Updated Aug 26, 2022 01:30

Market for Agricultural, Construction and Industrial Machinery Tire in the United States

Market Overview
The U.S. market for tyres for agriculture, forestry, construction, industry and other off the road vehicles was finally on the rise to reach $ in , after two years of decline. In general, the total consumption indicated a measured expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Consumption of peaked in and is expected to retain growth in years to come.

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell modestly to $ in . Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of % against the previous year. Production of peaked at $ in 2018; however, from 2019 to , production stood at a somewhat lower figure.


Consumption
For the sixth year in a row, the United States recorded growth in consumption of tyres for agriculture, forestry, construction, industry and other off the road vehicles, which increased by % to units in . Over the period under review, the total consumption indicated a moderate expansion from 2007 to : its volume increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Over the period under review, consumption of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs in and is likely to see steady growth in the near future.

The value of the market for tyres for agriculture, forestry, construction, industry and other off the road vehicles in the United States rose to $ in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated perceptible growth from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against indices. Consumption of peaked in and is likely to continue growth in the near future.


Market Forecast
Driven by increasing demand for agricultural, construction and industrial machinery tire in the United States, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Agricultural, construction and industrial machinery tire market in the United States consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
The United States remains a net importer of agricultural, construction and industrial machinery tire; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.