PUBLISHER: The Business Research Company | PRODUCT CODE: 1249193
PUBLISHER: The Business Research Company | PRODUCT CODE: 1249193
“OTR Tires Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on otr tires market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for otr tires? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The otr tires market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the OTR tires market are: Yokohama Rubber Company, JK Tyre & Industries Ltd., Goodyear Tire and Rubber Company, Michelin, Pirelli, Continental AG, Bridgestone, Sumitomo, MRF, Apollo Tyres Ltd., Kumho Tire, Prometeon Tyre Group S.R.L., Hankook Tyre Co. Ltd., Metro Exporters Private Limited, and CEAT Ltd.
The global otr tires market grew from $14.82 billion in 2022 to $16.44 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The otr tires market is expected to grow to $22.84 billion in 2027 at a CAGR of 8.6%.
The OTR tires market consists of sales of compactor, grader, earthmoving, loader, and bulldozer. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The OTR tires are designed for vehicles that frequently travel on difficult terrain, the tires are used to support large amounts of weight to guide the vehicles through challenging conditions.
Asia-Pacific was the largest region in the OTR tires market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the OTR tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of OTR tires are radial tires, bias tires, and solid tires. The radial tires are the tires where the plies start and radially run from bead to bead around the tire. Steel belts in radial tires run at a 90-degree angle to the tread line. It permits the tire's sidewall and treads to work separately. The various processes involved are Pre-cure and mold cure. The different vehicle types include loaders, dump trucks, graders, cranes, dumpers, tractors, and forklifts and involve various sales channels such as original equipment manufacturers and aftermarket. The numerous end-users include construction and mining, industrial, agricultural, and others.
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tires market. For instance, according to the survey conducted by economic times, an India-based daily newspaper company, the domestic sales for tractors for the year 2021 stood at 9 lakhs, and the export of 1,00,000 units of tractors was done in India. This increased tractor sales from 5% to 6%. And it is expected to sell 950,000 domestic units in 2022. Therefore, the use of agricultural machinery in day-to-day activity drives the OTR tires market.
The new product innovations have emerged as a key trend gaining popularity in the OTR tires market. Product innovations, including tires that provide improved tread wear and increased comfort to the driver, are gaining popularity in the market. For instance, in March 2021, Goodyear, a US-based manufacturer of tires and rubber, launched the new EV-4M Port Handler with a focus on improved tread wear to help increase efficiency. The new tire features a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing. Improved treadwear, durability, comfort, and stability, as well as higher efficiency and operational efficiency, are all benefits of these tires.
In December 2021, Bridgestone, a Japan-based auto and truck parts manufacturer, acquired Otraco for $52.2 million (AUD 79 million). The acquisition is part of strategic growth investment aligned with the vision to make Bridgestone a sustainable solutions company by 2050. Otraco is an Australia-based OTR tire manufacturer.
The countries covered in the OTR tires market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The OTR tires market research report is one of a series of new reports from The Business Research Company that provides OTR tires market statistics, including OTR tires industry global market size, regional shares, competitors with an OTR tires market share, detailed OTR tires market segments, market trends and opportunities, and any further data you may need to thrive in the OTR tires industry. This OTR tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.