Off-the-road Tire (OTR) Market 2021 Emerging Trends, CAGR Status, Growth, Analysis and Forecast to 2025

Widespread deployment of off-the-road tires in the farming, mining, and construction industries have fueled demand in the off-the-road tire market. The mining industry has been weathered the COVID-19 storm better than most, ensuring bright prospects for off-the-road tire companies. Due to the 2008 financial crisis and COVID-19, the construction industry has been especially sluggish in developed countries. It is expected that developing countries will pick up the slack soon as their need for critical urban infrastructure remains unmet.

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Thrill-seeking Customers Indulge in Off-road Trips Benefiting Off-the-road Tire Market

There has been a significant government push towards developing public infrastructure - particularly in emerging economies. For e.g. - India's Smart Cities Mission aims to develop 100 cities by 2023. Along with this, consumers in both developed and developing countries are partaking in off-roading adventure activity and companies have launched several special off-roaders to cater to this. The mining industry has been the cash cow for the off-the-road tire market in this era of economic upheaval. Ever-increasing industrialization along with massive demand for original and aftermarket equipment should raise the profile of the off-the-road tire market.

Unabated Demand in the Agriculture Industry Key for the Off-the-road Tire Market

COVID-19 has turned the global supply chain model upside down. Mainstream suppliers have faced unprecedented challenges with domestic and international logistics bottlenecks. Several companies have frozen production entirely during the pandemic, squeezing operating profits and making overheads skyrocket. The agricultural industry has been able to withstand the turbulence caused by COVID-19 and has balanced the plunge in demand in the construction sector. In addition, technological advancements pertaining to real-time data collection, nanotechnology, or vehicle maneuvering should aid the global off-the-road tire market.

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Low Cost of Labor and Availability of Raw Materials Explains Dominance of APAC Region

The huge population of APAC ensures that millions of people are involved in both agriculture and manufacturing. China and India are among the world's largest industrial and agrarian nations in terms of output and western companies have established bases there to tap their lower labor cost, favorable government policies, and raw material availability.

Consolidation in Off-the Road Tire Market Makes it Difficult for Entrants to Compete

Off-road tire manufacturers are continually focusing on new tread designs that are durable and reliable without any drop in performance. The off-the-road tire market is heavily consolidated in the hands of global giants such as Yokohama Tire Corp., Michelin, Bridgestone Corp., and the Goodyear Tire Company. These companies are basing their new product development around factors including temperature, terrain, load execution, and operation condition. Many manufacturers have invested aggressively in capacity expansion to augment their existing production facilities. In 2019, Michelin launched a new tractor tire specifically for heavy-duty use and other companies are predicted to follow suit. Other companies profiled in this report on the off-the-road tire market are Continental AG, Sumitomo Rubber Industries, Ltd., Nokian Tyres, Trelleborg AB, China National Tire & Rubber Co., Ltd., Balkrishna Industries Limited, Apollo Tyres Ltd., Qingdao Rhino Tyre Co., Ltd., Titan International, Inc., and Double Coin Tyre Group Ltd.

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