New York, United States , June 04, 2024 (GLOBE NEWSWIRE) -- The Global OTR Tires Market Size Expected to Grow from USD 4.68 Billion in 2023 to USD 8.71 Billion by 2033, at a CAGR of 6.41% during the forecast period 2023-2033.
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Growing number of Off-road (OTR) tires, often known as earthmover or heavy equipment tyres, are specially developed for vehicles and equipment used in a range of off-road applications. These tyres are designed to resist the hard weather and difficult terrains seen in construction, mining, agriculture, and industrial settings. Increasing need for construction equipment, agricultural tractors, mining equipment, and rapid infrastructure development in established and emerging economies are expected to drive up demand for off-the-road (OTR) tires over the projected period. Furthermore, increased demand for 4WD and AWD vehicles for a wide range of leisure activities is expected to boost market growth in the coming years. These tires provide better traction and rolling friction, which improves both safety and the driving experience. As a result, rising demand for driving safety on uneven roads is likely to boost market growth in the years ahead. However, due to the high cost of OTR tires, businesses can choose to extend the service life of tires, creating possible safety hazards and decreasing operating efficiency. Tires replacement cycles can be delayed or staggered in industries with low funds or experiencing economic volatility, affecting overall demand for new OTR tires.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global OTR Tires Market Size, Share, and COVID-19 Impact Analysis, By Product (Solid, Radial, Bias Tire, Non-Pneumatic Tire), By Process (Pre-Cure, Mold Cure), By Rim Size (25”- 30”, 29"-41", 51"-63"), By End-Use (Agriculture, Construction, Material Handling, Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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The radial segment is expected to hold the largest share of the global OTR tires market during the anticipation timeframe.
Based on the product, the global OTR tires market is categorized into solid, radial, bias tire, and non-pneumatic tire. Among these, the radial segment is expected to hold the largest share of the global OTR tires market during the anticipation timeframe. Radial tyres have better performance and longevity, whereas bias-ply tyres have a lower initial cost, making them more tempting in regions where economic concerns are important in purchase decisions. This tendency is especially noticeable in emerging markets, where infrastructural development drives up demand for heavy machinery while financial constraints limit tyre options.
The pre-cure segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the process, the global OTR tires market is categorized into pre-cure, and mold cure. Among these, the pre-cure segment is expected to grow at the fastest CAGR during the anticipation timeframe. Pre-cure retreading requires high-quality carcasses. Precure retreading entails wrapping a new tread that has already been vulcanised (sulphur and heat treated) with the new tread pattern around the old tyre casing and splicing it using cushion gum. The tyre is subsequently placed in a curing room.
The 25”- 30” segment is expected to hold a significant share of the global OTR tires market during the anticipation timeframe.
Based on the rim size, the global OTR tires market is categorized into 25”- 30”, 29"-41", and 51"-63". Among these, the 25”- 30” segment is expected to hold a significant share of the global OTR tires market during the anticipation timeframe. The 25"-30" rim size also provides excellent grip, durability, and performance in difficult terrains, making it a popular choice among OTR tyre users. Furthermore, these rim-size OTR tyres provide a balance of manoeuvrability and weight. Because construction sites are filled with tight bends and obstacles, larger rim sizes provide increased weight while making equipment cumbersome. The 25"-30" size maintains an optimal stance while giving enough power to handle huge loads and agility to navigate complex places.
The agriculture segment is predicted to dominate the global OTR Tires market during the anticipation timeframe.
Based on the end user, the global OTR tires market is categorized into agriculture, construction, material handling, mining, others. Among these, the agriculture segment is predicted to dominate the global OTR tires market during the anticipation timeframe. The agriculture sector is quickly expanding in the OTR (Off-The-Road) tires market as a result of rising global population and food production requirements, which drive agricultural operations and lead to higher use of heavy machinery such as tractors. As farmers attempt to increase production and efficiency, there is a growing demand for durable tyres that can withstand the rigours of farming operations.
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Asia Pacific is projected to hold the largest share of the global OTR tires market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global OTR tires market over the anticipation timeframe. Emerging economies such as China, India, Japan, and South Korea make significant contributions. With 173 found minerals and 163 proved deposits, China ranks third in terms of OTR tyre demand for construction and mining equipment, after the United States and Russia. As China pursues the Made in China 2025 goal and the economy expands, demand for minerals will increase even more.
Europe is expected to grow at the fastest CAGR growth of the global OTR tires market during the v anticipation timeframe. In response to Europe's rigorous environmental regulations, manufacturers produced ecologically friendly OTR tyres that use less gasoline and produce fewer emissions. The rising emphasis on environmental programmes and tires recycling has led to the development of recycled and renewable materials for tyre production.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global OTR tires market are Techking Tires, JK Tire & Industries Ltd, Linglong Tire, Belshina, MRF Tires, Balkrishna Industries Limited, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Trelleborg Wheels System, Titan International Inc., Nokian Tires plc., Ceat, Magna Tires, The Carlstar Group, LLC., The Firestone Tire & Rubber Company, Continental AG, Bridgestone Corporation, Michelin, Apollo Tires Ltd., Double Coin Tire Group Ltd, Triangle Tire Co., and others.
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Recent Developments
- On February 2023, The Goodyear Tire & Rubber Company has launched the RL-5K off-road (OTR) tyre, which has a three-star load capacity rating for heavy-duty loaders and wheel dozers. This new tyre is intended to improve the load carrying capacity of larger wheel loaders, featuring a deep tread for cut resistance and grip in difficult terrain. The RL-5K is Goodyear's most recent radial OTR tyre in the 45/65R45 size, designed to withstand the required air pressure for a 16% increase in load-carrying capacity over its predecessor.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global OTR tires market based on the below-mentioned segments:
Global OTR Tires Market, By Product
- Solid
- Radial
- Bias Tire
- Non-Pneumatic Tire
Global OTR Tires Market, By Process
- Pre-Cure
- Mold Cure
Global OTR Tires Market, By Riz Size
- 25”–30"
- 29"-41"
- 51"-63"
Global OTR Tires Market, By End User
- Agriculture
- Construction
- Material Handling
- Mining
- Others
Global OTR Tires Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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