United States OTR Tire Market By Size, Share and Forecast 2028

Summary

Report Description

The United States OTR tire markets is expanding due to its comprehensive construction and mining activities. The market has been experiencing substantial growth in recent years, driven by infrastructure development projects, rise in mining operations, and the expansion of the agriculture sector.

United States OTR Tire Market Overview

The OTR tire market in the United States is experiencing rapid growth, and this trend is expected to continue in the coming years. The increasing globalization has led to advancements in the infrastructure sector, resulting in increased investments in both public and private infrastructure projects. This, in turn, is anticipated to drive the demand for mining and construction equipment, thereby expanding the market for OTR tires. Additionally, the growing number of medium-sized farmers has also contributed to market trends, as agricultural vehicles are being used more extensively in farming operations.

Given these factors, the OTR tire industry in the United States is poised to benefit significantly. To improve efficiency, the sector is embracing more sophisticated machinery, leading to increased adoption of such vehicles in the industry and a substantial boost to the OTR tire market. Consequently, both the demand for OEM off the road tires and replacement tires are expected to rise, driven by the increased use of mining and construction machinery. The United States OTR tire market is projected to grow at a promising rate during the forecast period, with the infrastructure sector investments presenting new market opportunities at various levels.

United States OTR Tire Market Drivers

The mining and construction sector serves as a significant catalyst for the OTR tire market in the United States. As the nation invests in infrastructure development, including bridges, buildings, roads, and airports, the demand for construction machinery and vehicles rises. These machines and vehicles rely on OTR tries to navigate challenging construction sites and uneven terrains. The expansion of the construction sector, driven by population growth, urbanization, and government infrastructure initiatives, fuels the demand for OTR tires in the United States.

Mining and construction operations heavily depend on large-scale machinery and vehicles for material hauling, extraction, and transportation. Off-the-road tires play a crucial role in supporting these activities by providing durability and traction in harsh mining environments. The increasing demand for metals, minerals, and other raw materials for industrial production and infrastructure development further contributes to market growth.

Additionally, the agricultural and forestry sectors play a vital role in driving the United States OTR tire market. Off-the-road tires are essential for agricultural machinery such as combines, harvesters, tractors, and sprayers, which operate in fields with challenging conditions and uneven terrains. In the forestry sector, OTR tires are used in skidders, logging trucks, and harvesters that maneuver through rugged forests. The need for increased mechanization, agricultural productivity, and sustainable forestry practices drives the demand for off-the-road tires in these sectors in the United States.

United States OTR Tire Market Trends

Off-road tire manufacturers in the United States are investing in research and development to enhance tire technologies. This includes advancements in tire tread designs, compounds, and construction materials to improve durability, performance, and fuel efficiency. Technological innovations also aim to develop self-sealing technologies, tire pressure monitoring systems, and intelligent tire systems to enhance safety and optimize tire performance. The trend towards sustainability and environmental awareness is highly significant in the United States' OTR tire market. Manufacturers are dedicated to developing eco-friendly tire solutions that reduce carbon emissions and promote fuel efficiency. Furthermore, there is a focus on low rolling resistance tires as they minimize energy loss, reduce fuel consumption, and contribute to the reduction of greenhouse gas emissions. Retreading is gaining traction as a viable alternative for off-road tires, as it extends their lifespan, reduces waste, and conserves resources. Additionally, the demand for larger off-road tires has increased due to the use of larger equipment and machinery in industries such as construction, mining, and agriculture. These wider tire sizes provide greater durability, increased load carrying capacity, and stability for heavy-duty applications. Manufacturers are expanding their production capabilities to meet this demand by investing in equipment and technologies required for producing and supplying larger off-road tires. Moreover, there is a growing demand for specialized and customized off-road tires in the United States market.

Challenges in the United States OTR Tire Market

The high prices of new OTR tires present a significant constraint, resulting in increase in the sales of retread tires. The retreading process utilizes fewer petrochemicals and silica compared to new tire production, making retread tires available at more affordable prices. Consequently, tire retreading has emerged as an economical solution for OTR vehicle owners worldwide. Retreaded OTR tires are extensively utilized in industrial, construction, mining, and agricultural equipment. In addition, extreme climatic conditions and heavy OTR tire usage contribute to substantial wear and tear, leading to increased maintenance costs for OTR vehicle owners. The demand for retreaded tires is closely tied to the OTR segment and is expected to grow in the future due to its cost-saving benefits for OTR vehicle owners. This growing demand for retreaded OTR tires is also anticipated to attract new entrants into the retread tire market. The rising costs of primary components used in OTR tire manufacturing, such as rubber, oil, and steel, have had an impact on the global sales of OTR tires. The surge in crude oil prices and the associated increase in prices for derivatives like carbon black, a critical raw material in off-the-road tire manufacturing, combined with higher transportation costs, have resulted in elevated prices for OTR tires in the US market. The inflation of raw material costs is a significant factor that has contributed to the decline in demand for OTR tires and poses a constraint for the growth of the United States OTR tire market.

Recent Market Developments

Trelleborg AB introduced its new EMR1031 earthmover tire in May 2022 for loading tasks carried out "on the most difficult terrains, such as sand, rock, or extra hard surfaces." A premium sidewall protector is included with this tire to prevent damage and extend tire life.

New telehandler and compact loader tire CompactMaster EM was introduced by Continental AG in October 2021. The CompactMaster EM tire has twisted steel cord and a redesigned turtle shield design. It is appropriate for the construction and agricultural industries.

The growth in the OTR tire industry in the United States is due to the rise in infrastructure projects, mining, and recreational activities. The country is also attracting investments from foreign investors, and government policies to transition from an oil-based economy to infrastructural developed economy. This has led to an increase in the utilization of commercial vehicles and, in turn, the replacement rate of tires, especially OTR tires. Development projects such as the California High-Speed Rail, Texas Bullet Rail, Blue Castle Nuclear Plant, and Hyperloop contribute to this trend. As commercial vehicle utilization continues to increase in the coming years, the replacement rate will also rise. One of the most significant market trends is the growing acceptance of tire retreading, particularly in OTR tires. The OTR tire market in the United States accounts for the highest share of the overall retread tire market in the country. Another significant trend in the market is an increased emphasis on technological advancement. Tire manufacturers in the United States are developing technologically advanced new tire offerings to meet changing customer demands for better ride comfort, safety, higher fuel efficiency, and durability. A further trend in the market is a shift towards online tire sales. Consumers benefit from the increase in e-commerce and online sales as it provides them with more options for purchasing products. Customers can compare different tire brands, as well as the costs, qualities, and specifications of related goods. Overall, the ease in trade regulations and increased infrastructure projects will drive market growth in the United States OTR Tire Market.

Market Segmentation

The United States OTR Tire market is categorized by Vehicle Type, Demand Category, Tire Construction Type, Sales Channel, Region and Competitive Landscape. The market is divided into Agriculture, Construction, Mining, and Material Handling based on Vehicle Type. Demand Category includes OEM and Replacement. Tire Construction Type is segmented into Radial and Bias. Sales Channel consists of Online and Offline. Region-wise, the market is segmented into Northeast Region, Midwest, South Region, and the West Region.

Company Profiles

Apollo Tires ltd., Bridgestone Corporation, The Michelin Group, Continental AG, Goodyear Tire and Rubber Company, Madras Rubber Factory Ltd., The Yokohama Rubber Co., Ltd., Balkrishna Industries Limited (BKT), Toyo Tire Corporation, Zhongce Rubber Group Co., Ltd are some of the major players in the United States OTR Tire market.

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Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	By Vehicle Type By Demand Category By Tire Construction Type By Sales Channel By Region
Regional scope	Northeast Region, The Midwest, The South Region, and The West Region.
Key Companies Profiled	Apollo Tires ltd., Bridgestone Corporation, The Michelin Group, Continental AG, Goodyear Tire and Rubber Company, Madras Rubber Factory Ltd., The Yokohama Rubber Co., Ltd., Balkrishna Industries Limited (BKT), Toyo Tire Corporation, Zhongce Rubber Group Co., Ltd.
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, United States OTR Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

United States OTR Tire Market, By Vehicle Type:

Agriculture
Construction
Mining
Material Handling

United States OTR Tire Market, By Demand Category:

OEM
Replacement

United States OTR Tire Market, By Tire Construction Type:

Radial
Bias

United States OTR Tire Market, By Sales Channel:

Online
Offline

United States OTR Tire Market, By Region:

Northeast region
The Midwest
The South Region
The West Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States OTR Tire market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

· Detailed analysis and profiling of additional market players (up to five).

The United States OTR Tire Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on United States OTR Tire Market Outlook

5. Voice of Customer Analysis

5.1. Factors Influencing Purchase Decision

5.2. Brand Awareness

5.3. Brand Satisfaction Level

6. United States OTR Tire Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value & Volume

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis (Agriculture, Construction, Mining and Material Handling)

6.2.2. By Demand Category Market Share Analysis (OEM Vs. Replacement)

6.2.3. By Tire Construction Type Market Share Analysis Type (Radial Vs Bias)

6.2.4. By Sales Channel Market Share Analysis (Online and Offline)

6.2.5. By Regional Market Share Analysis

6.2.5.1. Northeast Market Share Analysis

6.2.5.2. Midwest Market Share Analysis

6.2.5.3. South Market Share Analysis

6.2.5.4. West Market Share Analysis

6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)

6.3. United States OTR Tire Market Mapping & Opportunity Assessment

6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2. By Demand Category Market Mapping & Opportunity Assessment

6.3.3. By Tire Construction Type Market Mapping & Opportunity Assessment

6.3.4. By Sales Channel Market Mapping & Opportunity Assessment

6.3.5. By Regional Market Mapping & Opportunity Assessment

7. United States Agriculture OTR Tire Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Demand Category Market Share Analysis

7.2.2. By Tire Construction Type Market Share Analysis

7.2.3. By Sales Channel Market Share Analysis

7.2.4. By Regional Market Share Analysis

7.3. Product Benchmarking

8. United States Construction OTR Tire Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Demand Category Market Share Analysis

8.2.2. By Tire Construction Type Market Share Analysis

8.2.3. By Sales Channel Market Share Analysis

8.2.4. By Regional Market Share Analysis

8.3. Product Benchmarking

9. United States Mining OTR Tire Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & Volume

9.2. Market Share & Forecast

9.2.1. By Demand Category Market Share Analysis

9.2.2. By Tire Construction Type Market Share Analysis

9.2.3. By Sales Channel Market Share Analysis

9.2.4. By Regional Market Share Analysis

9.3. Product Benchmarking

10. United States Material Handling Tire Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value & Volume

10.2. Market Share & Forecast

10.2.1. By Demand Category Market Share Analysis

10.2.2. By Tire Construction Type Market Share Analysis

10.2.3. By Sales Channel Market Share Analysis

10.2.4. By Regional Market Share Analysis

10.3. Product Benchmarking

11. Market Dynamics

11.1. Market Drivers

11.2. Market Challenges

12. Market Trends & Developments

13. Porter’s Five Forces Model

13.1. Competition Landscape

13.2. Bargaining Power of Buyers

13.3. Bargaining Power of Suppliers

13.4. Threat of New Entrants

13.5. Threat of Substitutes

14. SWOT Analysis

14.1. Strength

14.2. Weakness

14.3. Opportunities

14.4. Threats

15. Policy & Regulatory Landscape

16. United States Economic Profile

17. Competitive Landscape

17.1. Company Profiles (Up to 10 Major Companies)

17.1.1. Bridgestone Corporation

17.1.1.1. Company Details

17.1.1.2. Products & Services

17.1.1.3. Recent Development

17.1.1.4. Key Management Personnel

17.1.2. Balkrishna Industries Limited (BKT)

17.1.2.1. Company Details

17.1.2.2. Products & Services

17.1.2.3. Recent Development

17.1.2.4. Key Management Personnel

17.1.3. Toyo Tire Corporation.

17.1.3.1. Company Details

17.1.3.2. Products & Services

17.1.3.3. Recent Development

17.1.3.4. Key Management Personnel

17.1.4. Goodyear Tire & Rubber Company

17.1.4.1. Company Details

17.1.4.2. Products & Services

17.1.4.3. Recent Development

17.1.4.4. Key Management Personnel

17.1.5. Michelin Group

17.1.5.1. Company Details

17.1.5.2. Products & Services

17.1.5.3. Recent Development

17.1.5.4. Key Management Personnel

17.1.6. Continental AG

17.1.6.1. Company Details

17.1.6.2. Products & Services

17.1.6.3. Recent Development

17.1.6.4. Key Management Personnel

17.1.7. MRF Limited

17.1.7.1. Company Details

17.1.7.2. Products & Services

17.1.7.3. Recent Development

17.1.7.4. Key Management Personnel

17.1.8. Apollo Tyres Limited

17.1.8.1. Company Details

17.1.8.2. Products & Services

17.1.8.3. Recent Development

17.1.8.4. Key Management Personnel

17.1.9. Yokohama Rubber Company, Limited

17.1.9.1. Company Details

17.1.9.2. Products & Services

17.1.9.3. Recent Development

17.1.9.4. Key Management Personnel

17.1.10. Zhongce Rubber Group Co., Ltd.

17.1.10.1. Company Details

17.1.10.2. Products & Services

17.1.10.3. Recent Development

17.1.10.4. Key Management Personnel

18. Strategic Recommendations

18.1. Key Focus Areas

18.1.1. Target Regions

18.1.2. Target Vehicle Type

18.1.3. Target Demand Category

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What are the major factors driving the United States OTR Tire Market?

The rise in the construction activities and the increase in the investments in the infrastructure projects are expected to drive the United States OTR Tire Market in the forecast years.

Which segment under the demand category is leading the United States OTR Tire Market?

The replacement segment is leading in this category as the replacement rate of the OTR tires is high because of rough usage in different terrains.

Who are the top players in the United States OTR Tire Market?

The major player contributing to the United States OTR Tire Market are Apollo Tires ltd., Bridgestone Corporation, The Michelin Group, Continental AG, Goodyear Tire and Rubber Company, Madras Rubber Factory Ltd., The Yokohama Rubber Co., Ltd., Balkrishna Industries Limited (BKT), Toyo Tire Corporation, Zhongce Rubber Group Co., Ltd.