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.
Major Key Players of the Off-The Road (OTR) Tire Market are:
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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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.
Global Off-The-Road (OTR) Tire Market: Segmentation
- Off-The-Road (OTR) Tire Market, by Tire Type
- Radial
- Bias
- Solid
- Off-The-Road (OTR) Tire Market, by Industry Type
- Construction & Mining
- Excavator
- Loader
- Dozer
- Articulated Dump Truck
- Rigid Dump Truck
- Motor Scrapper
- Motor Grader
- Agriculture
- Tractors
- Agriculture Equipment
- Industrial
- Electric Rider Trucks
- Electric Warehouse Trucks
- IC Trucks
- Off-The-Road (OTR) Tire Market, by Rim Size
- <25”
- 29-41”
- 51-63”
- Off-The-Road (OTR) Tire Market, by Sales Channel
- OEM
- Aftermarket
- Construction & Mining
- Agriculture
- Industrial
- Off-The-Road (OTR) Tire Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Research objectives:-
– To study and analyze the global Off-The Road (OTR) Tire consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Off-The Road (OTR) Tire market by identifying its various sub-segments.
– Focuses on the key global Off-The Road (OTR) Tire manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Off-The Road (OTR) Tire with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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