OTR Tire Market Size is estimated to grow at a CAGR of during the forecast period

 

Heavy-duty trucks with off-road applications in the mining, agricultural, construction, and logistics sectors frequently employ off-the-road (OTR) tires. Off-road (OTR) tires are designed to enhance handling and traction on a variety of unpaved terrain, including sand, mud, dirt, and other materials. The market for construction and material handling equipment has grown as a result of the housing industry's rise in developing nations, and this is anticipated to greatly accelerate the expansion of the off-road tire market.

Off-road (OTR) tires are frequently utilized in the agriculture industry, on sand and gravel mining sites, on civil engineering sites, and on dam construction sites, among other places. Additionally, the growing use of off-road vehicles such telescopic handlers, cranes, wheel loaders, tractors, and special purpose vehicles is driving the market's rise. Leading businesses use tactics including joint ventures, acquisitions, and new product developments to establish a solid presence in the OTR Tires Market.

 

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GROWTH DRIVERS

The majority of developing nations worldwide have experienced significant increases in infrastructure development as a result of the evident effects of globalization. Infrastructure includes developing manufacturing sectors, building construction, a better supply chain network for improved trade, a growing transportation network, and large investments in roads, bridges, and tunnels for simpler commuting. The need for modern machinery is expected to drive the need for mining and construction equipment due to rising labor costs, the need for enhanced productivity, and the requirement to make the greatest use of resources.

The Global Infrastructure Outlook estimates that, with a total investment demand of USD 3.20 trillion for the year, infrastructure development investments will be valued USD 2.80 trillion in 2021. It is anticipated that both public and private sector infrastructure investment will rise, driving up demand for mining and construction equipment.

The world's production of off-road vehicles is presently experiencing a complete revolution. One of the main factors propelling the off-road vehicle industry's expansion is the growing usage of off-road vehicles in military and recreational missions. Off-road vehicles are used in military operations to move ammunition, fuel, and cargo. These trucks are also utilized for the transportation of heavily armed weapons during times of war. Furthermore, by charting the lines, new technology such as the Global Positioning System (GPS) on these trucks, which is utilized to define field borders and mark field lines, enables faster planting and less soil compaction.

OTR TIRES MARKET SEGMENTATION

By Equipment Type

·         Articulated Dump Trucks

·         Asphalt Finishers

·         Backhoe Loaders

·         Crawler Dozer

·         Crawler Excavators

·         Crawler Loaders

·         Mini Excavators

·         Motor Graders

·         Rigid Dump Trucks

·         RTLT-Telescopic

·         Skid-Steer Loaders

·         Wheeled Excavators

·         Wheeled Loaders <80 HP

·         Wheeled Loaders >80 HP

·         Agriculture Tractors

·         Others

 

By Application

§  Construction and Mining Equipment

§  Agriculture tractors

§  <30 HP

§  31-70 HP

§  71-130 HP

§  131-250 HP

§  >250 HP

o   Industrial Equipment

§  Forklifts

§  Aisle Trucks

§  Tow Tractors

§  Container Handlers

 

By Product Type

o   Wheeled Tires

o   Rubber Tracks

 

By Tire Type

·         Radial

·         Bias

·         Solid

 

By Rim Size

·         Up to 30 inches

·         30-50 inches

·         Above 50 inches

 

Retreading, By Process

·         Pre-cure

·         Mold cure

 

Retreading, By Application

·         Construction and Mining Equipment

·         Agriculture tractors

 

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

KEY COMPANIES IN OTR TIRES MARKET

·         Apollo Tires Ltd

·         Balkrishna Industries Ltd

·         Belshina

·         Bridgestone Corporation

·         Ceat

·         China National Tire & Rubber Co., Ltd

·         Continental Ag

·         Double Coin Tire Group Ltd

·         Eurotire

·         Goodyear

·         Hankook Tire

·         Jk Tire & Industries Ltd

·         Linglong Tire

·         Michelin

·         Mrf

·         Nokian

·         Otani Tire Co. Ltd.

·         Pirelli

·         Qingdao Rhino Tire Co., Ltd

·         Sumitomo

·         Techking Tires Ltd

·         Titan International, Inc.

·         Trelleborg Ab

·         Triangle Tire

·         Yokohama

·         Other Players

 

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