An increase in population has only led to a rise in demand for agricultural products. Adoption of advanced technologies by farmers to raise agricultural yield as well as meet soaring food demand is estimated to be a key factor driving the market. Tractor sales have been witnessing substantial growth over the past few years because of increasing demand for technological up-gradation. This is a positive impact on market growth.
However, government support for sustainable farming practices in some countries is aimed at reducing the harmful environmental impacts of different agricultural practices, which includes the use of certain agricultural vehicles. This could limit the demand for farm tires over the forecast period. Also, weather dependency on-farm activities and commodity price volatility are some other major factors restraining market growth.