Press Release

Puerto Rico OTR Tire Market to Hit USD72.43 Million Mark by 2030

The Puerto Rico OTR Tire Market size was valued at around USD42.13 Million in 2024 and is expected to reach USD72.43 Million in 2030. Along with this, the market is estimated to grow at a CAGR of around 9.16% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The ascending expansion of the manufacturing industry, especially pharmaceuticals and medicines, contributes to the rise in the number of trades, especially exports from the country. As a result, Puerto Rico became the 2^nd largest exporter of pharmaceutical and medicinal products in the U.S. This led to a massive increase in the logistics and freight chain supplies, which includes the lifting and transporting of the products on the ports and further to warehouses, which requires high amounts of the earthmoving equipment as well as the material handling equipment, that ultimately grows the demand for OTR tire.

Additionally, with the use of new and innovative technologies, OTR tires are now manufactured with higher resistance, more safety, greater efficiency, anti-slip quality, and more longevity. Thus these tires are high in demand among users. However, the huge accumulation of rubber waste from OTR tires has raised issues of environmental safety. As a result, the practice of re-treading and recycling the OTR tires has increased. For instance, the International Trade Association organized the 70th Annual Conference in February 2025 to spread awareness for recycling and re-treading technologies for OTR tires and launched an innovative water-jet technology for the OTR Tires re-treading purpose. However, the event has also focused on the strategy for improving the quality, sustainability, and shelf-life of the OTR tiers by providing demonstrations at the conference, further states the research report, “Puerto Rico OTR Tire Market Analysis, 2025.”

Puerto Rico OTR Tire Market Segmentation Analysis

Earth Moving Equipment Holds the Largest Market Share

Based on the type of equipment, the market is further bifurcated into Agricultural equipment, Earth moving equipment, and Material handling equipment. Among these equipment, the earth moving equipment has the highest share in the market, which is about 40%. The country has experienced a high tourism influx in recent years due to its beautiful beaches and mountains, and the huge number of events held in the country every year. For instance, as per the UN WTO (United Nations World Tourism Organisation), in 2023, the country received about 5 million tourists. This led to the development of luxurious infrastructure such as malls, hotels, resorts, etc., which further enhanced the demand for earthmoving equipment for developing these infrastructures. For instance, the Mandarin Oriental Group started extending the luxury infrastructure by considering the facts of tourism; it announced the building of a new luxury resort and branded residences on Puerto Rico’s southwestern Bay in Cabo Rojo.

Construction Sector Generating Maximum Market Demand

The construction segment holds the largest market share of about 40%. The country has high mountainous and hilly areas, due to which it is highly vulnerable to cyclones, hurricanes, and storms. Moreover, the country is also prone to floods due to geographical reasons, as it is located between the Caribbean Sea. Recently, in 2024, the country faced a strong cyclone called Hurricane Ernesto. This has led to devastating damage in the country, including major blackouts and the collapse of various infrastructures. It increases the demand for OTR Tires. As a result, the number of construction projects has increased, and the government has launched corrective measures to improve these conditions. For example, the Department of Energy Loan Program Office announced a loan to recover Puerto Rico’s electrical grid by financing the construction of solar power plants.

Another example includes the reconstruction of the Vieques Susana Centeno Diagnostic and Treatment Center (2024), which collapsed due to bygone Hurricanes, by receiving funds of about USD 43 million from the government. In conclusion, these types of construction projects have increased the demand for equipment possessing rigid OTR tires for digging, lifting, and supplying heavy raw materials to the relevant construction sites.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Goodyear Tire and Rubber Company, Yokohama Rubber Co. Ltd., Bridgestone Corporation, Prometeon Tyres Group S.R.L., Aeolus Tyre Co. Ltd., Hankook Tyre Co. Ltd., Hunga-A Co., Ltd. (Tiron), Continental Tires Ltd., The Carlstar Group, LLC, Balkrishna Industrial Limited, Toyo Tires Ltd., and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?