OTR Tires Market Size to Develop Lucratively by 2025

Off-the-road tires (OTR) are used in off-road vehicles that use deep tread to offer more traction on unpaved surfaces such as loose dirt, mud, sand, or gravel. OTR tires are built to carry considerable load and roll through tough road conditions. OTR tires vary in size and composition depending on the requirements of the particular job site environment. They are designed to be utilized in large construction vehicles including haul trucks, wheel loaders, backhoes, graders, and trenchers.

Improvements in infrastructure in developing countries and the increased level of mechanization and automation in off-road vehicles is expected to drive the OTR tires market during the forecast period. Increasing demand for tires that provide better traction and a more aggressive tread, as compared to conventional tires used under normal driving conditions for agricultural, mining, and construction activities, is likely to fuel the OTR tires market in the near future. Rapid industrialization is boosting manufacturing activities and fuelling the usage of industrial equipment across the world. This is anticipated to propel the OTR tires market during the forecast period.

In spite of the numerous advantages offered by the OTR tires, OTR tires face a drawback of high cost and lower average lifespan. These minor drawbacks of OTR tires are expected to hinder the growth of the OTR tires market during the forecast period.

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Based on design of construction, the OTR tires market can be classified into bias ply OTR tire and radial ply OTR tire. A bias ply OTR tire is made of layers of rubber coated, crisscrossed plies of fabric placed at angles of approximately 30 degrees. While, a radial ply OTR tire consists of belts placed at a 90 degree angle to the tire, which overlap each other. The radial ply OTR tire segment is anticipated to expand at a significant growth rate during the forecast period owing to the numerous advantages offered by the radial ply OTR tire over the bias ply OTR tire such as the ability to flex under loads without affecting the contact of the tread with the road, lower fuel consumption, longer tread life, and better traction. Radial ply OTR tires are more expensive than bias ply OTR tires; however, they offer an extended tire life and more fuel savings, and are thus more cost-effective as compared to bias ply OTR tires.

Based on application, the OTR tires market can be segmented into construction and mining equipment, industrial equipment, and agricultural tractors. Based on power specification, the agricultural tractors segment is further sub-segmented into less than 30 HP tractors, 31 to 100 HP tractors, 101 to 200 HP tractors, and greater than 200 HP tractors. The industrial equipment segment can be further split into forklift, aisle trucks, and tow tractors. The agricultural tractor segment is anticipated to expand at a rapid pace during the forecast period owing to the rapid increase in agricultural activities in developing nations of Asia Pacific such as India and China and the rise in level of mechanization in agricultural tractors.

In terms of retreading process, the OTR tires market can be divided into precure and mold cure. Precure retreads are bonded to the casing in a curing chamber. Mold cure retreads do not require bonding. The mold cure segment is anticipated to expand at a considerable growth rate during the forecast period, since the mold cure retreads offer a lighter and more fuel efficient option to drivers as compared to precure retreads.

Based on vehicle type, the OTR tires market is divided into passenger vehicles and commercial vehicles. The commercial vehicles segment is anticipated to witness remarkable growth during the forecast period owing to the increasing demand for OTR tires in heavy commercial vehicles which are used for off road construction and tractor applications.

Based on sales channel, the OTR tires market can be classified into OEM (original equipment manufacturer) and aftermarket. The OEM segment is expected to expand at a steady pace during the forecast period since the OTR tires are designed to be utilized in harsh environmental conditions and do not require replacement frequently. OTR tires need to be replaced only when the treads get worn out or damaged after prolonged usage.

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Based on geographical region, the OTR tires market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to expand at a significant growth rate market during the forecast period owing to the increasing agricultural activities in countries of Asia Pacific, primarily China and India and the rapid increase in industrialization in developing nations of Asia Pacific.

Key players operating in the global OTR tires market include Continental, Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Yokohama Tire Corporation, and Hankook Tire.

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