OTR Tire Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

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INTRODUCTION

Off-the-road (OTR)  tires are commonly used in heavy-duty vehicles for off-road applications in the mining, agriculture, logistics, and construction industries. Off-the-road (OTR) tires are intended to improve stability and performance while also providing traction on various unpaved surfaces such as sand, mud, dirt, and others. The emergence of the housing industry in developing countries has expanded the market for construction and material handling equipment, which is expected to significantly boost the growth of the off-the-road tire market. Off-the-road (OTR)  tires are commonly used on dam construction sites, civil engineering sites, sand and gravel mining sites, the agriculture sector, and other locations. Furthermore, the market's expansion is being fueled by an increase in the use of off-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors, and special purpose vehicles. To gain a strong foothold in the OTR Tires Market, leading companies adhere to strategies like new product developments, acquisitions, and joint ventures.

GROWTH DRIVERS

Due to the obvious impact of globalisation, most growing countries around the world have seen substantial growth in infrastructure construction. Infrastructure comprises a rising transportation network, significant investments in roads, bridges, and tunnels for easier commuting, a better supply chain network for better trade, expanding manufacturing industries, and building construction. With increased labour costs, the need for improved productivity, and making the best use of resources, the desire for advanced machines is likely to fuel the demand for construction and mining equipment. According to the Global Infrastructure Outlook, investments in infrastructure development are projected to be valued USD 2.80 trillion in 2021, with a total investment requirement of USD 3.20 trillion for the year. Infrastructure investment by both the private and public sectors is expected to increase, resulting to an amplified demand for construction and mining equipment.

The use of commercial vehicles including mining trucks, earth movers, tractors, and other agricultural machinery is likely to drive the growth of the OTR Tires market. Rising population in countries such as India, China, and others is driving the placement of agricultural machinery with OTR  tires for their agricultural fields, which is likely to promote the OTR  tires market in the forthcoming years.

The global manufacture of off-road vehicles is currently undergoing a thorough transformation. The increased use of off-road vehicles in military and recreational operations is a major element driving the growth of the off-road vehicle industry. Military operations use off-road trucks to transport freight, fuel, and ammunition. During wartime, these vehicles are also used to transport heavy-loaded armaments. Furthermore, new technology like as the Global Positioning System (GPS) on these trucks, which are used to create field borders and mark field lines, allow for less soil compaction and faster planting by charting the lines.

Due to the COVID-19 scenario, the closure of all large industries caused no demand for the tiers or cars, which is projected to stymie market growth. Furthermore, the inventory held by  tire producers has increased to one month's worth of output.

Designing, producing, and testing OTR  tires involve R&D activities in which  tires are designed while taking into account all criteria and standards. Large customised press machines are used in the manufacture of OTR  tires, where processes like as vulcanization and curing take place. The cost of raw materials used in the production of OTR  tires, as well as the cost of the press machines used in the process, are both exorbitant. As a result, no market participant can afford to invest heavily in R&D activities.

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

 

REGIONAL OUTLOOK

North America leaded the OTR Tires Market with the maximum percentage of share in 2021, followed by Europe and APAC (Asia Pacific). Infrastructure development in North America is developing on a large scale, which is contributing to the adoption of heavy vehicles outfitted with OTR Tires for best performance. Furthermore, the presence of important companies such as Goodyear  tires and others in the United States is effectively driving market expansion. Furthermore, APAC is leading the global OTR Tires market growth due to the significant usage of heavy vehicles in the agriculture sector and construction sites. In 2021, China hits about 65 percent of total OTR  tire sales in the Asia Pacific area. For market analysis, Asia Pacific includes China, Japan, India, and Indonesia. Infrastructural operations are expected to expand as they play an important role in increasing connectivity and encouraging long-term growth. Population growth and migration to major cities have raised demand for residential buildings during the last decade. According to the Asian Development Bank, Asia Pacific countries will need to invest USD 1.70 trillion per year up to 2030 in infrastructure development to meet the needs of the region. These important factors are likely to enhance the demand for such vehicles equipped with OTR Tires in this region, subsequently pushing the OTR Tires market forward.

 

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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