Agricultural/farm tires are a sub-segment of specialty tires and are used for various farm vehicles such as tractors, combines, sprayers, trailers and harvesters. The year 2013 witnessed an increase in farm tire shipments in the US despite significant weather changes. The farm tire sales in 2013 were slow in the beginning of the year but fourth quarter shipments benefitted from late harvests and late planting. Due to reduction in prices of raw materials especially rubber, revenue from farm tire sales were relatively flat in 2013 compared to previous year.
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The US farm tire market has two segments, replacement (RT) and original equipment (OE) farm tires, and is further categorized into radial and bias types. The replacement segment accounts for the maximum share of the total US farm tire market. Although most of the farm tires are bias ply but the trend is changing towards the usage of radial tires. The demand for radial tires, which are found to be more beneficial in reducing compaction and handling heavy load, has far outstripped supply for last few years. A full range of new farm tires have been developed in conjunction with major agricultural machine manufacturers in response to the continuous evolution of farming techniques. In the coming years, the shipments are estimated to improve due to technological and design developments as well as increase in overall GDP and industrial production index. Key issues affecting farm tire manufacturers include weather patterns, fluctuating commodity prices and high inventory levels.
Although there are number of companies engaged in the manufacturing of farm tires, Firestone enjoys a clear leadership in both the segments i.e. OE and RT. Other major players operating in the US farm tire industry include Goodyear, Michelin, Titan, BKT and Trelleborg.
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The current report provides an overview of the US farm tire market. It discusses market size, segments, growth drivers, and challenges. The competitive aspects of the market are also highlighted and key players are profiled with their main business strategies.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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