North America Farm Tire Market: Overview
Farm tires are a sub division of speciality tires which are used in the vehicles and machineries that are used for farming purposes in the agricultural sectors. Farming machineries like tractors, harvesters, trailers, sprayers are a few vehicles in which farm tires are majorly used. Opting for the right farm tier is dependent on many factors like the soil compaction, fuel economy, weight of the equipment, size of the tractor tire, and the requirements of the traction. The North America's market for farm tires is seeing a rise at a moderate rate, with the growing adoption of radial tires creating changes to the farm tire's market growth.
As per Transparency Market Research, a research firm, the farm tire market in North America is predicted to witness a decent CAGR of 5.5% from 2017 to 2025 and in terms of volume, growing from 2948 thousand units in 2016 to 4750 thousand units in 2025.
North America Farm Tire Market: Trends and opportunities
Radial tires are priced noticeably higher in comparison to bias tires that are of similar measurements. This difference has made many farmers to opt for old second hand tires thereby causing negative impact on the sales of new tires along with the growing opportunities of the overall farm tire market in North America. However, the growing need from hobby farmers along with the growing awareness about the importance of mechanization in the farming world have led to decent growing prospects of radial tyres.
On the basis of type, the North America farm tires market is divided into radial tires and bias tires. Among these, the division of radial tires is predicted to see better growth in terms of revenue contribution during the assessment period. The high prices of radial tires lets them have a bigger share in the overall income of the firm tire market even after having a comparatively smaller share, in terms of volume, as compared to the division of bias tires. This sector of radial tires is predicted to keep up its position of the largest share holder in the farm tire market of the North America in terms of income contribution throughout the assessment period.
Nevertheless, the bias tires are expected to continue selling more in terms of volume, in comparison to that of the radial tires even during the assessment period. Since, the radial tires cost 10 times more when compared to the bias tires of the same measurements, it plays a big role in the preference of farmers who have low funds. However, the sector of radial tires is slowly getting stabilized when it comes to the rate of growth, and in terms of volume, it is predicted to be better than the sector of the bias tires during the assessment period. In terms of the growth of the revenue, radial tyres as well as bias tyres are predicted to be equally competitive, as they both rise at 11.9% and 11.8% respectively throughout the assessment period.
North America Farm Tire Market: Geographical Analysis
On the basis of geography, the market of farm tire is analysed for Canada, United States and the Rest of North America. At present, the United States is dominating when it comes to contributing to the revenues to the North American farm tires market and it will keep up its position in the top because of the bigger scale of agricultural department in comparison to other countries and also because of the existence of many top vendors. On the basis of the rate of growth, the market of Canada is predicted to put up a better growth rate, volume and revenue wise.
Some of the top players existing in the North America farm tire market are USA INC., Bridgestone Corporation, the Goodyear Tire and Rubber company, Michelin,TBC Corporation, Titan International, Mitas Tires Global Inc., BKT Tires.
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