United States OTR Tire Market to Grow with a CAGR of 6.30% Through 2029
The increasing adoption of advanced machinery in the agricultural
industry, driven by the need for higher productivity and efficiency, is a key
factor in the United States OTR tire market. Additionally, the rising demand
for replacement tires due to wear and tear from extensive usage in farming
equipment contributes to market growth. These factors, along with innovations
in tire durability and performance, are driving the market in the forecast
period 2025-2029.
According to TechSci Research report, “United States OTR Tire
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029F” " the United States OTR Tire market was valued
at USD 2.89 Billion in 2023 and is expected to reach USD 4.17 Billion by 2029
with a CAGR of 6.30% during the forecast period.
As sectors like oil and gas and agriculture continue to expand, along
with the rising demand for replacement OTR tires, the market is positioned for
sustained growth. Advancements in tire technology and the need for durable,
cost-effective solutions in these industries will continue to support the
market's growth through 2025-2029.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on the "United States OTR Tire Market"
The growth of the United
States OTR tire market is driven by the rising demand from the oil and gas
industry, where specialized equipment, including drilling rigs, trucks, and
heavy-duty machinery, requires durable, high-performance tires to withstand extreme
conditions. The sector’s reliance on OTR tires that can handle rough terrain,
heavy loads, and long hours of operation is increasing, with tires specifically
engineered to endure the harsh environments of oilfields. As exploration and
extraction activities intensify, demand for OTR tires to ensure optimal
equipment efficiency continues to grow.
The agricultural industry
also significantly contributes to OTR tire demand, with mechanization in
farming operations becoming increasingly critical for improved productivity.
Tires for agricultural machinery, including tractors, plows, and harvesters, must
offer specialized features such as reduced soil compaction, better traction on
soft ground, and enhanced durability under heavy workloads. With the ongoing
expansion of smart farming technologies and autonomous vehicles, the need for
advanced OTR tire solutions for agriculture is set to rise. Furthermore, tire
replacement needs in agriculture remain high due to the continuous wear from
regular usage in demanding field conditions.
The growing emphasis on
tire replacements is another key trend in the market. As the performance of OTR
tires degrades over time due to extensive usage, industries in construction,
mining, and agriculture increasingly rely on replacement tires to avoid costly
equipment downtime and maintain productivity. This trend is bolstered by
improvements in retreading technologies, which extend tire life and offer cost
savings to businesses. However, challenges such as fluctuating raw material
prices, high manufacturing costs, and the growing need for specialized tires
add complexity to market growth.
The United States OTR Tire
Market is segmented into Application, Tire Construction, Demand Category, and Region.
The United States OTR tire
market is segmented by demand category into Original Equipment Manufacturer
(OEM) and replacement tires, each serving distinct needs within various
industries. OEM tires are essential for newly manufactured equipment in sectors
like agriculture, construction, and mining, where high-quality tires are
crucial for ensuring optimal performance from the outset. Manufacturers focus
on providing tires that align with the specific requirements of new machinery,
including durability, traction, and load-bearing capacity. These tires are
typically incorporated into the equipment during the manufacturing process,
ensuring that the machinery is ready for operation once it reaches the
customer. On the other hand, the replacement tire segment is driven by the
continuous need for tire swaps due to wear and tear from regular use.
Industries such as construction and agriculture, where machinery runs for
extended hours in demanding environments, require frequent tire replacements to
maintain equipment efficiency and reduce downtime. The demand for replacement
tires is amplified by the wear characteristics of OTR tires, which are
subjected to harsh conditions that shorten their lifespan, necessitating timely
replacements to avoid operational disruptions.
The South region emerged as
the fastest-growing for OTR tires in the United States in 2023. This growth is
driven by the increasing demand for construction and agriculture machinery as
urbanization expands and the agricultural industry continues to evolve. The
South's rapid infrastructure development and the adoption of advanced farming
techniques have resulted in higher machinery usage, thereby increasing the need
for both OEM and replacement OTR tires. The region’s significant agricultural
production, combined with a growing construction sector, places greater demand
on durable, high-performance tires capable of handling challenging
environments. This trend is expected to continue, further contributing to the
region's growth in the OTR tire market.
Major market players
operating in the United States OTR Tire market are:
- Bridgestone Americas, Inc.
- Balkrishna Industries Limited (BKT)
- Toyo Tire U.S.A. Corp
- Zhongce Rubber Group Co. Ltd
- Michelin North America, Inc.,
- Continental AG
- Yokohama Tire Corporation
- Pirelli North America, Inc.
- Kumho Tire U.S.A. Corp.
- Mickey Thompson Tires & Wheels
Download Sample Report
Customers can also request for 10% free customization on this report.
"As construction and oil and gas activities keep growing across the
United States, we’re seeing a bigger need for durable OTR tires. With more
infrastructure projects and oil exploration taking place, industries are
looking for tires that can handle the tough conditions that come with heavy
machinery. Both new tires for equipment and replacement tires are in high
demand to keep everything running smoothly. As tire technology improves, we're
excited to see how this market continues to grow," said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management
consulting firm.
The report titled “United States OTR Tire Market –Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Application (Agriculture,
Construction, Mining and Material Handling), By Tire Construction (Radial,
Bias), By Demand Category (OEM, Replacement), By Region, By Competition, 2019-
2029F”, evaluates
the future growth potential of United States 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 make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the United States OTR Tire market.
Contact Us-
TechSci Research
LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: [email protected]
Website: www.techsciresearch.com