The growth in end user industries is expected to increase the consumption of farm tyres and the growth in agricultural industry is expected to boost demand for farm tyres. Source: AFDJ eNews
In addition, rising demand for agricultural machinery from emerging economies of Asia Pacific is expected to further boost demand.
However, availability of substitutes and fluctuating raw material prices could hamper the growth of the market.
Europe is expected to be the largest market for farm tyres followed by North America and Asia Pacific.
Asia Pacific is expected to be the fastest growing market for farm tyres due to presence of established end user industries.
China and India are expected to be major markets in Asia Pacific due to increase in demand for agricultural machinery andequipments from agricultural industry.
Republic of Korea, Vietnam, Australia, Japan, New Zealand and Malaysia are other major markets in Asia Pacific.
Europe and North America are expected to experience moderate growth. Brazil, Argentina and Peru are expected to be major consumers of farm tyres in Latin America.