Growing awareness of the advancing technologies among the farmers is urging them to upgrade equipment and implementing automated machinery and semi-automated farming vehicles likely to positively impact the demand of farm tyres over the forecast period.
LOS ANGELES, Jan. 08, 2019 (GLOBE NEWSWIRE) -- The global farm tyre market size accounted USD 4.73 billion in 2017 accounting a growth at 4.9% CAGR during the forecast period 2018-2025. The market is experiencing growth due to increasing consumer awareness pertaining to benefits associated with updated and modernized agricultural equipment such as sprayers, spreaders, seed sowers, and plows. Additionally, shortage of labor owing to shift in preference toward the service sector is expected to complement industry growth.
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Major global farm tyre market participants are approaching towards a strategy of new product development in order to carter specific demand for advanced and complex machinery and equipment in the agriculture sector to efficiently improve the production, which is expected to drive demand worldwide. Additionally, requirement for high performance farm tires with long-lasting shelf life is expected to increase R&D activities in the agricultural sector during the forecast period. Key players in the global farm tyre market focus on research and development activities so as to widen modernized technologies for manufacturing tyres and applying the same strategy across various stages of its value chain to gain in the global farm tyre market.
Support from government for a sustainable agricultural practice in few countries is aimed at reducing harmful environmental impacts of various farming practices, which include use of certain agricultural vehicles. This could limit the demand for farm tyres over the forecast period and act as a challenge for the global farm tyre market.
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Growing population and infrastructure for habitat leading to limited agricultural land is resulting in highly-efficient agricultural machinery to minimize the turnaround time increasing the efficiency and productivity in the farming fields. Growing awareness of the advancing technologies among the farmers is urging them to upgrade equipment implementing automated machinery and semi-automated farming vehicles are among the prime factors to catalyse the demand of farm tyres increasing the revenue of global farm tyre market.
Increase in R&D for the expansion and advancement of new farm tire manufacturing technique in order to get better product quality and facilitate its usage in various agricultural vehicles is projected to have boost market growth. Shortage of farm labor is projected to further increase the demand for agricultural equipment across various agricultural applications.
The global farm tyre market is segmented into product, application, distribution and region. On the basis of product the global farm tyre market is segmented into bias tyre and radial tyre. On the basis of the application the global farm tyre market is segmented into tractors, harvesters and others. On the basis of the distribution the global farm tyre market is segmented into OEM and aftermarket. On the basis of region the global farm tyre market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Standards and regulations formed by the governing bodies worldwide are based on the local demographics and are applicable to the industry which is aimed at developing high-quality products utilizing recently discovered modern technologies. Also, the adoption rate among the consumers, of advanced agricultural equipment is towering in some regions due to shrinking cultivable land and exhaustive urbanization. This is also likely to drive product demand increasing the revenue of the global farm tyre market.
Intensifying the scope of agricultural vehicle manufacturers regionally, tied with increasing demand for better yield, is expected to drive demand for farm tyres. Moreover, rising demand for agricultural vehicles in promising economies and constructive trade policies as regards to the same is expected to benefit market growth.
Major players are already focusing on increasing the number of manufacturing facilities in order to carter the increased demand and minimize the logistics cost, in developing economies such as in Asia Pacific attributable to abundant availability of raw materials. Additionally, companies have been investing a lot in research and development activities to develop modernized and innovative products among various updated manufacturing technologies.
Few other companies that are involved in the global farm tyres market manufacture a wide variety of products for specific farming activities. Various local players focus majorly on their specified strengths and retain their customers by offering customized services to tractor and harvester manufacturers. Conversely, few other players are focusing to offer wide variety of products to expand their consumer base.
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