#OTR Tires Market Size

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OTR Tire Market Size, Share, Trends and Analysis by 2030

The global OTR Tire market is projected to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030 at a CAGR of 6.5%. The growing demand for heavy machinery in construction, mining, and agriculture, coupled with increasing infrastructure projects worldwide, is driving the expansion of the OTR tire market. Additionally, advancements in tire technology, such as enhanced durability and tread…

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OTR Tires Market - Forecast(2022 - 2027)

OTR Tires Market Overview

OTR Tires Market size was valued $7.5 billion in 2020 and is estimated to grow at a CAGR of 3.5% during 2021-2026. The growing demand for mining, agriculture and construction are fueling the OTR Tire market. Additionally, the rising demand for commercial vehicles and the need for off-the-road tires for optimal performance including glass transition temperature are driving the growth of the market. Off the road tires are designed in such a way that it provides traction on different roads such as mud, sand and others with the pneumatic trail of styrene butadiene copolymer. The OTR tires are generally used in the vehicles which work on construction sites, mud mining and other mining fields, agricultural field and others. North America is considered as fastest growing region around the world as North America holds high infrastructure development which is expected to boost the OTR Tire market in the forecasted period.

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Report Coverage

The report: “OTR Tires Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the OTR Tires Market. By Type : Rubber Tracks, Wheeled, Green. By Process : Pre-Cure and Mold Cure. By Construction type : Solid, Radial, Belted Bias Tire, Bias Tire, Non-Pneumatic Tires. By Application : Agriculture, Construction, Material handling, Mining. By Sales Channel : OEM, Aftermarket. By Rim Size : Upto 20 inch, 20-25 inch, 25-40 inch, 40-50 inch, 50-60 inch and Above 60 Inch. By Geography : North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America (Brazil, Argentina and others) and RoW (Middle east and Africa).

Key Takeaways

The OTR Tires Market is dominated by North America owing to increase in infrastructure development and advanced technologies which are enhancing the growth of this market in North America. Agriculture sector being the most important factor for countries like India, China and other are driving the market, the requirement for agricultural vehicle like tractors are rapidly increasing which in turns boost up the OTR Tires market. The significant rise in the mining sector and deployment of the heavy machinery is expected to boost the market growth of OTR Tires.

OTR Tire Market Segment Analysis – By Application

Agriculture segment held the largest market share in the OTR Tires Market at 30.5% in 2020. The rise in agricultural activities and increase in revenue of farmers has led to increase in use of tractors and other agriculture machinery which is driving the OTR Tire market. The factors such as infrastructure development in developing countries are expected to have significant growth in forecasted period. Hence the use of construction and mining vehicles in developing countries are rapidly increasing which increase the demand for OTR Tires.

OTR Tire Market Segment Analysis – By Type

Green tire is made from recycled materials like nylon rubber through a process that does not require an excessive amount of energy. Conventional tires are made of rubber, but tires are now often manufactured from sustainable raw materials such as plasticizers and resins, with growing energy concerns. Such environmentally friendly raw materials are increasingly chosen over traditional products due to advantages such as being lighter than traditional products, which results in a reduction of the vehicle's total weight. This also needs less fuel and helps lower the resistance to rolling. During the forecast period, the green tires are expected to witness a lucrative growth rate mainly due to advantages such as long-life and retractable tires. Also, the increase in energy costs, strict government regulations, and increased environmental awareness regarding fuel consumption among consumers will lead towards the increase in the use of green tires in vehicles during the forecast period at 7.5% CAGR.

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OTR Tire Market Segment Analysis – By Geography

North America dominates the OTR Tires Market with a highest share at 36.5% followed by Europe and APAC in 2020. In North America, infrastructure development is increasing at a wide scale which is leading to adoption of heavy vehicles which are equipped with OTR Tires for having optimal performance. Moreover, the presence of key players such as Goodyear tires and others in U.S are effectively leading to enhance the growth of the market. Additionally, the global OTR Tires market growth is led by APAC due to high usage of heavy vehicle in agricultural sector and construction sites. These significant factors are expected to increase the requirement of such vehicles equipped with OTR Tires in this region, thus propelling the growth of the OTR Tires market.

OTR Tire Market Drivers Increase in commercial vehicles

The use of commercial vehicles such as mining trucks, Earth movers, tractors and other agricultural machinery are expected to have significant rise in the growth of OTR Tires market. The rising population in countries like India, china and other are deploying the agricultural machinery having OTR tires for their agricultural field which is expected to drive OTR tires market in the forecasted period.

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Increasing the production of automotive

The rise in the middle-class population and income has led to the growing demand for automotive in recent years. In addition, the company's growing interest in exploring the rural markets further aided the sector's growth. According to India Brand Equity Foundation, India is also a popular car exporter with high hopes for export development in the near future. During FY19, automotive exports grew 14.5% despite declining sales in India and China. It is projected to rise during 2016-2026 at a CAGR of 3.05% despite Covid-19 impact. However, multiple initiatives by the Government of India and the major car players on the Indian market are expected to make India a pioneer in the two and four wheels. By enabling consumers to travel long distances for work, shopping, and entertainment, the automotive industry has encouraged the development of a comprehensive road system, enabled the growth of suburbs and shopping centers around major cities, and played a key role in the growth of ancillary industries such as oil and travel.

OTR Tire Market Challenges

High Investment and Availability of Affordable OTR Tires from unorganized market

As the rising price of natural rubber is rapidly increasing the price factor become a challenge in OTR Tire market. The manufacturing of OTR Tires requires large quantity of rubbers which is used to manufacture tires which require heavy capital investment. R&D activity is also one of the factors which required significant capital investment. The OTR Tire market is also covered by local unorganized players which offer the OTR Tires in low prices than the organized player into the market. Thus, the activity performed by local players is certainly hindering the market growth rate.

OTR Tire Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the OTR Tires Market. The market of OTR Tires has been consolidated by the major players – Michelin, Bridgestone Corporation, Goodyear Tire & Rubber Company, Pirelli, Goodyear Tire, Alliance Tire Group, Toyo Tire & Rubber Company, Double Coin Holdings, Yokohama, GRI Tyres, Apollo Tyres Ltd,

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Acquisitions/Technology Launches

In November 2020 Goodyear tires have launched latest RH-4A+ tire for haulage which are optimized for footprint pressure to help provide long hours to removal. In August 2020 GRI have launched new OTR Tires called Grip Ex Snow tire which have strong grip and high traction in deep snow, this tire guarantees optimal performance in low temperatures and preserves longer tire life.

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The Middle East Off-the-Road (OTR) Tire Market is projected to grow at a CAGR of more than 9% during the forecast period, i.e., 2022-27. The major market expansion attributes to the growing focus of governments of different countries across the region on infrastructural developments for economic diversification away from oil & gas. It, in turn, is leading to numerous ongoing construction activities and mounting demand for vehicles like trucks, excavators, bulldozers, etc., thereby boosting the demand for OTR tires. 

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Tire Market Report 2024: Industry Size, Share and Forecast till 2032

IMARC Group has recently released a new research study titled “Tire Market Report by Design (Radial Market, Bias Market), End-Use (OEM Market, Replacement Market), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, Off-The-Road (OTR)), Distribution Channel (Offline, Online), Season (All Season Tires, Winter Tires, Summer…

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The off the road (OTR) tires market size is valued at USD 9.06 billion by 2028 and is expected to grow at a compound annual growth rate of 5.50% over the forecast period of 2021 to 2028. Data Bridge Market Research report on off the road (OTR) tires market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.

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OTR Tires Market Size, Share, Trends & Forecast by 2027

According to a research report “OTR Tires Market by Application & Equipment (Construction & Mining, Tractors, Industrial Vehicle, ATV), Tractor Tracks by Power Output, Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket, Region – Global Forecast to 2027″ published by MarketsandMarkets, the OTR Tires market is projected to grow from USD 8.7 billion in 2022 to USD…

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The Global Off-the-Road (OTR) Tire Market is projected to grow at a CAGR of around 4.8% during the forecast period, i.e., 2022-27. Most of the market expansion is driven by the expanding fleet size of heavy-duty vehicles, especially construction & material handling equipment, across the agriculture, building & construction, and mining industries.

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Europe Off-the-Road Tire Market Trends, Analysis, Report 2022-2029

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Europe Off-the-Road Tire Market  size to grow at a steady CAGR of 5.22% during the forecast period between 2023 and 2029. Major growth drivers for the Europe off-the-road tire market include an increasing construction activity, rising agricultural mechanization, and the growing mining industry. The continuous upgrading of commercial structures like bridges, dams, highways, and power supply grids across various geographical locations is also contributing to the market's growth. The expanding mining sector is another significant factor, leading to a rising demand for large haul trucks in mining and quarrying applications. The European market is witnessing a surge in the adoption of radial OTR tires, which offer numerous advantages such as improved mileage, reduced fuel consumption, and enhanced road grip. The growth of the agriculture sector and the increasing adoption of farm mechanization trends are further fueling the market's expansion. Also, the adoption of government regulations aimed at ensuring the safety of workers in industries involving heavy-duty operations is stimulating the need for machinery like forklifts, cranes, backhoes, and bulldozers. Hence, such aspects are expected to contribute to the expansion of the market in Europe. However, fluctuating raw material prices and shift of energy sectors towards renewable energy are anticipated to hinder the overall market growth during the period in analysis.

Europe Off-the-Road Tire Market– Overview

The Europe Off-the-Road (OTR) tire market refers to the segment of the tire industry that focuses on the manufacturing, distribution, and sale of tires specifically designed for vehicles operating in off-road conditions. These conditions typically include rugged terrains, uneven surfaces, and challenging environments where standard passenger car tires would not be suitable. OTR tires are designed to provide enhanced traction, durability, and stability for various off-road applications such as construction and mining equipment, agricultural machinery, industrial handling equipment, and specialized vehicles used in sectors like forestry and ports. The Europe OTR tire market encompasses the demand, supply, and trade of these specialized tires within the European region.

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Impact of COVID-19 on Europe Off-the-Road Tire Market

COVID-19 pandemic adversely impacted Europe Off-the-Road (OTR) tire market. The market experienced disruptions in the supply chain as global restrictions on transportation and factory closures caused delays in the production and distribution of OTR tires. Reduced economic activity and uncertainty resulted in decreased demand from industries heavily reliant on off-road vehicles, such as construction, mining, and agriculture. However, there were shifts in usage patterns, with increased demand in the agricultural sector due to its essential nature. As the situation improved and restrictions were lifted, the market began to recover, aided by government stimulus measures and infrastructure projects. The pandemic also emphasized the importance of safety and efficiency, leading to a greater focus on technological advancements in OTR tires.

Europe Off-the-Road Tire Market – By Application

Based on application, the Europe off-the-road tire market is divided into Construction and Mining, Agriculture, and Industrial segments. The construction and mining segment holds the highest share in the Europe Off-the-Road (OTR) tire market. The construction and mining industries require heavy-duty and durable tires that can withstand challenging terrains and heavy loads. OTR tires specifically designed for construction and mining applications offer features such as enhanced traction, cut and chip resistance, and increased load-carrying capacity, making them suitable for these demanding environments. Also, the construction and mining sectors are significant contributors to the European economy, driving infrastructure development and resource extraction. These industries rely heavily on off-road vehicles and equipment, such as loaders, dump trucks, excavators, and bulldozers, which in turn require OTR tires. The ongoing construction projects, mining operations, and infrastructure developments in Europe contribute to the consistent demand for OTR tires in the construction and mining segment.

Competitive Landscape

Major players operating in the Europe Off-the-Road Tire Market include Michelin, Continental, Pirelli, Nokian Tyres, Trelleborg, Vredestein, Yokohama, Magna Tyres Group, Petlas Tire Corporation, and Alliance Tire Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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