OTR Tires Market Research Report - Segmentation By Product Type (Radial Tires, Bias Tires, Non-Pneumatic Tires), By Vehicle Type (Earthmovers, Loaders and Dozers, Graders, Material Handling Equipment, Tractors and Agricultural Equipment), By End-Users (Construction, Industrial, Mining, Agriculture, Ports, Others), By Target (OEMs, Aftermarket)- Industry Analysis, Size, Share, Growth, Trends and Forecast 2024 to 2029.

Updated On: June, 2024
ID: 9827
Pages: 150

OTR Tires Market Size (2023-2028):

The Global OTR Tires Market was worth US$ 9.27 billion in 2022 and is anticipated to reach a valuation of US$ 12.55 billion by 2028 and is predicted to register a CAGR of 5.45% during 2023-2028.

Off-the-road (OTR) tires are primarily utilized in heavy-duty vehicles for applications in mining and the housing industry. The growth of the housing industry in developing countries has bolstered the demand for construction and material handling equipment and is probably going to compel the expansion of the OTR tires market significantly. Both mining and construction customers are increasingly searching for extra services, like tire tracks while procuring tires.

Rapid development within the construction of road & railway networks, power supplies, housing infrastructure, industrial structures, etc. has led to the economic process of several countries across the world. Market demand for OTR tires from mining is softening, and hence there exists a chance to renegotiate with suppliers. However, the need for OTR tires from the mining industry is predicted to surge and attain notable a share by 2020. 

The OTC tires industry forecast predicts that demand is anticipated to enhance because of market conditions. The global business would be driven by increasing commodity prices and the current abundant supply of massive OTR tires. The off-road tire industry forecast shows that ongoing development in new technologies is predicted to cause a substantial seismic shift in the way the OTR tire industry is doing business, discarding the old model of selling and servicing such tires.

Market Drivers:

The proliferation of the mining and quarrying industry and the rising sales and fleet of off-road vehicles, globally, are predicted to spice up sales of OTR tires in the coming years. Growing mechanization of farms to extend the agriculture output and reduce labour costs is additionally resulting in the improved use of agriculture equipment, which is fueling the demand for OTR tires across the planet. A number of the different vital factors that might positively influence the global OTR tires market are technological improvements, extending distributor & dealership networks, rising adoption of radial tires, and enhancing penetration of Chinese tires. Surging demand from construction is predicted to bring new suppliers to the market in the medium and enormous OTR tire segment, thus expanding the alternatives for end-users and making it critical for them to settle on their supply partner.

Market Restraints:

One challenge in the global OTR tires market is the shift of the energy sector towards renewable energy generation, which is predicted to adversely impact the expansion of coal and other non-renewable fossil fuels mining activities. 

OTR TIRES MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

5.45%

Segments Covered

By Product Type, Vehicle Type, End-Users, Target Market,  and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

Generale des Etablissements Michelin (CGEM), Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Continental Aktiengesellschaft, Balkrishna Industries Limited, Toyo Tire & Rubber Company, Apollo Tyres Ltd., Hankook Tire Co. Ltd. and Cooper Tire & Rubber Company, and Others.

 

Market Segmentation:

OTR Tires Market - By Product Type:

  • Radial Tires
  • Bias Tires
  • Non-Pneumatic Tires

OTR Tires Market - By Vehicle Type:

  • Earthmovers
  • Loader and Dozers
  • Graders
  • Material Handling Equipment
  • Tractors and Agricultural Equipment

OTR Tires Market - By End-Users:

  • Construction
  • Industrial
  • Mining
  • Agriculture
  • Ports
  • Other (Defense etc.) 

A significant decline in coal mining is anticipated within the upcoming years, because of growing dependence on alternative energies, including environmental/regulatory pressure. This is able to drive down the OTR tire demand from coal miners, thus providing opportunities for others to lock their capacity for the upcoming years and develop an upper hand in negotiation with the suppliers.

OTR Tires Market - By Target Market:

  • OEMs
  • Aftermarket

Original Equipment Manufacturer's (OEMs) demand is predicted to surpass the aftermarket demand by 2–4 per cent. The OE demand continues to grow in a mature market, as demand for tires utilized in infrastructure is on a continuing rise. Demand for large/ultra-large OTR tires is predicted to grow between 3 per cent and 6 per cent annually, which is fueled by increased demand for commodities like gold. All commodity segments, except gold, will contract over the subsequent years.

Market Reginal Analysis:

The Global OTR Tires Market Report includes the segmentation of regions:

  • North America - U.S., Canada
  • Europe - Norway, Germany, Sweden
  • Asia Pacific - China, India, Japan
  • Latin America - Brazil, Mexico, Argentina
  • Middle East and Africa - Middle East, Africa

The Asia Pacific OTR tires market will dominate the global business in terms of growth prospects until 2020. The shift of market focus from product to service has been witnessed as an emerging trend altogether in the main regions to optimize buyers' total cost of ownership.

Market Key Players:

  1. Generale des Etablissements Michelin (CGEM)
  2. Bridgestone Corporation
  3. The Goodyear Tire & Rubber Company
  4. The Yokohama Rubber Co., Ltd.
  5. Continental Aktiengesellschaft
  6. Balkrishna Industries Limited
  7. Toyo Tire & Rubber Company
  8. Apollo Tyres Ltd.
  9. Hankook Tire Co. Ltd.
  10. Cooper Tire & Rubber Company.

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Frequently Asked Questions

1. What is the OTR Tires Market growth rate during the projection period?

The Global OTR Tires Market is expected to grow with a CAGR of 5.45% between 2023-2028.

2. What can be the total OTR Tires Market Value?

The Global OTR Tires Market size is expected to reach a revised size of US$ 12.55 billion by 2028.

3. Name any three OTR Tires Market key players?

Generale des Etablissements Michelin (CGEM), Bridgestone Corporation, and The Goodyear Tire & Rubber Company are the three OTR Tires Market key players.

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