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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