OTR Tires Global Market Report 2024

OTR (Off-the-Road) tires are specifically designed for vehicles that frequently traverse challenging terrains, providing the necessary support to guide these vehicles through difficult conditions while bearing substantial weights.

The primary categories of OTR tires include radial tires, bias tires, and solid tires. Radial tires are characterized by plies that start radially and run from bead to bead around the tire, with steel belts positioned at a 90-degree angle to the tread line. This arrangement allows the tire's sidewall and treads to function independently. The manufacturing processes involve Pre-cure and mold cure. Various vehicle types utilizing OTR tires include loaders, dump trucks, graders, cranes, dumpers, tractors, and forklifts, categorized by sizes such as up to 30 inches, 30-50 inches, and above 50 inches. These tires are distributed through different sales channels, including original equipment manufacturers and aftermarkets. End-users span industries such as construction and mining, industrial applications, agriculture, and others.

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.

The otr tires market size has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The expansion observed in the historical period can be attributed to swift economic growth, heightened construction activities, an increase in mining operations, and government subsidies.

The otr tires market size is expected to see strong growth in the next few years. It will grow to $11.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to the expansion of the agricultural industry, increasing urbanization, and the upward trend in infrastructure investment. Key trends expected in this period involve a concentration on tire sensors and artificial intelligence for monitoring tire performance, an emphasis on introducing and developing tires using sustainable and environmentally friendly materials, a focus on airless tires that eliminate the need for air pressure, efforts toward innovative tire designs, a commitment to product launches and the development of new products, as well as a strategic focus on partnerships and collaborations.

The anticipated growth of the OTR (Off-The-Road) tires market is driven by the widespread use of agricultural machines in day-to-day activities. Agricultural machines are integral to farming operations, and the shift towards automation, prompted by higher labor costs, has led to increased machine hours in agriculture. This trend has resulted in a higher demand for agricultural tractors and machinery equipped with OTR tires. Projections by the United States Department of Agriculture estimate a significant increase in world trade for commodities such as soybeans and maize by 2031. Similarly, India's growing foodgrain production demands an additional 5 million tons by 2030. Consequently, the prevalent use of agricultural machinery is a key factor propelling the OTR tires market.

The OTR tires market is expected to experience growth due to rising infrastructure investments in the forecast period. Urbanization and improved living standards contribute to increased infrastructure development, necessitating heavy-duty vehicles such as construction equipment and mining trucks, which rely on OTR tires. Notably, the Indonesian government has committed to a substantial investment of $430 billion in public infrastructure development by 2024. India also plans to invest around INR 50 trillion ($777.73 billion) in infrastructure by 2022. This surge in infrastructure investment is set to drive the growth of the OTR tires market.

A significant trend in the OTR tires market is the emergence of new product innovations. Manufacturers are focusing on developing tires that offer enhanced tread wear, increased driver comfort, and improved efficiency. For instance, Goodyear introduced the EV-4M Port Handler in March 2021, emphasizing improved tread wear for increased efficiency. The tire incorporates features such as a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing, providing benefits such as improved treadwear, durability, comfort, stability, and operational efficiency.

A notable trend is the growing popularity of airless tires in the OTR tires market. Airless tires, which do not require air pressure, are recognized for their reliability, safety, and prolonged lifespan compared to traditional tires. OTR Wheel Engineering launched the NDX airless tire and wheel system in 2021, addressing the flat tire issue in vehicles navigating rugged terrain. The technology and premium rubber compounds used in airless tires optimize load distribution, energy absorption, and reduce fuel usage by up to 10%.

In December 2021, Bridgestone strategically acquired Otraco, an Australia-based OTR tire manufacturer, for $52.2 million (AUD 79 million). This acquisition aligns with Bridgestone's vision to become a sustainable solutions company by 2050, reflecting the company's commitment to growth and innovation in the OTR tires market.

Major companies operating in the otr tires market report are The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd., Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co., Ltd., Apollo Tyres Ltd., Sumitomo Rubber Industries, Ltd., Balkrishna Industries Limited, Aeolus Tyre Co., Ltd., Toyo Tires, Sailun Group, JK Tyre & Industries Ltd., MRF, Tianjin International United Tire & Rubber Co Ltd., Prometeon Tyre Group S.R. L, Metro Exporters Private Limited, CEAT Ltd., GS Tyres GRI, COTON company, Barum (company), Pirelli Tyre Russia Limited Liability Company, Cooper Tire & Rubber Company, Titan, McKees Rocks Forgings Inc., Arbco Industries, LLC, Associated Fastening Product Inc., Kal tire, Camso, AirBoss of America, Waterville TG, Uniroyal, Polycorp, Nexen Tire, Trelleborg, Fate Tire, Rodaco, Rct Tyre, Gomeria GMC, Al Rashed Tires, BLATCO Company, Alliance Tyres, Rallyance Ltd

Asia-Pacific was the largest region in the OTR tires market in 2023. 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, Africa.

The countries covered in the otr tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

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 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.

OTR Tires Global Market Report 2024 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.

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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.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Radial Tires; Bias Tires; Solid Tires
• 2) By Process: Pre-Cure; Mold Cure
• 3) By Vehicle Type: Loaders; Dumpers; Graders; Cranes; Tractors; Forklifts; Other Vehicle Types
• 4) By Sales Channel: Original Equipment Manufacturer; Aftermarket
• 5) By Rim Size: Up to 30 Inches; 30-50 Inches; Above 50 Inches
• 6) By End-User: Mining; Construction And Industrial Equipment; Agriculture; Other End-Users
• Sub segments: Up to 30 Inches; 30-50 Inches; Above 50 Inches; Up to 30 Inches; 30-50 Inches; Above 50 Inches; Up to 30 Inches; 30-50 Inches; Above 50 Inches
• Companies Mentioned: The Goodyear Tire & Rubber Company; The Yokohama Rubber Co Ltd; Michelin; Continental AG; Bridgestone Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.