Farm Tire - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Farm Tire Market is accounted for $5.11 billion in 2018 and is expected to reach $9.09 billion by 2027 growing at a CAGR of 6.6% during the forecast period. The increasing penetration of farm vehicles in the agricultural industry and increasing demand for agricultural machines in emerging economies is fuelling market growth. However, the fluctuating prices of raw material may hamper growth of the market.
The farm tires are the devices that are quickly concentrating on rural sections which mostly applicable in horsepower tractor, harvesters and others. Its shows better machine performance, expanded efficiency, decreased working cost and increase better overall revenues.
Based on application, the tractors segment is likely to have a huge demand in the forecast period due to new product development and different variations of the vehicles accessible in the market to suit explicit necessities of different farming processes. Moreover, utilization of tractors with various farming equipment is relied upon to drive product demand in the application fragment. By geography, North America is expected to have a huge demand due to the presence of key companies into the region and high technological advancements which will propel the demand for farm tires in the near future.
Some of the key players in Global Farm Tire market include Continental AG, Sumitomo Rubber Industries, Ltd, Bridgestone Corporation, Hankook Tire, Balkrishna Industries Limited (BKT), CEAT Ltd, Michelin, Specialty Tires of America, Inc, Titan International, Inc, The Carlstar Group, LLC, TBC Corporation, MRF Limited, Mitas Tires Global, Inc., Jk Tyre & Industries Ltd, Apollo Tyres Ltd, ATG, and Pirelli & C. S.p.A.
• Radial Tire
• Bias Tire
• Municipal Tires
• Implement Cross Ply Tires
• Other Products
• High Pressure
• Low Pressure
• Extra Low Pressure
Horse Power Covered:
• 0-80 HP
• 81-200 HP
• Other Vehicle Types
Distribution Channels Covered:
• OEMs (Original Equipment’s Manufacturer)
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Supply chain trends mapping the latest technological advancements
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