Industry Research by Koncept Analytics
The US Farm Tire Market: Industry Analysis & Outlook ----------------------------------------(2017-2021) March 2017
The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)
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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 vehicle’s 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.
The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)
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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.
US$ Billion
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.
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Global Tire Market by Value –Forecast (2017-2021)
US$ Billion
Global Tire Market Volume by Region (2016)
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Africa and Middle East
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The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)
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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.
Thousand
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.
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2016 The US Farm Tire Market Shipment Volume by Segment (2016)
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The US Farm Tire Market by Shipment Volume – Forecast (2017-2021)
Replacement 2017
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The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)
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The US Farm Tire Market: Industry Analysis & Outlook (2017-2021)
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