SAN FRANCISCO, June 10, 2019 /PRNewswire/ -- The global farm tire market size is expected to reach USD 7.01 billion by 2025 at a 4.8% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for distinct agricultural vehicles for specific farming activities is expected to propel demand over the forecast period. Population growth, coupled with limited arable land, is anticipated to result in a growing demand for high-efficiency agricultural machinery to decrease the turnaround time and increase productivity. In addition, rising awareness among farmers regarding technology upgrade of vehicles and implementation of automated equipment is expected to boost the market.
Key suggestions from the report:
- Bias tires accounted for 75.1% of the volume in 2017 owing to low manufacturing cost associated with the product due to traditional production process
- Consumption of the product in tractors is expected to rise at a CAGR of 5.1% in terms of revenue from 2018 to 2025. This is on account of new product development and availability of multiple variants of the vehicle to suit different farming activities
- The aftermarket industry segment accounted for 59.1% of the overall volume in 2017 owing to presence of several retail platforms such as online, authorized dealers, and third-party dealers as well as growing replacement of tires by farmers
- The industry in North America is expected to register a volume-based CAGR of 3.3% during the forecast period owing to rising product demand in agricultural vehicles such as tractors and harvesters. This can be attributed to mechanization of farming activities
- Major players in the industry focus on research and development activities to develop new technologies for manufacturing tires and integration across various stages of the value chain to gain a competitive edge in the market.
Read 145 page research report with TOC on "Farm Tire Market Size, Share & Trends Analysis Report By Product (Bias, Radial), By Application (Tractors, Harvesters), By Distribution (OEM, Aftermarket), By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/farm-tire-market
Increasing R&D activities for the development of innovative farm tire manufacturing techniques to improve product characteristics and enable its use in several agricultural vehicles is projected to have a positive impact on market growth. In addition, shortage of farm labor is projected to boost demand for agricultural equipment across several applications.
Industry participants undergo new product development to meet specific needs for advanced machinery and equipment in the agriculture sector, which is expected to drive demand. In addition, need for high performance farm tires with prolonged shelf life is expected to boost R&D activities in the agricultural sector over the forecast period.
Grand View Research has segmented the global farm tire market on the basis of product, application, distribution, and region:
- Farm Tire Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Bias tires
- Radial tires
- Farm Tire Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Farm Tire Distribution Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Farm Tire Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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