$ 10 Bn by 2025, expanding at a CAGR of 4.94% during the forecast period.
According to the report, the global farm tire market is likely to be driven by a range of macroeconomic and industry-specific factors. Europe is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of 5.43% between 2018 and 2025.
Increasing demand for agricultural products led by rising population across the globe is anticipated to be a major driver of the farm tires market during the forecast period. Moreover, encouraging government policies, such as subsidies on agricultural products and agricultural machinery, are estimated to trigger the adoption of farm tires. Governments of developing countries, generally, provide attractive financing options with low interest and subsidies on farming equipment in order to augment the production of farms and to cater to the demand for food by the growing population.
Economic expansion has propelled the investment for the improvement of agricultural infrastructure across the globe, specifically across developing countries, which are witnessing heavy investment in agricultural equipment. This, in turn, is anticipated to boost farm tire market during the forecast period.
Growing population is projected to fuel the need for agricultural products in the next few years. Since automation is the only way to increase agricultural productivity and meet the requirements of the growing population; demand for agricultural machinery including tractors, harvesters, Implements, and others is anticipated to rise significantly during the forecast period. Furthermore, the Chinese government provides subsidy on agricultural machinery. Greater encouragement for export along with expansion of the agricultural service industry are anticipated to boost the agricultural output during the forecast period. Rapid urbanization, surge in incomes, and increased demand for processed food are likely to boost agricultural activities, which in turn is expected to propel the use of various agricultural vehicles during the forecast period.
The study includes profiles of major companies operating in the global farm tire market. Key players in the market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, MICHELIN, Mitas, TBC Corporation, Titan International, Inc., Sumitomo Rubber Industries Ltd., and Pirelli & C. S.p.A. Market players have been profiled in terms of attributes, such as company overview, financial overview, business strategies, recent developments, and manufacturing footprints.
The report provides the market size of farm tire for 2017 and forecast for the next eight years. The global market size of farm tire market has been provided in terms of value and volume. Market numbers have been estimated based on key application, tire type, equipment horsepower, and sales channel for regional segments of the farm tire market. Market size and forecast for each major Application, equipment horsepower, and tire type have been provided in terms of global and regional/country markets.
In order to compile the research report, we have conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We have reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search on recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be a reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.