FARM TIRE MARKET TO REACH $10 BILLION BY 2025

- Jan 14, 2020-

 Pune, India - According to the report from Transparency Market Research, 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 percent between 2018 and 2025, reaching $10 billion. 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 the farm tire market during the forecast period. Furthermore, the Chinese government provides a 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, a 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. In terms of region, the global farm tire market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The 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. Prominent players operating in the global farm tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, Michelin, Mitas, TBC Corporation, Titan International, Inc., Sumitomo Rubber Industries Ltd. and Pirelli and C. S.p.A.