Dublin, Sept. 21, 2021 (GLOBE NEWSWIRE) -- The "United States OTR Tire Market, 2026 By Application Type, By Demand Category, By Rim Size, By Tire Construction, By Region" report has been added to ResearchAndMarkets.com's offering.
The United States OTR Tire Market was valued USD 3601.95 million in 2020 and is forecast to grow at a CAGR of over 11% in terms of value over the course of next five years, on the back of increasing agricultural and construction activities in the country.
There is a massive presence of global tractors and wheeled construction equipment companies in the country. And hence, United States has a substantial OTR vehicle fleet size, which is continuously expanding.
This expanding fleet of the country is aiding the growth in the demand of OTR Tires and is expected to drive the market through the forecast years. According to a report published by the United States Department of Agriculture, 'agriculture, food, and related industries contributed USD1.11 trillion to the United States gross domestic product (GDP) in 2019, which was a 5.2% share."
In 2019, 22.2 million full- and part-time jobs were related to the agricultural and food sectors- 10.9% of total United States employment. Direct on-farm employment accounted for about 2.6 million of these jobs, or 1.3% of United States employment.
Hence, agriculture is one of the significant sectors in United States, therefore the need of mechanisation is increasing with the years passing by. With the increasing mechanisation, the demand of tractor tires for both OEM as well as aftermarket is increasing and is expected to aid the growth in the forecast years as well. Moreover, construction is also a major sector, contributing in OTR tire sales in United States.
To cope with the COVID-19 pandemic, the United States government implemented lockdown, which negatively impacted the United States OTR Tire Market. The production of both tires and vehicles was halted during the lockdown, due to restricted and limited logistics, supply chain and international trade was impacted.
The replacement of tires was limited due to inactivity and economic barriers and hence, OTR tire market was slightly impacted for the year 2020. However, the scenario is gaining recovery and is susceptible to overcome the impact in the year 2021.
The market based on application type is segmented into construction, agriculture, mining, ports, material handling, forestry, etc. in 2020, the market is dominated by OTR tires used for agriculture & construction applications.
However, with expanding mechanisation in mining, ports and material handling industry and growing investments in these sectors, the demand and share from mining, material handling and port activities is going to drive the OTR Tire market through 2026. On the basis of tire construction, the market is segmented into radial tires and bias tires.
As of 2020, the market is dominated by bias tires due to their compatibility of off-roading capabilities resonating with the purpose of OTR vehicles.
With expansion of dealer & distributor network, increasing marketing schemes, and other promotional activities, competition in the United States OTR Tire Market is expected to increase in the forecast years.
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.
Magna Tyres Group
Titan International, Inc.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
United States OTR Tire Market, By Application Type:
United States OTR Tire Market, By Demand Category:
United States OTR Tire Market, By Rim Size:
Up to 25"
United States OTR Tire Market, By Tire Construction:
For more information about this report visit https://www.researchandmarkets.com/r/zb05te
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