Farm Tire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 06/05/2018 -- At the forefront of driving demand in the global farm tire market is the growing population generating a pressing need for food. This has necessitated improved farming methods to up production. Realizing the need, farmers worldwide are swiftly adopting mechanized farming methods. This in turn has been driving up the demand for farming machineries such as tractors and harvesters that require farm tire.
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Another factor proving beneficial to the global farm tire market is the helpful policies by governments of most nations pertaining to subsidies for agro machinery and the purchase of farming-related equipment, as well as easy access to credit.
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"All the countries in the world are adopting mechanized farming processes at their own pace, to cater to the rising demand of agricultural products needed to feed an ever-increasing population. As a result both tractors and harvesters are seeing soaring demand. Currently, equipment with 81-200 HP sub segment grosses most of the revenue in the global farm tire market. However, even the relatively lower average power ranged segment, 0-80 HP, is considerably used in different regions of the world including Asia Pacific and Middle East."
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From a geographical standpoint, Asia Pacific leads the market with maximum revenue. Volume-wise too, it holds a dominant position. The region is also slated to outpace all others vis-à-vis growth by clocking a CAGR of 7.2%. A burgeoning population that has been continuously driving up the demand for food in the region is primarily responsible for stoking growth in Asia Pacific.