The global OTR tires market size was US$ 8.74 billion in 2021. The global OTR tires market size is forecast to reach US$ 13.79 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2022 to 2030.
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OTR tires are off-road tires designed to provide better grip on unpaved surfaces, including loose dirt, mud, sand, or gravel. Both on- and off-road vehicles can use these tires since they are typically radial with thick, deep treads. Heavy-duty equipment and vehicles use OTR tires that provide safety, quality, and performance in harsh conditions. A number of industrial equipment uses OTR tires, including aircraft tow vehicles, articulated dump trucks, container handlers, reach stackers, gantry cranes, graders, loaders, mobile cranes, pavers, rigid haul trucks, rubber tire dozers, rubber tire gantries, scrapers, special purpose vehicles, straddle carriers, among others.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing Market Growth
The housing industry development in developing countries has contributed to the increase in construction and material handling equipment demand, which is forecast to contribute to significant growth in the market for off-the-road (OTR) tires.
A major driver of the market’s growth is the rise in the use of off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors, and special-purpose vehicles.
Factors such as an increase in off-highway vehicle sales and an increase in farm mechanization contribute to the growth of the global off-the-road tire market.
Intense weather conditions and inexpensive tires from unorganized markets may slow down the global market growth.
The introduction of environmentally-friendly off-road tires is forecast to provide lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 outbreak has severely affected the global OTR industry and supply chain. Construction and mining equipment sales declined in the first quarter of 2020. The construction industry showed minimal year-over-year growth, whereas mining equipment sales grew very little. However, the spread of COVID-19 disrupted the supply chain, which led to trade disruptions between countries. Thus, these factors have negatively impacted global market growth.
Regional Insights
North America held the largest market share in 2022 for OTR tires. North America’s infrastructure is growing rapidly, leading to the adoption of heavy vehicles fitted with OTR tires for the best performance. Additionally, significant competitors are contributing to the market’s expansion in the U.S.
The Asia Pacific is forecast to grow at a rapid pace in the market during the forecast period. Infrastructural projects are likely to grow as they are essential to improving connectivity and stimulating long-term growth. A population boom and migration to large cities have increased the need for residential buildings in recent years. China and India, rapidly developing economies, play a key role in driving the mining market in this region. The mining industry in India and China has grown rapidly in recent years.
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Leading Competitors
The leading prominent companies profiled in the global OTR tires market are:
Bridgestone Corporation
CEAT Limited
Continental AG
Double Coin Tire Group Limited
Goodyear Tires
Hankook Tire
Michelin, MRF
Nokian Tyres plc
Pirelli & C. S.p.A.
Sumitomo Corporation
Techking Tires Limited
Titan International, Incorporated
Trelleborg AB
Yokohama
Other Prominent Players
Scope of the Report
The global OTR tires market segmentation focuses on Equipment, Application, Construction, Process, and Region.
Segmentation based on Equipment
Articulated Dump Trucks
Asphalt Finishers
Backhoe Loaders
Crawler Dozer
Crawler Excavators
Crawler Loaders
Motor Graders
Rigid Dump Trucks
RTLT-Telescopic
Skid-Steer Loaders
Wheeled Excavators
Agriculture Tractors
Others
Segmentation based on Application
Agriculture
Construction
Material handling
Mining
Others
Segmentation based on Construction
Solid
Radial
Belted Bias Tire
Bias Tire
Non-Pneumatic Tire
Segmentation based on Process
Pre-Cure
Mold Cure
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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