Market Research Report
Off-the-Road (OTR) Tires Market with COVID-19 Impact Analysis, By Product, By Vehicle Type, By Distribution Channel, By End-User and By Region - Size, Share, & Forecast from 2021-2027
|Off-the-Road (OTR) Tires Market with COVID-19 Impact Analysis, By Product, By Vehicle Type, By Distribution Channel, By End-User and By Region - Size, Share, & Forecast from 2021-2027|
Published: January 1, 2022
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Content info: 303 Pages
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The global Off-the-Road (OTR) Tire market was valued at USD 6,118.6 Million in 2020, growing with 5.2% CAGR during the forecast period, 2021-2027.
In the agriculture logistics, mining, and housing industries, off-the-road (OTR) tires are commonly used in larger trucks for off-road operations. Off-the-road (OTR) tires are made to increase stability and performance while providing grip on a variety of unpaved conditions, such as sand, mud, and dirt. The development of the housing sector in emerging nations has spurred demand for construction and material handling equipment, which is likely to drive considerable growth in the off-road tires market.
Because of the effect of globalization, most emerging countries have seen significant expansion in infrastructure construction. Infrastructure comprises a developing transportation network, significant investments in roads, bridges, and tunnels to make commuting easier, an enhanced supply chain network to facilitate commerce, expanding industrial sectors, and construction projects. With rising labor costs, the need for improved productivity, and making the most use of resources, demand for sophisticated machinery is likely to fuel demand for construction and mining equipment. According to the Global Infrastructure Outlook, infrastructure development investments would be valued at USD 2.8 trillion in 2021. Infrastructure investments by both the private sector and the government are expected to expand, resulting in increased demand for mining and construction equipment.
The rise of the OTR tires industry in recent years has been fueled by increasing demand for tires as a result of increased sales and use of off-highway vehicles. It has also prompted the development of environmentally friendly tires that can be readily recycled. Tire producers are focusing on the creation of eco-friendly or green tires as a result of rigorous emission laws in Europe and America, such as Euro VI and CAFE. Green tires have a reduced ride quality and offer improved safety, grip, durability, mileage, abrasion resistance, and noise reduction.
The Off-the-Road (OTR) Tires market is segmented on the basis of Product, Vehicle Type, Distribution Channel, Vehicle Type, and region.
The sector of OTR tires for agricultural tractors is expected to lead the OTR tires market. The agricultural tractors market is predicted to take the lead in OTR tires demand because of an increased need for farm automation.
Over the projected period, the radial tires category is expected to increase at the quickest rate. Radial tires' advantages in numerous applications are driving the upward trend. Radial off-road tires offer low fuel consumption, excellent traction, increased cut resistance inside the tread region, and flocculation. Radial tires also provide high thermal stability, allowing them to run much cooler than solid or bias tires. Bias tires, on the other hand, are expected to increase at a faster rate than radial off-road tires due to their lower cost and higher load-carrying ability.
Over the projected period, the aftermarket category is predicted to grow at the quickest rate. The segment's growth is fueled by rising demand for tyre replacement in the agricultural, construction, mining, and other industries. Furthermore, the segment's growth is likely to be aided by the need for machinery maintenance in these industries. Increased sales of agricultural tractors and heavy industrial vehicles with mounted off-the-road tires are likely to boost the OEM category significantly.
In 2020, Asia Pacific had the greatest market share of off-road tires, and this trend is likely to continue throughout the forecast timeframe. During the projected period, the fast expansion of the industrial, construction, and agricultural sectors in rising Asian nations such as China, India, Japan, and others is expected to promote market growth. In addition, the increased automation of these industries is driving up demand for off-road tires in Asia. Due to technical advancements in the off-the-road tires sector and the existence of strong major players throughout the region, Europe had a considerable market share in 2020.
The key players include MICHELIN, Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Sumitomo Tires, YOKOHAMA Rubber CO. Ltd., Nokian Tires, Apollo Tires Ltd., Prometeon Tyre, China Rubber Tire & Rubber Co. Ltd, BKT Tire, Group S.R.L., Titan, Qingdao Rhino Tyre Co., Trelleborg AB, International, Inc., and Triangle Group Co. Ltd.
Bridgestone Corporation launched the Bridgestone MasterCore Tire Line in August 2020. The MasterCore Tire Range is resistant to load pressure, heat, separation, wear, and cutting. The MasterCore technology is used to make these tires, which comprises a different type of iron cord and other sophisticated materials, increased adhesion between both the steel and rubber cord, new rubber compositions that are more durable, and strengthened casing for more reliable performance.
The scope of this report covers the market by its major segments, which include as follows:
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