OTR Tires Market to Reach $7.68 Billion by 2025

The OTR Tires Market was valued at USD 4.91 Billion in 2016 and is projected to reach USD 7.68 Billion by 2025, growing at a CAGR of 4.64% during the forecast period.

The OTR tires market (Off-the-Road) is projected to grow owing to key reasons such as increasing demand for agriculture tractors and construction & mining equipment due to mechanization and increased infrastructural development in developing countries. Increased automation in the industrial processes is also estimated to influence the OTR tires for industrial vehicles. Also, with the increase in average machine hours, the demand for tire replacements has increased, which, in turn, is projected to boost the demand for retreaded tires.

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The ecosystem of the OTR tires market consists of manufacturers and Tier 1 suppliers such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (Finland), and CEAT (India).

The study segments the global market by application and region. The construction and mining equipment market is estimated to grow at the highest rate during the forecast period. The growth will be driven by the increasing demand in Asia Oceania and North America. OTR tires for the agriculture tractors segment are estimated to be the largest market during the forecast period due to the increasing demand from developing countries and the Asia Oceania region. Increased industrial automation is also projected to influence the market of OTR tires for industrial applications.

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The study segments the global market, by type, into wheeled and rubber track. Rubber tracks market is estimated to be the fastest-growing market; whereas, the wheeled market is estimated to be the largest market during the forecast period. The crawler equipment is imposed with the tracks in which there is very little penetration of rubber track. Tracks have a larger surface area in contact with the ground. Tracks help to pull heavy load as weight is distributed evenly, without causing soil compaction. The increasing demand for rubber tracks in developed regions makes it the fastest-growing market.

The Off The Road Tire Market is also segmented by retreading applications and regions. The construction and mining equipment type holds the major share in the retreading market. The advancements in construction & mining equipment, such as automation and electrification, have helped the fleet operators to use the equipment in multiple shifts. This has led to decreased tire replacement duration, thereby to the increased demand for aftermarket tires. The demand for retreaded tires is projected to grow also due to the high cost of new tires.

The study segments the Off The Road Tire Market by the process (Pre-Cure, Mold Cure). The pre-cure market is projected to be the largest market; whereas, the mold cure market, by value, is expected to be the fastest-growing market during the forecast period. The mold cure process is a capital-intensive process as it requires investments in the mold. The market for pre-cure is the largest as it is a relatively economical process. The market share of mold cure retreading is projected to reduce significantly as the pre-cure process is simpler and cost-effective.

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North America is estimated to be the fastest-growing market for OTR tires during the forecast period. The North American economy has finally recovered from the setbacks of recession. In North America, the growth of the Off The Road Tire Market will be driven by infrastructure development, availability of state-of-the-art technology, increasing demand for green vehicles, and the presence of a large base of tier-1 companies and OEMs. Asia Oceania is estimated to be the largest market during the period of study. The market growth in Asia Oceania can be attributed to the increasing demand for agriculture and construction equipment. Due to the growing population and rising per capita income, countries such as China and India are shifting towards mechanization for farming activities, which is projected to boost the market for OTR tires in the region.

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