North America had the largest construction industry across the globe in 2019, with the annual investments exceeding USD1.2 trillion. Rapid expansion of roads and highways, establishment of power plants, expansion of hotels and leisure industry has been propelling the deployment of construction equipment. With the rise in these activities the deployment of off the road vehicles such as earthmoving equipment, material handling equipment, and agricultural vehicles has been surging in the region. Consequently, the demand for OTR tires has been registering an uptick.
According to the MarkNtel Advisors’ research report, “North America Off the Road (OTR) Tire Market Analysis, 2020”, the market size of OTR tires in North America is anticipated to grow at a CAGR of around 6.42% during 2020-25. The sales of OTR tires in the United States completely outperformed Canada and Mexico. The same trend is set to prevail during the forecast period.
The demand for radial tires in OTR category is soaring at a tremendous pace. The growing research and development in radial OTR tries to meet the requirements of all terrains and a better grip is rising. It is expected that radial tires would command the lion’s share in the North American tire market. The adoption of such tires is higher in the United States in comparison to Mexico and Canada. The North American OTR Tire market is majorly driven by All-season tires, however, the adoption of winter tires in the Northern parts of the region is witnessing an uptrend. However, the application areas remain quite limited
In 2019, the OTR tires with rim size varying between 25” to 35”, and 36” to 47” were in high demand with both the categories grabbing considerable market share in units sold and revenue generation.
The rates of the OTR tires in North America exhibited a surge on account ongoing restructuring in geopolitical events, business pressures including fluctuating raw material prices and margin realignment. The key players such as Bridgestone, Michelin, Goodyear, Cooper, Mitas, Continental, etc. revised the prices of their tires several times during 2015-19. The same trend is expected to prevail during the forthcoming years.
Key Questions Answered in the Market Research Report
Market Outlook Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report North America Off the Road Vehicle Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR North America OTR Tire Market during 2020-25?
A. The market size of North America OTR Tire Market during 2020-25 is forecast to be around 6.42%.
Q. Which region would grab the highest market share during 2020-25?
A. United States has the largest market share for the OTR tire market due to the presence of OEMs and increasing demand for electric vehicles. Thus, outperforming Canada and Mexico and the same trend will be continued in the forecasted period.
Q. Who are the key competitors or players operating in North America OTR Tire Market?
A. Yokohama, Continental and, Bridgestone, Goodyear, Michelin, Mitas, Cooper Tires and few others are the leading players in the North America OTR Tire Market.
Q. Does the report scope cover country wise market statistics also?
A. Yes, the scope of the report encompasses detailed country statistics such as market size, market segmentation based on various subcategories.
Q. Which tire type would emerge as an opportunity area for players in North America OTR Tire Market?
A. The demand for Radial tire in OTR category is soaring at a tremendous pace because of the growing research and development in Radial OTR tries to meetup the demand of a better grip. It is also expected that radial tires would command the lions shares in North America tire market.
Q. Which season tire would emerge as an opportunity area for players in North America OTR Tire Market?
A. The North America tire market is majorly driven by all season tire type, though there is slightly higher demand of winter tire in the northern region.
Q. Which rim size would emerge as an opportunity area for players in North America OTR Tire Market?
A. The OTR tires with rim size varying between 25” to 35”, and 36” to 47” were in high demand with both the categories grabbing considerable market share in units sold and revenue generation.
