Surge in Demand from Mining & Construction Sector to Aid Market Growth
Within the OTR tire market, innovations and research & development activities play an essential role. Companies in the current market landscape are increasingly focusing on the production of new OTR tires by deploying new manufacturing techniques, adapting evolving vehicle designs, and fulfilling the requirements of their customers. In addition, amidst the swelling environmental concerns, players involved in the OTR tire market are expected to develop sustainable tread compounds and new polymers using sustainable materials. OTR tire manufacturers are expected to expand their product offerings by launching new OTR tires with high load capacity and improved tread design.
Several OTR tire manufacturers are also expected to concentrate their resources toward addressing several challenges, out of which optimizing the design of the tire to improve its load capacity and durability will remain critical. Players in the OTR tire market are deploying advanced engineering solutions to improve the overall structure and features of tires. Tire pressure management systems, automated equipment, and monitoring tools are increasingly being installed in OTR tires particularly in the mining sector. While the adoption of OTR tires will remain the highest across the agriculture sector, the demand from other sectors, including mining, construction, and industrial is expected to grow at a steady pace during the forecast period. At the back of these factors, the global OTR tire market is expected to reach ~US$ 26 Bn by the end of 2027 and witness steady growth during the forecast period.
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Focus on Data Management and Tire Monitoring Gains Momentum
The OTR tire market landscape continues to evolve at a rapid pace. Apart from introducing new tire sizes and models, market participants are likely to introduce application-specific and customized OTR tires. Manufacturers in the OTR tire market are aligning their product development activities by taking into account several factors, including type of loads, terrain, required temperature, and operating conditions. Over the past 10 to 15 years, OTR tires are increasingly being used in construction and mining sectors. Within the mining space, there is a significant demand for robust equipment and tires that can withstand hostile and harsh conditions. The soaring demand for OTR tires from the construction & mining sector is expected to boost the prospects of the OTR tires market in the near future.
Moreover, over the past few years, monitoring systems linked with OTR tires are being deployed to measure a broad range of parameters such as lateral/vertical/longitudinal forces, cycle times, average speed, percent grade, and other information that can be used to optimize road construction and resolve tire operation issues, including heat buildup, belt-edge separations, and irregular wear. Companies are expected to continue investing resources in R&D of advanced tools. For instance, tire pressure measurement systems (TPMS) are being installed in OTR tires to enhance data management and tire monitoring. Participants in the current market for OTR tires are also expected to develop OTR tires using environment-friendly materials instead of conventional oil-based synthetics and natural rubber.
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Companies Likely to Launch New Tires for Different Applications
Participants in the current OTR tire market are expected to formulate growth strategies that are a blend of both expansion of the product portfolio and integration of new technologies. As applications of OTR tires continue to expand across different industries, OTR tire manufacturers are likely to launch new products that are ideal for these applications. In addition, manufacturers are also launching new OTR tires in different sizes that will improve road handling, maximize fuel savings, and offer added operational comfort. For instance, in May 2019, Michelin launched a new tractor tire that is specifically developed for heavy road applications. Companies are likely to continue rolling out new OTR tires that are durable and have applicability in the harshest of working environments. For instance, in October 2019, Maxam Tire North America Inc. announced the launch of three OTR tires for open pit mining applications.
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