Global OTR Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global OTR Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Off-The-Road Tire (Off-the-road tires) are utilized for large-scale machinery at construction and mining and other sites with no roads. These tires mainly made with premium casings and durable compounds. Off-the-road tires offer substantial support for machinery used at various civil engineering sites, including ultra-large dump trucks, earth and gravel at mining and dam construction sites, bulldozers for earth removal and graders for road construction and snow removal.

Market Overview:

The latest research study on the global OTR Tires market finds that the global OTR Tires market reached a value of USD 22995.1 million in 2022. It’s expected that the market will achieve USD 30093.4 million by 2028, exhibiting a CAGR of 4.59% during the forecast period.

OTR Tires Market Drivers

The expanding construction industry coupled with rising infrastructural development across diverse geographic locations is augmenting the demand for OTR vehicles. Rising construction activities such as bridges, highways, dams, power supply grids, etc., are further bolstering the OTR tire market. Moreover, the market is also driven by the increasing adoption of automated machinery for several industrial processes. The prevalent trend of farm mechanization along with the rising demand for off-the-road tractors in the agriculture sector is also driving the market. The increasing adoption of OTR tires in dirt bikes and quads for several recreational purposes is also driving the market.
The expansion of the automotive industry and growing demand for off-the-road and difficult terrain vehicles further drive the growth of the global OTR tire market in the upcoming five years. Growing agriculture industries, and growing demands for the vehicles like tractors, harvesters, etc., also facilitate the growth of the global OTR tire market in the next five years. Increasing sales of these vehicles also regulate the increasing production of the vehicles and their components. Demand for OTR tires also increases from their applications in earthmoving, agriculture, surface & underground mining, port material handling, telehandler, and heavy construction, which further substantiates the growth of the global OTR tire market in the forecast period through 2027. Growing investments in the end-use industries expedite their expansion and indirectly affect the growth of the market. The governments, along with the global players that are leading the market, also invest actively in the automotive industry, thereby substantiating the growth of the global OTR tire market in the consecutive five years.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

The top three companies are Michelin, Bridgestone, Goodyear with the revenue market share of 8.51%, 6.81% and 6.33% in 2022.

Michelin is a French multinational tyre manufacturing company based in Clermont-Ferrand in the Auvergne-Rhône-Alpes région of France. Michelin manufactures tyres for space shuttles, aircraft, automobiles, heavy equipment, motorcycles, and bicycles.

Bridgestone Corporation is a Japanese multinational auto and truck parts manufacturer founded in 1931. The Bridgestone Group delivers a wide range of tires to customers around the world, such as tires for passen­ger cars, trucks and buses, aircraft, const­ruction and mining vehicles, motorcycles, etc. The Bridgestone Group makes and sells a range of rubber products and other diversified products. Many of these products and technologies are used in a variety of everyday applications.

Segmentation Overview:

Among different product types, 29 inch＜Rim Diameter≤39 inch segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Construction segment occupied the biggest share from 2018 to 2022.

Key Companies in the global OTR Tires market covered in Chapter 3:

Yokohama Rubber Company
China National Chemical Corporation
Double Coin Holdings
Michelin
Trelleborg AB
Bridgestone
Giti Tire
Triangle Tire
Apollo Tyres
Goodyear
Zhongce Rubber
Balkrishna Industries Limited
Titan International, Inc.
Linglong Tire
Continental

In Chapter 4 and Chapter 14.2, on the basis of types, the OTR Tires market from 2018 to 2029 is primarily split into:

Rim Diameter ≤29 inch
29 inch＜Rim Diameter≤39 inch
39 inch＜Rim Diameter≤49 inch
Rim Diameter ＞49 inch

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the OTR Tires market from 2018 to 2029 covers:

Construction
Mining
Port
Agricultural
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)