Off-the-Road (OTR) Tire Market

Off-the-Road (OTR) Tire Market

Growth Factors of Off-the-Road (OTR) Tire Market

The Off-the-Road (OTR) Tire market size was valued at USD 16.85 billion in 2023, and the market is now projected to grow from USD 17.48 billion in 2024 to USD 25.23 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period of 2024-2032.

The end-user business lines as such agriculture, mining and ports experienced a lot many disruptions in the emergence of COVID-19 phenomenon. The measures to curb the spreading of widespread such as lockdown, limitations to travel and disruptions in supply chain influenced the operations of this business lines and thus this suppressed the demand for the market of off-the-road (OTR) tires which are utilized in heavy gear, loaders, trucks and other apparatus.

One of the continuous key patterns within the worldwide Off-the-Road (OTR) tire market growth is the rising center on supportability inside the industry. Tire producers are contributing in investigate and advancement to create ecologically inviting tire details and generation forms. Green tire innovation centers on lessening the natural affect of tire fabricating, counting minimizing carbon outflows, optimizing vitality effectiveness, and moderating normal assets.

The mining division could be a major driver of the OTR tire market. Mining operations utilize enormous pull trucks, loaders, excavators, and other overwhelming gear that work in rough territories and beneath challenging conditions. These tires are planned to handle the requesting situations of mines, counting rough surfaces, extraordinary temperatures, and overwhelming loads. The demand for asset endures and minerals and the extenders which are all inclusive leads to the developed off-the-road tire requirement for mining.

Comprehensive Analysis Of Off-the-Road (OTR) Tire Market

Market of off-the-road tires are categorized into spiral, predisposition, and strong, on the basis of type. Fetched effectiveness coupled with great working capabilities will impact the fast development of predisposition tires in future. On the base of industry sorting, market is portioned into development, farming, mining, mechanical, and harbour. The agribusiness section is anticipated to rule out the market developement amid the estimate period. Based on vehicle sort, the advertise is partitioned into earthmovers, loaders and dozers, tractors, forklifts, and others. The record of the most elevated CAGR amid the estimate period is calculated as the loaders and dozers. On the estimate basis of tire, market for off-the-road tire is further bifurcated into underneath 31 inches, 31 – 40 inches, 41 – 45 inches, and over 45 inches. Market of off-the-road tires is categorized into elastic compound, fortifying materials, and others on the basis of material. Based on tire weight, the advertise is categorized into up to 2000 lbs, 2001 to 4000 lbs, and over 4000 lbs. The up to 2000 lbs portion overwhelmed the advertise with the biggest share in 2023 and is anticipated to record the speediest growth over the estimate period. The strengthening fabric portion will record the most noteworthy CAGR amid the estimate period.

Asia Pacific is anticipated to hold a major Off-the-road (OTR) Tire market share and enroll the quickest CAGR with valuation of USD of 10.16 billion amid the figure period. The development industry in Asia Pacific is booming, backed by government ventures in private, commercial, and mechanical development ventures. OTR tires are fundamentally to development hardware, such as excavators, bulldozers, graders, and loaders, driving the demand within the territorial showcase. The region is domestic to copious mineral assets, driving to critical mining and quarrying exercises.

The worldwide market is exceedingly isolated and competitive. In terms of promote share, a few major players are ruling the market by promoting innovative bundling courses of action. These major players inside the promote are continuously centering on extending their client base over the districts and upgrading their existing things. Major players within the Guizhou Tire Co. Ltd. (China), Linglong Tire (China), Pirelli (Italy), Double Coin Holdings (China), Zhongce Rubber Group Co. Ltd. (China), Continental AG (Germany), Sumitomo Rubber Industries Ltd. (Japan), Apollo Tyres Ltd. (India), KRM Tyres (Kohinoor Rubber Industries) (India), Asian Tyre Factory Ltd (India), Deestone Co. Ltd. (Thailand), Siam Rubber Ltd. (Thailand) and Yokohama Tire (Japan).

Within the month of Feburary 2024, the company MAXAM Tire, a worldwide pioneer in specialty tire fabricating, progressed farmers' and growers' efficiency by presenting the VF sizes to the AGILXTRA I-3 execute item arrangement. MAXAM's AGILXTRA VF innovation arrangements advertised the capability to carry heavier loads at high speeds whereas guaranteeing expanded tire traction and minimized soil compaction.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.7% from 2024-2032

Unit Value (USD Billion) and Volume (Thousand Units)

Segmentation By Tire Type

- Radial

- Bias

- Solid

By Industry

- Construction

- Agriculture

- Mining

- Industrial

- Port

By Sales Channel

- OEM

- Aftermarket

By Vehicle Type

- Earthmovers

- Loaders & Dozers

- Tractors

- Forklift

- Others

By Tire Size

- Below 31 inches

- 31 – 40 inches

- 41 – 45 inches

- Above 45 inches

By Material

- Rubber Compound

- Reinforcing Material

- Others

By Tire Weight

- Upto 2000 lbs

- 2001 to 4000 lbs

- Above 4000 lbs

By Geography

- North America (By Tire Type, Industry, Sales Channel, Vehicle Type, Tire Size, Material and Tire Weight)

• U.S. (By Industry and Vehicle Type)
• Canada (By Industry and Vehicle Type)
• Mexico (By Industry and Vehicle Type)

- Europe (By Tire Type, Industry, Sales Channel, Vehicle Type, Tire Size, Material and Tire Weight)

• U.K. (By Industry and Vehicle Type)
• Germany (By Industry and Vehicle Type)
• France (By Industry and Vehicle Type)
• Rest of Europe (By Industry and Vehicle Type)

- Asia Pacific (By Tire Type, Industry, Sales Channel, Vehicle Type, Tire Size, Material and Tire Weight)

• China (By Industry and Vehicle Type)
• Japan (By Industry and Vehicle Type)
• India (By Industry and Vehicle Type)
• Rest of Asia Pacific (By Industry and Vehicle Type)

- Rest of the World (By Tire Type, Industry, Sales Channel, Vehicle Type, Tire Size, Material and Tire Weight)


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