United States OTR Tire Market to Grow at 8.81% CAGR in Volume Terms by 2026
Continuous need of mechanisation in construction and agricultural sectors is expanding the OTR vehicle fleet which is aiding the growth of the United States OTR tire market.
According to TechSci Research report United States OTR Tire Market, By Application Type (Construction, Agriculture, Mining, Material Handling, Ports, Forestry and Others), By Demand Category (Replacement, OEM), By Rim Size (Upto 25’’, Above 25”), By Tire Construction (Bias, Radial), By Company and By Region (Midwest, South, West, and Northeast), Forecast & Opportunities, 2026”, United States OTR Tire market is expected to grow at CAGR of 8.81% in volume terms to reach 6,922.57 thousand units by
2026. Growth in the United States OTR Tire market is driven by increasing number of construction activities in the country. According to The Associated General Contractors of America, construction is a major contributor to the United States economy. The industry has more than 680 thousand employers with over 7 million employees and creates nearly USD1.3 trillion worth of structures each year. Average United States construction spending totaled USD1.04 trillion between 2009 and 2019. United States private sector construction spending totaled USD977 billion in 2019. According to the United States Census Bureau, public sector construction spending totaled USD329 billion in 2019. With such intense capital, need for mechanization is increasing in the construction sector and with this expanding OTR vehicle fleet, demand for OTR tires both for OEM as well as replacement demand is increasing robustly. Inflow of such major investments in this sector is increasing the demand of construction vehicle which is going to aid the growth of overall OTR tires in United States.
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United States OTR tiremarket can be segmented based on Application Type, Demand Category, Rim Size, Tire Construction, Company and Region. In terms of OTR tire application type, agriculture and construction application category is collectively holding more than half of the country’s OTR tire sales. Growing agriculture and construction activities are inducing the growth of OTR tires in United States.
In terms of demand category, OTR tires in United States are classified based on replacement and original equipment manufacturers category. Owing to the large fleet size of the country, demand from replacement category is dominating the market. With increasing OTR vehicle sales as well as increased number of construction, agricultural and mining activities the growth of OTR tires are expected to be driven robustly through the next five years. The market share of replacement category is anticipated to grow at a faster rate in the forecast years owing to the expanding fleet of OTR vehicles in the country.
In terms of Rim Size, United States OTR Tire market is distinguished based on the size of the rim up to 25” and above 25”. Since, smaller OTR machineries are sold more than the larger ones, OTR tires with rim size up to 25” are leading the market by fair margin. For the forecast years, sales of OTR tire with rim size up to 25” are expected to increase even further at an increasing rate.
Based on tire construction, United States OTR market is distinguished between bias tires and radial tires. The market share of Bias category is significantly higher than that of radial category of the segment in United States. However, radial OTR tire penetration in the market is gaining momentum across the country, due to features such as better control, high durability and better fuel efficiency as well as enhanced load carrying capacity. Owing to this, the demand for radial OTR tires is expected to evolve over the next five years.
Additionally, United States OTR Tire Market is segmented among the states falling in Midwest, South, West, and Northeast regions of the United States. Owing to the large tractor and other OTR vehicle fleet of the states constituted by Midwest region, the majority of OTR tire demand is coming from this region. Although the sales from South and West region are gaining shares and the regions are expected to perform better in the forecast years as well.
Some of the major players operating in the United States OTR Tire market are The Goodyear Tire & Rubber Company, Bridgestone Americas, Inc., BKT USA Inc., Yokohama Tire Corporation, Michelin North America, Inc., Trelleborg AB, CEAT Ltd., Magna Tyres Group, etc. With expansion of dealer & distributor network, increasing marketing schemes, and other promotional activities, competition in the United States OTR Tire market is expected to get increase in the forecast years.
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“In 2020, the states of the Midwest region accounted for the largest share, i.e., 39.82% in United States OTR Tire market. The region is expected to maintain its dominance over the next five years as well, but states in South and West regions are giving neck to neck competition. Increasing Agriculture and Construction activities are boosting the demand for OTR Tires in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States OTR Tire Market, By Application Type (Construction, Agriculture, Mining, Material Handling, Ports, Forestry and Others), By Demand Category (Replacement, OEM), By Rim Size (Upto 25’’, Above 25”), By Tire Construction (Bias, Radial), By Company and By Region (Midwest, South, West, and Northeast), Forecast & Opportunities, 2026”, has evaluated the future growth potential of the United States OTR Tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States OTR tire market.
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