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.