Rising demand of OTR tires for increasing production and expanding fleet of the agricultural and mining vehicles to drive the global OTR tire market in the forecast period, 2023-2027.
According to TechSci Research report, “OTR Tire Market - Global Industry Size, Share Trends Competition, Opportunities and Forecast 2017-2027F”, The global OTR tire market stood at USD23,772.68 million in 2021 and is expected to grow at a CAGR of 6.66% during the forecast period due to the region's expanding vehicle fleet.
OTR tire sales can be attributed to end consumers like vehicle owners and original equipment manufacturer (OEM) companies that produce vehicles across the region. The consumers contribute to the sales from the replacement demand side, whereas the other category where the demand for OTR tires is generated by OEM for the manufacturing of vehicles. For tractors, dump trucks, mobile cranes, the number of tires per vehicle is usually five, articulated mining trucks, haulers, graders, etc., even have more than five tires. As mining, construction and agricultural fleet owners move towards heavy vehicles more generously, the demand for OTR tires is expected to increase at a faster rate in the years coming by.
According to Harvard Business Review, the global food demand is expected to increase anywhere between 59% to 98% by 2050. Such huge demand is being created by the increasing population and consumer spending coupled with the usage of fertilizers, effective irrigation, and high-yielding soil. This is a key factor propelling the rise of advanced mechanization required to look after such increasing demands. Apart from farmers, government bodies are also working for the goodwill of farmers via loan waivers, easy loan financial facilities, subsidized seed availability, etc. With these facilities, the requirement and usage of agricultural vehicles are increasing, and hence both production and servicing of these agricultural vehicles are increased due to which demand for tires are being generated via OEM as well as replacement sectors. Online sales are another key factor driving the sales of tires in the region, owing to the trend of increased sales via e-commerce platforms like amazon, Ebay, YepGarage.com, etc. are working as sales fuel for the market. The online platforms provide a one-to-one comparison of prices and technicalities of numerous products belonging to various brands. In addition to that, tire manufacturers are themselves developing their own web portals to offer tires online. For instance, Goodyear launched its own online tire sales website in Germany.
Browse over 165 market data Figures and spread through 110 Pages and an in-depth TOC on "Global OTR Tire Market"
Global OTR tire market is segmented across demand category (OEM & Replacement), by vehicle type (mining, construction & industrial equipment, agriculture vehicles, others), by tire construction type (radial & bias), and by region. The market by vehicle type is further classified among mining, construction & industrial equipment, agriculture vehicles, and others. The mining, construction & industrial equipment has dominance across all the regions, and a similar trend is susceptible to be overseen in the forecast period as well. By demand category, the market is traced by OEM and replacement categories. Owing to the large and long-lasting vehicle fleet of OTR vehicles around the globe, the tires for the replacement category were witnessed to be showing dominance and a similar trend is expected in the forecast period as well. By tire construction type, the market is segmented across radial & bias tires. Bias tires have better load carrying strength and are perfectly suitable for off-payment tasks, hence, the dominance of bias tires can be witnessed across the globe. However, the global trend of radialization of tires in vehicles is seen to be repeating here, and hence, the shares for radial tires are witnessed to be increasing across the globe. Based on region, the market is segmented across countries in Asia-Pacific, North America, Europe, Middle East & Africa, and South America. Owing to the large fleet of China and India, the Asia-Pacific region currently leads the market, followed by North America, and Europe, and a similar trend is expected to be witnessed in the forecast years.
Key market players in the global OTR tire market include:
- Goodyear Tire and Rubber Company
- Compagnie Générale des Établissements Michelin SCA
- Bridgestone Corporation
- Continental AG
- The Yokohama Rubber Company, Limited
- Zhongce Rubber Group Co., Ltd.
- Balkrishna Industries Limited
- Trelleborg AB
- MRF Limited
- Sailun Group
Global OTR tire market is fragmented among a lot of well-established players having a presence in several countries. Goodyear Tire and Rubber Company holds the highest market share and is among the top five market players across the globe. Compagnie Générale des Établissements Michelin SCA ranks second in terms of market shares in the overall global OTR tire market on account of its strong presence in these countries. Additionally, there are other prominent players such as Bridgestone Corporation, Continental AG, The Yokohama Rubber Company, Limited, Zhongce Rubber Group Co., Ltd., Balkrishna Industries Limited, Trelleborg AB, MRF Limited, Sailun Group, etc., which hold a significant position in the global OTR tire market.
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“China is anticipated to hold the largest volumetric shares of the market on account of availability of well-established off-the-road vehicle industry. Furthermore, the market's growth is being aided by the quick increase in studies and research in the field, as well as the impact of investments by OTR tire manufacturers across the globe. New market players are advised to invest and focus on the research and development of the tires for the brand establishment. Collaborations, partnerships and mergers are suggested to companies aiming for better prospectus into the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“OTR Tire Market - Global Industry Size, Share Trends Competition, Opportunities and Forecast 2017-2027F”, has evaluated the future growth potential of OTR tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global OTR tire market.
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