Off-The Road (OTR) Tire Market: Introduction
According to the report, the global off-the-road (OTR) tire market is projected to surpass US$ 10.6 Bn by 2030, expanding at a CAGR of ~3% during the forecast period. Advancements in technology, including two tire technology, smart tires, TreadStat, and rim management system, help to track the performance of tires, which help to avoid breakdown of vehicles. The rate of adoption of agriculture tractors and equipment has increased globally. Rise in affordability of tractors and income of farmers are driving the demand for OTR tires for agriculture tractors, which is anticipated to boost the off-the-road (OTR) tire market across the globe.
Expansion of Off-The Road (OTR) Tire Market
Growing acquisitions and agreements between leading tire manufacturers across the globe are factors boosting the off-the-road (OTR) tire market across the globe. In 2019, Apollo Tyres launched a new bias tire series called nGR. These new tires are fuel-efficient and can lower fuel consumption by 5% to 10% and offer 25% lower rolling resistance as compared to that offered by its standard product. The recent launch of the new fuel-efficient tires is in light of the new BS-VI norm adopted in India, wherein the company is updating not just its bias tires but also the PCR tires. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
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Based on industry type, the global off-the-road (OTR) tire market has been classified into construction & mining, agriculture, and industrial. Agriculture is likely to be a highly lucrative segment during the forecast period. The rise in demand for agriculture tractors is estimated to drive the demand for OTR tires across the globe. Based on tire type, the bias tire segment accounted for a significant share of the global off-the-road (OTR) tire market. Rise in construction activities across the globe is likely to fuel the demand for heavy vehicles, which in turn is anticipated to boost the off-the-road (OTR) tire market across the globe.
Regional Analysis of Off-The Road (OTR) Tire Market
In terms of region, the global off-the-road (OTR) tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global off-the-road (OTR) tire market in 2019. It is anticipated to hold a leading market share during the forecast period, as major countries across the Asia Pacific are dependent on farming, which is likely to increase the demand for farm equipment and agriculture vehicles across the region. This is likely to boost the off-the-road (OTR) tire market across the region.
Off-The Road (OTR) Tire Market Players
Prominent players operating in the global off-the-road (OTR) tire market include Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Continental AG, YOKOHAMA Rubber CO. Ltd., Sumitomo Tires, Apollo Tyres Ltd., Nokian Tyres, China Rubber Tire & Rubber Co. Ltd, Prometeon Tyre Group S.R.L., BKT Tire, Qingdao Rhino Tyre Co., Ltd., Titan, International, Inc., Trelleborg AB, and Triangle Group Co. Ltd.
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