Farm tires continue to get larger, wider and better able to carry heavy loads with less compaction. Here’s a roundup of the news and trends defining today’s farm tire market.
1. Increased competition
In August, Czech Republic-based CGS Tyres announced plans to invest $43.81 million in building a new agricultural tire production plant in Charles City, IA. The company, which currently holds a U.S. market share of 5% or less, says it plans to become a much larger player by domestically producing Mitas and Continental brands of radial farm tires. “U.S. farmers will benefit from the company’s advanced tires and increased competition,” says CEO Jaroslav Cechura.
Currently three players — Bridgestone-Firestone, Goodyear-Titan, and Michelin Ag — dominate the U.S. farm tire market, holding a combined market share of roughly 90%. CGS Tyres plans to make tires in sizes that will compete in this market. Production is scheduled to begin in January. For more information, visit www.cgs-tires.com.
Also in the news, Bridgestone Americas Tire Operations announced plans in March to extend manufacturing capacity at its primary agricultural tire facility in Des Moines, IA. The company says the $77 million investment will allow it to meet the farm equipment industry’s growing demand for high-capacity radial farm tires both in North America and globally.