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Press Release Description

The North American Off the Road (OTR) Tire Market to Surge at a CAGR of around 6.42% during 2020-2025

North America is home to a few of the largest manufacturers of construction equipment such as Caterpillar, John Deere, Komatsu, Terex, Volvo, Parker, Case, Bobcat, Hitachi, JCB, etc. Moreover, the construction activities in the region is on the rise. Not only have these manufacturers cater to the local regional demand for construction equipment, but also exploit the opportunities arising in Latin America, the Middle East, and Asia Pacific. Furthermore, it is estimated that investments in the construction market of North America exceed USD1.2 trillion every year. This robust investment and construction equipment manufacturing ecosystem offers immense opportunities to the OTR tire manufacturers to cater to the OEM and replacement demand for OTR tires.

 

According to the MarkNtel Advisors’ research report, North America Off the Road (OTR) Tire Market Analysis, 2020, the OTR tire market size of North America is set to surge at a CAGR of around 6.42% during 2020-25. The market was majorly driven by the United States, followed by Canada and Mexico. The US would retain its highest market share in the forthcoming years on account of massive construction and mining activities undergoing across the country. 

The market size of the construction sector in the United States exceeded USD1 trillion in 2019. The majority of the investments were made in the field of residential, office space, new educational institutes, and creation of power plants. 

OTR Tire Rim Size between 26” to 35”, followed by 35” to 47” category grabbed considerable market share in the North American OTR tire market in 2019. The construction equipment mix of the region is majorly dominated by the earthmoving equipment, where majority of the equipment use the tires with rim size falling in both these categories, revealed by MarkNtel Advisors in its research report, “North America Off the Road (OTR) Tire Market Analysis, 2020”

The leading companies such as Bridgestone, Goodyear, Continental, Michelin, Yokohama, Cooper, etc. remain the dominant players grabbing substantial market share in North America OTR market. Brand name, price, and quality of the product remains the key factors, which are considered by the end-users before selecting the tire supplier. The customer brand satisfaction level of Bridgestone, Michelin, Goodyear, and Cooper exceeded 85% in the North American market in 2019.  
  
“North America Off the Road (OTR) Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Off the Road Tire Manufacturers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings. 
 
Industry Segmentation:
1.    By Type of Equipment (Construction & Earthmoving Equipment, Material Handling, Agricultural Vehicle)
2.    By Type of Product (Excavator, Backhoe Loaders, Crawler Loaders, Bulldozers, Motor Graders, Dump Trucks, Tractors, Combined Harvester, Farm Trucks, Cranes, Forklifts, Tippers, Others)
3.    By Demand (OEM Vs Replacement)
4.    By Radial Vs Bias
5.    By Countries (The United States, Canada, Mexico) 
6.    By Season (All Season, Summer)
7.    By Sales Channel (Online, Distributors Channel, Others)
8.    By Price Category (Budget, Economy, Premium)
9.    By Rim Diameter (20"- 25", 26"-35", 36"-48", Above 48")
10.    By Company (Michelin, Bridgestone, Continental, Goodyear, Titan, Cooper, Yokohama, Sumitomo, etc.)

Key questions answered in the study: 
1.    What are the current and future trends of the North America Off the Road Tire (OTR) Market? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    What are the future plans and customer expectations of end-users across the region? 
4.    How the competition has been shaping across the region followed by their comparative factorial indexing?
5.    What are the key growth drivers and challenges for the North America Off the Road Tire (OTR) Market?
6.    What are the customer orientation, purchase behavior, and expectations from the Off the Road Tire (OTR) across various regions?

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