The global OTR tires market was valued at USD 9.78 billion in 2023 and is anticipated to reach a valuation of USD 10.31 billion in 2024 from USD 15.77 billion by 2032, growing at a CAGR of 5.45% from 2024 to 2032.
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.
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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
5.45% |
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Segments Covered |
By Product Type, Vehicle Type, End-Users, Target Market, And Region. |
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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 |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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. |
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.
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.
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.
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., Cooper Tire & Rubber Company. These are the market players that are dominating the global OTR tires market.
By Product Type
By Vehicle Type
By End-Users
By Region
Frequently Asked Questions
The Global OTR Tires Market is expected to grow with a CAGR of 5.45% between 2023-2028.
The Global OTR Tires Market size is expected to reach a revised size of US$ 12.55 billion by 2028.
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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