Published on : Apr 10, 2017
Albany, New York, April 10, 2017: The report discusses the key restraints, drivers, growth opportunities and trends in the US market for farm tires. The demand for farm tires in the US will rise with the increase in agricultural activities in the region. Farm tires are a type of specialty tires that are specifically used in farming. These tires are extensively used in farm machinery such as harvesters, tractors, sprayers, manure spreaders, wagons, and trailers. Buyers need to consider factors such as fuel economy, size, weight, traction requirement, and soil compaction before deciding what type of farm tires would best suit their farms.
The increasing demand for radial tires, flourishing food and beverage industry, growing adoption of technology in agricultural activities, and the towering needs of the ever-increasing population are some of the prominent growth drivers of the farm tire market in the US. On the contrary, the availability of substitutes and unpredictable costs of raw materials might restrict the growth of the market. However, the continual upgrading initiatives in the farming sector and new product launches will ensure that the market gains traction.
The farm tire market in the US has been segmented into two broad categories, original equipment (OE) farm tires and replacement farm tires. These two segments have further been segmented into bias and radial tires. Presently, the replacement tires segment is dominating the farm tires market in the US, and might continue to do so over the forecast period as well.
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Radial tires possess plies that run perpendicular to the bead and to the ground. On the other hand, bias tires have rubber plies that overlap one another. As the overlapping results in a thick layer, the bias tires are vulnerable to overheating and inflexibility. Bias tires feature low resistance to bumps owing to their stiffness and inflexibility. As a result, the driver and the machine experience the impact of the shocks.
Radial tires are not only capable of absorbing shocks and bumps owing to their relatively higher flexibility and strength, but they also ensure lesser damage to the ground. Moreover, they need lower fuel, thereby reducing costs and increasing productivity. Bias tires have lesser contact with the ground, resulting in more ground damage. Therefore, radial tires are increasingly preferred over bias tires by several end users.
Some of the major companies operating in the farm tires market in the US are Yokohama Rubber Co., Ltd., Compagnie Générale des Établissements Michelin SCA, Titan International, Inc., and Goodyear Tire & Rubber Company, Inc. The profiles of these companies have been evaluated in detail, wherein the major growth strategies, market shares, and product portfolios of these firms have been covered.
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