Titan International manufactures wheels, tires, and undercarriage systems for off-highway equipment. Titan's products serve three end markets: agricultural equipment (tractors, combines, sprayers), earthmoving and construction equipment (mining haul trucks, excavators, cranes), and consumer outdoor power equipment (ATVs, lawn mowers, trailers). Titan sells to OEMs — who mount Titan's products before delivering equipment to customers — and to the aftermarket through dealers, distributors, and Titan's own distribution centers. A core part of Titan's pitch is its "one-stop shop" model: as one of the few manufacturers that makes both wheels and tires, Titan can deliver a fully assembled unit, reducing sourcing complexity for customers. Titan sells under its own brand as well as under licensed brands including Goodyear Farm Tire (through 2029) and Carlisle (through 2033). The OEM business is cyclical, tied to farm income and construction investment, while the aftermarket business is more stable, driven by wear-based replacement demand. Titan says it has grown aftermarket revenue from roughly 25% to approximately 45% of total revenue over the past decade. The 2024 acquisition of Carlstar added the Consumer segment and expanded Titan's aftermarket exposure. Raw material costs — primarily steel and rubber — are a key cost driver, with OEM price adjustments typically lagging cost changes by three to six months. Titan's manufacturing is capital-intensive with high fixed costs, so volumes drive margins materially.