#OTR Tires Market Trends

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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 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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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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The Latin America Off-the-Road (OTR) Tire Market is projected to grow at a CAGR of around 2.02% during 2021-26.

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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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Tire Vulcanizer Market Trends Analysis, Size, Share, Growth, Trends and Forecast 2022-2028

The research reports provide deep insights into the global market revenue, market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Tire Vulcanizer  market during the forecast period, i.e., 2022–2030. The report, most importantly, identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application type, technology type, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors, including but not limited to supply chain management, distribution Trade, channels, supply and demand, and production capability differ across countries.

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Tire Vulcanizer  Market Company Profiles Analysis:

Mitsubishi

Doublestar Group

Herbert

Continental FMF

Guilin Rubber Machinery

Greatoo Inc.

Hua'ao Tyre Equipment Technology

Fujian Sino-Rubber Machinery

Guangzhou SCUT Bestry Technology

Yiyang Rubber & Plastics

McNeil & NRM

Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Tire Vulcanizer  Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2030, factoring the impact of Covid -19 Situation.

Market Segmentation:

Tire Vulcanizer Market Size, Share & Trends Analysis Report By Type (Mechanical Vulcanizer and Hydraulic Vulcanizer) and End User (Car Tire, OTR Tire and Others) Global Industry Insights, Trends, and Forecast, 2021-2028.

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Regional Framework

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Tire Vulcanizer  Market based on various segments. It also provides market size and forecast estimates from the year 2022 to 2028 with respect to five major regions. The Tire Vulcanizer  Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

Promising Regions & Countries Mentioned in The Tire Vulcanizer  Market Report:

North America

Europe

Asia-Pacific

Latin America

The Middle East & Africa

Major Features of Tire Vulcanizer  Market Report:

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Tire Vulcanizer  market.

Highlights key business priorities in order to assist companies to realign their business strategies.

The key findings and recommendations highlight crucial progressive industry trends in the global Tire Vulcanizer  market, thereby allowing players across the value chain to develop effective long-term strategies.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

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**Tire Mold Market Price Report Forecast 2022-2028**

The global Tire Mold market size is estimated to be worth US$ 1601.49 million in 2021 and is forecast to a readjusted size of US$ 1682.68 million by 2028 with a CAGR of 1.23% during the forecast period 2022-2028.

The tire mold is a key part of the automotive industry. Tire molds are used to create tires for cars, trucks, and other vehicles. The molds are made from metal or plastic, and they come in a variety of sizes and shapes.

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Tire molds are created through a process called injection molding. In this process, molten plastic or rubber is injected into a mold. The material is then allowed to cool and harden, creating the desired shape.

Segment Analysis:

The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

By Company

The global major manufacturers of Tire Mold include Himile, Dynamic Design, Greatoo, Tianyang, Wantong, Hankook Precision Works, Anhui Wide Way Mould, King Machine, and A-Z, etc. In terms of revenue, the global three largest players hold a 37.76% market share of Tire Mold in 2021.

Himile

Dynamic Design

Greatoo

Tianyang

Wantong

Hankook Precision Works

Anhui Wide Way Mould

King Machine

A-Z

HERBERT

SeYoung TMS

HongChang

Shinko Mold Industrial

Segment by Type

Segmented Molds accounting for 84% of the Tire Mold global market in 2021, is projected to value US$ 1,433.14 million by 2028, growing at a revised CAGR of 1.44% from 2022 to 2028.While PCR segment is altered to an 1.76% CAGR throughout this forecast period.

Segmented Molds

Two-Piece Molds

Segment by Application

PCR

TBR

OTR

Others

Production by Region

North America Tire Mold market size was US$ 149.23 million in 2021, while Europe was US$ 321.73 million. The proportion of the North America was 9.32% in 2021, while Europe's percentage was 20.09%, and it is predicted that Europe market share will reach 19.30% in 2028, trailing a CAGR of 2.25% through the analysis period. As for the Asia, the notable markets are China, Japan and South Korea, CAGR is 1.76%, -0.44% and -0.02% respectively for the next 6-year period.

North America

Europe

China

Japan

South Korea

Consumption by Region

North America

United States

Canada

Asia-Pacific

China

Japan

South Korea

Southeast Asia

India

Australia

Europe

Germany

France

U.K.

Italy

Russia

Rest of Europe

South America

Mexico

Brazil

Rest of South America

Drivers and Restrains:

The tire mold market is driven by the need for faster and more efficient production of tires. With the increasing demand for cars and other vehicles, there is a need for manufacturers to produce tires at a faster pace. Tire molds help to speed up the production process by allowing tires to be made quickly and efficiently.

Another driver of the tire mold market is the increasing demand for customization. Customers are now wanting tires that are specifically designed for their needs. This has led to an increase in the number of manufacturers offering custom-made tire molds.

One of the main restraints on the tire mold market is the high cost of these molds. Tire molds can be very expensive, which makes them out of reach for many small and medium-sized manufacturers.

Another restraint on the market is the time it takes to produce a tire mold. These molds can take weeks or even months to produce, which can delay production schedules.

The research report has incorporated the analysis of different factors that augment the market's growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.

A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert's opinions have been taken to understand the market better.

Key Indicators Analyzed:

Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2016-2028 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Global and Regional Market Analysis: The report includes Global & Regional market status and outlook 2016-2028. Further the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by types and applications.

Market Trends: Market key trends which include Increased Competition and Continuous Innovations.

Opportunities and Drivers: Identifying the Growing Demands and New Technology

Porters Five Force Analysis: The report provides with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.

Reasons to Purchase this Report:

Estimates 2022-2028 2021-2025 Alkaline Chemical Cleaning Report on, Status and Forecast, by Players, Types and Applications market development trends with the recent trends and SWOT analysis

Market dynamics scenario, along with growth opportunities of the market in the years to come

Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects

Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.

Market value (USD Million) and volume (Units Million) data for each segment and sub-segment

Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years

Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

1-year analyst support, along with the data support in excel format.

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