Rapid Development in Agricultural Technology Drives Demand of Farm Tire Market
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.
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Bias tires can operate at lower speeds and are less susceptible to wear and tear from rocky terrain. Moreover, they are less expensive as compared to radial farm tires and therefore, currently, dominate the farm tire market. Radial farm tires are expensive; however, they offer 10% to 15% more traction than bias tires, thus improving efficiency by saving fuel. Furthermore, they have a longer tread life, better wear durability, and provide a smoother ride. Consequently, an increasing number of farmers are switching to radial farm tires. Thus, their demand is expected to rise during the forecast period.
Based on sales channel, the farm tire market has been segregated into OEM and aftermarket. The aftermarket segment dominated the farm tire market. It is expected to maintain its dominance during the forecast period. Farm tires need to be replaced frequently, as they undergo wear & tear due to their operation under heavy load and on rough terrain. Moreover, increasing awareness about vehicle maintenance and establishment of aftermarket dealers in developing countries are expected to propel the aftermarket segment during the forecast period.
In terms of region, the global farm tire market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Rise in agricultural activities, industrialization of agribusiness, along with the presence of major tire manufacturers and tractor and farm related equipment manufacturers in India and China are projected to boost the farm tire market during the forecast period. Use of modern farm machinery along with continuous development in the field of tractors and farm-related equipment in North America and Europe are anticipated drive the farm tire market in the respective regions.
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