Global Farm Tires Market: Key Facts and Forecast Predictions Presented Until 2028
This report foresees the farm tires market to reflect an above-average 6.0% value CAGR between the forecast period 2018 and 2028. Nearly 70,000,000 units of farm tires are envisaged to be sold worldwide by 2028-end.
[USPRwire, Tue Dec 11 2018] Demand for farm tires is higher in tractors segment as compared to harvesters. According to the report, demand for farm tires is highest in the 45 to 140 HP category. The demand for farm tires in the 300 to 450 HP harvesters is the highest. The report projects these two vehicle types to remain at the forefront of adoption for farm tires during the assessment period. Spreaders remain the least attractive segment for farm tire manufacturers, and the status quo is likely to remain unchanged during the assessment period.
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The radialization trend in the farm tires market is tapering off, however, radial tires continue to be an attractive segment for manufacturers. In a bid to cater to the evolving demand from farm owners, manufacturers are focusing on increasing the tire size to support heavy weights. Farm tire manufacturers are shifting to Group 49, which are 7 ft. tall, and have a rolling circumference index of 256 inches. The report projects 20 to 45 inch rim diameter to grow at the highest CAGR, signifying a shift towards large radial tires. The report opines that size will continue to be a key focus area for manufacturers during the assessment period.
Asia Pacific excluding Japan (APEJ) will lead the global demand for farm tires, with nearly 20 million tires expected to be sold in 2018. Growth will be complemented by steady demand in North America and Europe. The weakness in commodity prices will continue to offset gains made in lucrative markets.
Farm Tire Market: Influenced by Food Security Compliance through Agricultural Developments
One of the major challenges encountered in sustainable agricultural development is assurance of social security with regard to food security-oriented interventions. Farm mechanization is deemed to offer numerous social and economic benefits to farmers such as improved yield. Looming water scarcity crisis abreast growing requirement for ensuring food security has further complimented the perception of farmers toward farm mechanization as a crucial component reforming future of the agriculture sector.
As mechanization & modernization of agriculture entails the requirement for appropriate machinery, in order to ensure effective and timely field operations, application of agricultural inputs, and reduction in drudgery, farm tires will exhibit a steady rise in demand in the forthcoming years.
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Farm Tires: Design Innovations w.r.t Compounds, Structure, Tread Pattern, to Create Demand
Spreading awareness on new technology among farm tire & equipment dealers and end-users has been gaining higher emphasis by the government organizations as well as manufacturers. Agricultural machinery & equipment manufacturers continue to develop heavier, most powerful, and huge tractors and other machinery, thereby creating avenues for increased flexion (IF), very high flexion (VF), and low sidewall technology-based farm tires.
Compounding employed in farm tires, tread pattern, and structure are likely to be key areas of design innovations among farm tire manufacturers. Along with improvements in weight carrying capacity, recent crop science advancements have led toward genetically modified organism (GMO) crops, which are tougher and heartier than previous plant generations. Meanwhile, farm tire makers are seeking new compounds that hold potential in improving stubble resistance, and reducing the tendency for sidewall cracks, which in turn will lure affluent farmers to bank on the imminent new products.
Table of Content:
- Executive Summary
1.1. Summarizing Key Findings
1.2. Wheel of Fortune
1.3. Selected announcement for restricting measures
1.4. Opportunity Assessment
1.5. Mega Trends
1.6. Competition Blueprint
1.7. Market Taxonomy
- Global Agriculture Tire Market Introduction
2.1. Agricultural Industry Contribution to GDP- Country Wise
2.2. Arable land (% of land area)- By Key Countries
2.3. Government Regulations- By Region
- Global Agriculture Tire Industry Overview
3.1. Global Tire Industry Scenario
3.2. Tire Industry Roadmap
3.3. Agriculture Tire Production Capacity Distribution
3.4. Global Agriculture Tire Market Value & Volume Forecast and Analysis
3.5. Forecast Factors
3.6. Trade Analysis
3.7. Supply Demand Scenario
3.8. Supply Chain
3.9. Market Dynamics
3.10. Tire E-Retail
3.11. Agriculture Tire-Technology Roadmap
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