North America OTR Tire Market to Grow with a CAGR of 6.30% through 2028

Increasing demand for more industry projects and increasing demand for transportation of material activities majorly driving the growth of North America OTR Tire Market in the forecast period 2024-2028. 

 

According to TechSci Research report, “North America OTR Tire Market Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, the North America OTR Tire Market stood at USD 3.2 billion in 2022 and is anticipated to grow with a CAGR of 6.3% in the forecast period, 2024-2028. A tire is a rigid, flexible rubber casing attached to the rim of a vehicle. When a vehicle is moving, the wheels of the vehicle are padded with tires, which also serve to provide a grip for traction. Automotive tires are typically pneumatic, meaning that air is compressed within the tire. The growth of the North America OTR tire market has been driven by the growth of the American automotive industry and the increasing demand for Off the Road (OTR) tires. Furthermore, as the fleet size of commercial vehicles continues to grow, the demand for OTR tires is expected to grow in the coming years. The North America Off-The-Road (OTR) Tire Market is a critical and vibrant sector within the tire industry, catering to heavy-duty applications across a diverse range of sectors. OTR tires are specially designed to withstand the demanding conditions of off-road environments, such as construction sites, mining operations, agriculture, and forestry. This market's dynamics are shaped by economic trends, technological advancements, regulatory standards, and the evolving needs of industries that rely on heavy machinery and equipment.

 

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The construction industry is facing a surge in demand for material handling equipment as infrastructure projects and large-scale construction projects are on the rise in North America region. Both traditional and new companies are looking to expand their operations in order to support the development of the country. Furthermore, the United States government is planning to invest USD 1.5 trillion in infrastructure to rebuild the damaged infrastructure. OTR tires are widely used in the haul truck, loader, drilling rig, longwall machine, and shuttle vehicles sectors of the mining industry due to their numerous benefits, such as their ability to withstand heavy loads, extreme operating conditions, and difficult terrain. This, in combination with the increasing demand for minerals such as copper and iron, as well as ore and coal, is providing a bullish outlook for the North American market. Furthermore, the introduction of OTR tires, which are equipped with sensors to monitor tire pressure and temperature, and to minimize the risk of hazards through real-time information analysis, is further contributing to the growth of the region. Overall, the North America OTR tire market has potential to grow at higher rate in upcoming years.

The mining industry's reliance on large haul trucks and heavy machinery creates a consistent demand for robust OTR tires that can handle the weight and abrasive conditions of mining operations. Integration of sensors and monitoring systems in OTR tires allows operators to track tire performance, pressure, and temperature, leading to better maintenance practices and reduced downtime. Augmented reality displays, integrated cameras, and sensors offer features such as blind-spot detection, rearview displays, and collision alerts, enhancing situational awareness and minimizing potential hazards.

Many companies are investing in R&D Bridgestone Corporation, one of the world’s largest tire manufacturers, announced plans in 2022 to spend USD 60 million to build a new manufacturing plant at the company’s headquarters in Bridgestone (Texas). The new plant will have immediate operational benefits, with the addition of new mixing operations. Michelin Acquires 51% of Royal Lestari Utama (RlU), a pilot project for sustainable rubber tree plantation development in Indonesia, in 2022. By acquiring RlU, Michelin to supply more sustainable raw material for their products, thus enhancing their sustainability credentials. The North America OTR Tire Market is segmented into vehicle type, by demand category, by tire construction type and by country.

Based on vehicle type, the market is segmented into mining vehicles, construction, agricultural vehicles, and others. Construction vehicle segment is leading in the North America region. Further on the basis of demand category market is divided into OEM and aftermarket. In addition, by tire construction type segment is divided into radial and bias. The market analysis also studies the country wise segmentation divided among United States, Canada, Mexico.

The North America OTR Tire Market is a vital component of various industries that rely on heavy machinery and equipment for their operations. The market's growth is intrinsically linked to economic activities such as construction, mining, agriculture, and industrial operations. As these sectors continue to evolve and modernize, the demand for durable, efficient, and technologically advanced OTR tires is set to increase. With ongoing advancements in tire technology, an emphasis on sustainability, and the integration of smart tire systems, the North America OTR tire market is poised to play a crucial role in enhancing productivity, efficiency, and safety across a wide range of heavy-duty applications.

 

Major companies operating in North America OTR Tire Market are:

• Bridgestone Corporation
• Continental AG
• Cooper Tire & Rubber Company
• Titan International Inc.
• Michelin
• Nokian Tyres plc
• The Yokohama Rubber Co Ltd.
• Toyo Tire Corporation
• Trelleborg AB
• Pirelli & C. S.p.A.

 

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“With an increase in the number of infrastructure projects demand for replacement OTR tire in the North America region increases the overall Market. Furthermore, with the addition of electric commercial vehicles, fleet owners are expected to shift to environmentally friendly OTR tires in order to reduce emission and achieve sustainable goals.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“North America OTR Tire Market Segmented By Vehicle Type (Mining Vehicles, Construction, Agricultural Vehicles, Others), By Demand Category (OEM, Aftermarket), By Tire Construction Type (Radial, Bias), By Country (United States, Canada, Mexico), Competition, Forecast & Opportunities, 2018- 2028F”, has evaluated the future growth potential of North America OTR Tire Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America OTR Tire Market.

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