U.S.: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in the U.S.

The U.S. market for tyres for agriculture, forestry, construction, industry and other off the road vehicles declined to $X in 2022, reducing by -5.3% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in the U.S.

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X in 2022. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 50% against the previous year. Production of peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from the U.S.

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were exported from the United States; waning by -8.6% on 2021. Over the period under review, exports continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles plummeted to $X in 2022. In general, exports continue to indicate a perceptible reduction. The pace of growth was the most pronounced in 2018 when exports increased by 22% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from the United States, with a 57% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Mexico exceeded the volume sent to the second major destination, Canada (X units), twofold. Germany (X units) ranked third in terms of total exports with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico totaled +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-4.7% per year) and Germany (+5.6% per year).

In value terms, the largest markets for agricultural, construction and industrial machinery tyre exported from the United States were Mexico ($X), Canada ($X) and Australia ($X), with a combined 62% share of total exports. Brazil, Germany and Hungary lagged somewhat behind, together comprising a further 8.4%.

Among the main countries of destination, Hungary, with a CAGR of +17.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, dropping by -38.1% against the previous year. In general, the export price, however, posted a mild increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 35%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+24.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into the U.S.

In 2022, overseas purchases of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -13.6% to X units for the first time since 2016, thus ending a five-year rising trend. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 14%. As a result, imports attained the peak of X units, and then contracted in the following year.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank modestly to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 23% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to the United States, accounting for a 68% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), eightfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+11.7% per year) and Taiwan (Chinese) (+5.7% per year).

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to the United States were China ($X), India ($X) and Thailand ($X), together accounting for 66% of total imports. Taiwan (Chinese) and Vietnam lagged somewhat behind, together comprising a further 11%.

Vietnam, with a CAGR of +36.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, picking up by 14% against the previous year. In general, the import price, however, continues to indicate a pronounced curtailment. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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