According to the latest report by IMARC Group, titled “North America OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the North America OTR tire market size reached a volume of 430.5 thousand units in 2022. Off-the-road (OTR) tires are specifically designed for heavy-duty vehicles, such as cranes, wheel loaders, tractors, all-terrain vehicles (ATVs), telescopic handlers, or military trucks, that operate in off-road environments. These tires are built using specialized materials and advanced manufacturing processes to withstand harsh conditions, including extreme temperatures and rough terrains. They are typically larger and wider than regular tires, with deep treads and thick sidewalls that provide exceptional durability, resistance to punctures, cuts, and impacts, and high traction over unlevelled surfaces such as rock, mud, or gravel. OTR tires are crucial for ensuring optimum stability, safety, and productivity of heavy-duty vehicles across mining areas, construction sites, and agricultural lands and include features such as non-marking compounds, reinforced sidewalls, and advanced tread patterns.
North America OTR Tire Market Trends:
The significant growth of the construction sector in North America due to the increasing development of numerous infrastructural projects, such as housing facilities, industrial complexes, airports, and road and railway networks, is primarily driving the OTR tire market growth. Concurrently, extensive investments in the upgradation of several commercial structures, including bridges, highways, dams, and power supply grids, are creating a positive outlook for the market. Moreover, the extensive deployment of forklifts, cranes, and bulldozers to improve workers’ safety and security during various heavy-duty activities and the widespread adoption of fully mechanized equipment for numerous labor-intensive tasks in the agriculture sector are aiding in market expansion. In addition to this, ongoing product innovations, such as the integration of sensor-based technologies for monitoring tire pressure and temperature that minimize the risk of potential hazards by providing real-time data analysis, are presenting remunerative growth opportunities for the market. Besides this, significant advancements in tire technology, including improved tread patterns, durability, and puncture resistance, are contributing to the market growth. Furthermore, the rise in the number of airports and seaports, increasing mining activities, expanding transportation and logistics industry, and the rising popularity of all-terrain vehicles (ATVs) for various recreational purposes are propelling the market growth in the region. Looking forward, the market value is projected to reach 610.7 thousand units by 2028, expanding at a CAGR of 5.9% during 2023-2028.
- Based on the demand, the market has been bifurcated into original equipment and replacement markets.
- On the basis of the tire size, the market is segregated into top tire sizes in 24’’-30’’, 31’’-35’’, 36’’-39’’, 40’’-50’’, 51’’-55’’, and 56’’-63’’.
- Based on tire type, the market has been divided into radial and bias tires.
- On the basis of the vehicle type, the market is categorized into mining, construction & industrial, agricultural, and other vehicles.
- Based on the distribution channel, the market has been classified into offline and online.
- On the basis of the country, the market is segmented into the United States and Canada.
- The competitive landscape of the market has also been examined, with some of the key players being Bridgestone Corporation, CMA, LLC, Continental AG, Cooper Tire & Rubber Company, Titan International, Inc., Michelin, Nokian Tyres plc, The Yokohama Rubber Co, Ltd., Toyo Tire Corporation, Trelleborg AB, Triangle Tyre Co., Ltd, and Pirelli & C. S.p.A.
|Base Year of the Analysis
||Demand, Tire Size, Tire Type, Vehicle Type, Distribution Channel, Country
||United States, Canada
||Bridgestone Corporation, CMA, LLC, Continental AG, Cooper Tire & Rubber Company, Titan International, Inc., Michelin, Nokian Tyres plc, The Yokohama Rubber Co, Ltd., Toyo Tire Corporation, Trelleborg AB, Triangle Tyre Co., Ltd, and Pirelli & C. S.p.A.
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