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.
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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.
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