The US Farm Tire Market: Industry Analysis & Outlook (2017-2021) - Koncept Analytics

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Industry Research by Koncept Analytics
The US Farm Tire Market Industry Analysis
Outlook -----------------------------------------
(2017-2021)
March 2017
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Executive Summary
Tires play an important role as an automobile
component. Despite its simple appearance, a tire
differs from other parts in that it has numerous
functions. A tire supports the weight of car,
reduces the impact from the road and at the same
time, transmits the power to propel, brake and
steer on the road. It also functions to maintain
the vehicles movement. There are three basic
different types of tires Bias, Radial and
Tubeless. Further, depending upon their
application with the different vehicles, tires
can be classified into three different types
Passenger light truck tires, truck tires and
specialty tires. 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.
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. In
the US, the replacement segment accounts for the
maximum share of the total US farm tire
market The US farm tire market is driven by
factors such as rising population, declining
rural workforce and increasing disposable income.
The few notable trends such as flattening of rear
replacement farm tire radialization trend, rising
demand of wide-section tires and growing demand
of eco-friendly tires. However, the market growth
is hindered by declining net farm incomes, high
volatility, tighter government and environmental
regulation and impact of imported goods. 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.
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Rising incomes in developing regions will spur
growth in the number of vehicles in use, fueling
demand for tires. Higher income levels and
expanding economic activity will also contribute
to rise in average annual vehicle mileage,
boosting replacement rates.
Global Tire Market by Value (2012-2016)

• The global tire market was recorded at US...
  billion by the end of 2016, compared to US...
  billion in 2015, depicting an annual rise of
  from the previous year.
• The global tire market is expected to reach
  US... billion by the end of 2021, increasing
  from US... billion in the preceding year,
  growing at a CAGR of , spanning from 2017 to
  2021.
• In 2016, with share, Asia-Pacific topped the
  global tire market in terms of sales volume
  followed by Europe, North America and South
  America with , and shares, respectively.

Global Tire Market by Value Forecast (2017-2021)
Global Tire Market Volume by Region (2016)
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With the decline in 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 lead
to fall in the sales of farm machinery such as
tractors, leading to fall in demand for OE tires.
The US Farm Tire Market by Shipment Volume
(2012-2016)

• The US farm tire shipment volume was recorded at
  thousand by the end of 2016, compared to
  thousand in 2015, representing an decline of
  from previous year.
• By the end of 2021, the US farm tire market is
  expected to reach thousand units, growing at a
  CAGR of , spanning from 2017 to 2021.
• In 2016, with share, replacement tire
  accounted for most of the US farm tire shipment
  volume followed by the OE tires with the
  remaining share.

The US Farm Tire Market by Shipment Volume
Forecast (2017-2021)
The US Farm Tire Market Shipment Volume by
Segment (2016)
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