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The US Farm Tire Market Report -------------------------------------------------2013
View Report Details Executive Summary Agricultural/farm tires are categorized under specialty tires and are used for farm vehicles such as tractors and harvesters. Rise in specialized farm equipments are driving demand for application specific and higher load capacity tires that reduce soil compaction. The farm tire market in the US was comparatively down in 2012 due to economic uncertainty and severe drought conditions that affected crop productivity. This led many retailers to maintain heavy inventories throughout the selling season. Although it is expected that the demand will regain in 2013 as farmers receive additional farm income due to high commodity prices and crop insurance payouts. Moreover, new technological and design developments in farm machinery have resulted in further development of farm tires, larger in size and for diversified uses. However, fluctuating raw material prices and high inventory pose a challenge for the manufacturers and dealers in the industry's supply chain.
Competition among the US farm tire manufacturers is intense, with several domestic and international companies competing primarily on the basis of price, quality, customer service, design capability, and delivery time. Significant competitors in the US farm tire market include Bridgestone, Michelin, Titan-Goodyear, Firestone and BKT, among others. The farm tire companies are making heavy investments in their initiatives to expand capacity of existing plants as well in the establishment of new plants to meet the growing demand for tires.
The current report provides an overview of the US farm tire market. It discusses the market size, segments, growth drivers, and challenges. The key players are profiled with their strategies for this market.
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.
The US Tire Shipments Remained Flat in 2012 with Replacement Tires Segment Affected by High Oil Prices and Weak Consumer Confidence The US Total Tire Shipments (2008-2012)
The US tire shipments in 2012 were almost constant at ….. million units due to sustained economic slowdown. Replacement tire shipments’ decline offset the growth of original tire shipments.
Tires in Million
It is forecasted that in 2013 the U.S. tire shipments will grow by nearly …%, an increase of …. million, and will reach …… million, as a result of the increase in car mileage and the expected economic rebound. Replacement passenger tire shipments fell more than …..million units last year, or nearly ….%, to …… million units in 2012.
2008
2009
2010
2011
2012
Replacement Passenger Tires Brand Shares in the US (2012)
US$ Billion
The US Replacement Tire Sales by Value (2008-2012)
Total shipment of OE tires in the US reached ….. million units in 2012. OE passenger tire shipments rose …..% y-o-y to ….. million units in 2012, an improvement of ……million units.
2008
2009
2010
2011
2012
Goodyear Firestone Hankook Kumho Others
Michelin Cooper Falken Yokohama
Bridgestone BFGoodrich General Nexen
Rise In Specialized Farm Equipments are Driving Demand for Application Specific and Higher Load Capacity Tires The farm tire market in the US was comparatively down in 2012 due to economic uncertainty. Farm tire shipments, including small or implement farm tires, dropped from ….. million units shipped in 2011 to ….. million in 2012.
Total Farm Tire Shipments in the US (2004-2012)
Million Units
Replacement shipments were down ……% whereas OE shipments increased by ….% in 2012 compared to previous year. All the categories in replacement farm tires segment witnessed a decline in shipments in 2012 compared to 2011. The small farm replacement tires declined the highest i.e. …% y-o-y in 2012. Radial and bias replacement farm tires shipments decreased from …. million units and ….million units in 2011 to … million units and ….. million units respectively in 2012.
Total OE farm tire shipments in the US reached ….. million units in 2012, an increase of ……% from previous year.
2004 2005 2006 2007 2008 2009 2010 2011 2012
Retail Sales of Farm Tractors in the US (2009-2012)
Units Sold
Million Units
Total Farm Tire Shipments by Category in the US (2004-2012)
2007
2008
2009
Replacement
2010
2011
Original Equipment
2012
2009
2010
2011
2012
Rising Net Farm Income and Sale of New Farm Equipments will Drive the US Farm Tire Shipments in Future Years……
Million Units
The US Farm Tire Shipments Forecast (2012-2016F)
2012
2013F
2014F
2015F
2016F
•
The US farm tire shipments are forecasted to increase from ….. million units in 2012 to ….. million units by 2016.
•
Although crop productivity was affected by severe drought conditions in 2012, farmers are still projected to have the second highest net farm income year due to high commodity prices and land protected by crop insurance.
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New equipment sales continued to be strong throughout 2012, and the downturn in the replacement tire market is expected to reverse in 2013 as farmers reinvest in their business, and dealers continue to work through their inventories.
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As the growers receive their crop insurance payouts, there will be an increase in spending on replacement tires also.
•
Moreover, new technological and design developments in farm vehicular machinery have resulted in further development of farm tires, larger in size and for diversified uses.
View Report Details Table of Contents 1. Global Tire Market 1.1 Introduction 1.2 Market Size -By Value -By Volume 1.3 Market Segmentation 1.3.1 Light Vehicles Tires 1.3.2 Truck Tires 1.3.3 Specialty Tires 1.4 Market Players 2. The US Tire Market 2.1 Market Size 2.2 Market Segmentation 2.2.1 Replacement Tires 2.2.2 Original Equipment Tires 2.3 Import of Tires 2.4 Distribution Channels 3. The US Farm Tire Market
3.1 Overview 3.2 Market Size 3.3 Market Segments 3.3.1 Replacement Farm Tire Market -Total Volume -Radial/Bias/Small Farm 3.3.2 Original Equipment Farm Tire Market -Total Volume -Radial/Bias/Small Farm 3.4 Market Players -Replacement Market Share -OE Market Share
List of Graphs & Tables List of Charts Global Tire Market Size by Value (2005-2011) Global Tire Market Size by Volume (2009-2011) Global Tire Sales by Segments (2011) Global Tire Market Segmentation by End Use (2011) Worldwide Specialty Tires Market Size (2009-2011) Global Tire Market by Manufacturers (2011) The US Total Tire Shipments (2008-2012) Miles Driven on the US road by All Vehicles (2007-2012) The US Replacement Tire Sales (2008-2012) The US Replacement Tire Sales by Type (2012) Replacement Passenger Tires Brand Shares (2012) Replacement Light Truck Tires Brand Shares (2012) Replacement Medium/Heavy Truck Tires Brand Shares (2012) Market Players in New Tires Sales in the US/Canada (2012) The US Tire Import Breakdown by Country (2011) The US Consumer Tires Import from China (2008-2012) The US Truck Tire Imports from China by Types (2012) Consumer Tires Distribution Channels in the US (2012) Total Farm Tire Shipments in the US (2004-2012) Total Replacement Farm Tire Shipments in the US (2007-2012) Total Replacement Farm Tire Shipments in the US by Category (2009-2012) Total OE Farm Tire Shipments in the US (2007-2012) Total OE Farm Tire Shipments in the US by Category (2009-2012) Retail Sales of Farm Tractors in the US (2009-2012) Farm Production Expenses in the US (2006-2013F) Total Net Farm Income in the US (2006-2013F) Value of Crop Production in the US (2006-2013F) GDP at Current Prices in the US (2006-2015F) Unemployment Rate in the US (2009-2015F) Prices of Raw Materials Used in Tire Manufacturing (2009-2012) Bridgestone Corporation Net Sales by Segments (2012)
View Report Details Table of Contents 4. Growth Drivers 4.1 Rise in Sale of Farm Equipments 4.2 Increase in Total Production Expenses 4.3 Economic Improvement 4.4 Design Development and Innovations 4.5 Emerging Markets Creating Opportunity for Manufacturers 5. Challenges 5.1 Fluctuating Raw Material Prices 5.2 High Inventory 6. Company Profiles 6.1 Bridgestone Corporation 6.1.1 Business Description 6.1.2 Financial Overview 6.1.3 Business Strategies -Increase Production Capacity -Development of New Tire Technologies 6.2 Michelin 6.2.1 Business Description 6.2.2 Financial Overview 6.2.3 Business Strategies -Innovation and Differentiation -Stepping up Capital Expenditure 6.3 Titan International, Inc. 6.3.1 Business Description 6.3.2 Financial Overview 6.3.3 Business Strategies -Increase Aftermarket Tire Business -Enhance Design Capacity
List of Graphs & Tables List of Charts Bridgestone’s Tire Segment- Net Sales and Operating Income (2008-2012) Michelin’s Revenues by Business Segments (2012) Michelin’s Net Sales and Operating Income (2008-2012) Titan’s Revenues by Business Segments (2012) Titan’s Agricultural Segment Net Sales (2010-2012) Trelleborg’s Revenues by Segments (2012) Trelleborg’s Wheels Segment Net Sales (2008-2012) The US Farm Tire Shipments Forecast (2012-2016F) List of Tables Worldwide Passenger Cars and Light Trucks Tire Market (2010-2012E) Worldwide Trucks Tire Market (2010-2012E) Comparison of Top Global Tire Markers (2011) The US Replacement Tire Shipments by Categories (2001-2012) The US OE Tire Shipments by Categories (2001-2012) Market Shares of Players in Replacement Farm Tires Segment (2012) Market Shares of Players in Original Equipment Farm Tires Segment (2012) Retail Sales of Farm Tractors in the US by Category (2011 versus 2012) Tractor Sales in Selected Markets (2006-2012) Combine Sales in Selected Markets (2006-2012) Dependent & Independent Variables (2008-2012) Correlation Matrix Model Summary – Coefficient of Determination Regression Coefficients Output
View Report Details Table of Contents 6.4 Trelleborg AB 6.4.1 Business Description 6.4.2 Financial Overview 6.4.3 Business Strategies -Strategic Acquisitions/Joint Ventures 7. Market Outlook 7.1 Market Forecast 7.2 Forecast Methodology 7.2.1 Dependent and Independent Variables 7.2.2 Correlation Analysis 7.2.3 Regression Analysis
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