According to a recent research report by MarkNtel Advisors, the North America Off the Road Tire Market would grow at around 6.42% CAGR during 2022-27. Governments of different countries across North America are increasingly focusing on infrastructural developments, which has led to various ongoing & upcoming construction activities across the region. As a result, the surging production of commercial vehicles & equipment is positively influencing the demand for Off the Road (OTR) tires and thus fueling the market growth.
Several countries across North America have an expansive mining sector. As a result, the surging need for full mechanized equipment for utmost operational efficiency is propelling the sales of OTR tires due to benefits like better stability, fuel efficiency, grip & traction, & lower rolling resistance on different surfaces and augmenting the overall market growth, further states the research report, “North America Off the Road Tire Market Analysis, 2022.”
Increasing Food Requirements & Farming Activities to Fuel the Sales of Agricultural Vehicle Tires
The exponentially rising population & its ever-growing food requirements have put immense pressure on the agricultural sector, i.e., leading to increasing farming activities across North America. As a result, the burgeoning deployment of various agriculture vehicles for farm activities is surging the production of OTR tires to help farmers reduce dependency on labor & fasten production. These aspects have led agricultural vehicles to dominate the North America Off the Road Tire Market with the largest share in previous years, and the same trend is expected during 2022-27.
Increasing Construction Activities in the US to Drive the OTR Tire Market
Across North America, the US is projected to dominate the Off the Road Tire Market with the largest share during 2022-27, principally due to massive investments by the government in infrastructural developments in the country, i.e., leading to various ongoing & upcoming construction projects associated with building smart cities, corporate offices, shopping malls, railway networks, airports, hotels, & restaurants, among others, coupled with mounting requirements for commercial vehicles.
It, in turn, is augmenting the demand for OTR tires while generating lucrative growth opportunities for tire manufacturers to expand their production & distribution capacities to meet the escalating consumer requirements for OTR tires in the US. Hence, these aspects project lucrative prospects for the overall market in the years to come.
The leading companies operating in the North America Off the Road Tire Market include Michelin, Goodyear, Bridgestone, Continental, Zhongce Rubber, Kumho, Toyo, Yokohama, Trelleborg, and Triangle Group.
Key Questions Answered in the Research Report