Farm Tire Market to Grow Steadily Due To Increase in Demand for Agricultural Products

The global farm tire market is expected to experience an upsurge in demand due to the rise in the market during the forecast period. Major players in the global market are funding heavily to reduce the costs by using improved manufacturing process. These organizations are trying to improve their product lines in order attract more customers. It has been noticed that small and new organization in order to have a strong foothold in the market, are competing fiercely against the global giants, reports Transparency Market Research (TMR), in their newly published report.

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These small companies have found developing countries such as China and India to be their ideal place to set up their market. Reasons such as cheaper land price and low cost to labor than other countries, these small business are expected to tastes success in the region. Some of the major companies in the global farm tire market are Pirelli and C.S.P.A., Mitas Tires Global Inc., Michelin, The Goodyear Tire and Rubber, Continetntal AG, TBC Corp., Balkrishna Industries Limited, and Bridgestone Corporation.

The global farm tire market can be found on the basis of type in two variants, which are bias and radial. Radial tire segment accounts for the leading share in terms of revenue presently and is expected to continue. Reason behind the success of the radial tire segment is that it is made steel belts which are placed at an angle of 90 Degree of the tread center line. There are also known ton fuel efficient in nature. Geographically, Asia Pacific region holds the leading share in the growth of the global farm tire market and is expected to continue so in the future. The region is expected to rise at a CAGR of 7.2%

The global farm tire market is expected to expand at a CAGR of 6.2% from 2017 to 2025. This anticipates the volume in market share to exhibit 25391.4 thousand units by the end of the forecast period.

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The major factor driving the growth of the global farm tire market is the ever rising grow population. Rise in population has only led to increase in demand for agricultural products. Agricultural products are mainly used for consumption, in order to entice one’s hunger. Rise in population is making farmers to bear the pressure of yielding more crops, thus making them use farm tire for better usage on farms. Farmers in order to grow more crops have started using mechanizing farming methods. This has led to the rise in need of farming machineries like harvesters and tractors which requires farm tires, thus pushing the growth of the global farm tire market.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.