Farm tires are a sub-segment of specialty tires that are used by vehicles and machines used for farm activities. Sprayers, tractors, trailers, and harvesters are a few examples of farm machinery that use farm tires. Choosing the right farm tire depends on numerous different factors. The size of the tractor tire, soil compaction, fuel economy, traction requirements, and weight of the equipment are to be considered before purchasing farm tires. The farm tire market is divided into two segments namely; replacement farm tires and original equipment (OE) farm tires. These segments can be further divided into radial and bias tires.
The US farm tire market is driven by factors such as rising population, declining rural workforce and increasing disposable income. The few notable trends are flattening of rear replacement farm tire radialization trend, rising demand of wide-section tires and growing demand of eco-friendly tires.
With the decline in the commodity prices in the US due to business cyclicality, the net farm incomes have also declined and thus, forcing farmers to manage their inventories and machinery. This has led to fall in the sales of farm machinery such as tractors, resulting in decline in demand for OE tires. Further, with lesser purchasing power, farmers are not finding it easy to buy replacement tires, hampering market sales. Other roadblocks in the growth of US farm tire market include; high volatility, tighter government and environmental regulation and negative impact of imports.
The report “The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)” analyzes the development of this market. The major trends, growth drivers as well as issues being faced by the market are discussed in detail in this report. The four major players: Compagnie Générale des Établissements Michelin SCA, Goodyear Tire & Rubber Company, Inc., Yokohama Rubber Co., Ltd. and Titan International, Inc., are being profiled along with their key financials and strategies for growth. The report contains a comprehensive analysis of the US farm tire market, with the focus on different farm tire segments.