OTR Tire Market Forecasted to Achieve $7.0 Billion Valuation by 2030

The global OTR Tire market is projected to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030 at a CAGR of 6.5%. The growing demand for heavy machinery in construction, mining, and agriculture, coupled with increasing infrastructure projects worldwide, is driving the expansion of the OTR tire market. Additionally, advancements in tire technology, such as enhanced durability and tread designs, fuel market growth by improving efficiency and reducing downtime for equipment operators.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=205158802

Mold cure tires are expected to be the fastest-growing retreading process for OTR tires. Retreading offers a cost-effective method for consumers to reuse existing tires. The mold cure retreading method is often preferred over the pre-cure process due to its ability to better customize the tread patterns according to specific tire requirements. The customization capability made in mold cure is of higher quality and durability than the finished products, making the mold cure retreading particularly suitable for the large and heavy tires used in construction, mining, and other off-road environments. As a result, mold cure retreading has become the fastest-growing market segment, as operators seek cost-effective solutions without compromising performance or safety. Initially, retreading of tires was done by local players; however, considering the massive potential in the retreading tires market, Continental AG (Germany), Michelin (France), and Goodyear (US) established their respective business units for retreading.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=205158802

The construction and mining equipment OTR tires are retreaded more, which is constructed by the dump trucks and loaders tires as these vehicles bear the brunt of harsh operating conditions and carry heavy loads, which wear out tires quickly. Given the substantial cost of new OTR tires for such heavy machinery, retreading offers a cost-efficient solution to extend the life of the tires. The process saves money and helps manage the environmental impact by reducing the number of tires disposed of. Consequently, retreading is highly valued and widely adopted for tires of dump trucks and loaders due to their significant size, expense, and the extreme conditions under which they operate.

North America is the second-largest region in the OTR Tire market.

North America has a large construction industry that requires heavy machinery and equipment, which drives the demand for OTR tires in the region. The USGS (United States Geological Survey) released the Mineral Commodity Summaries 2024, highlighting that US mineral production contributed more than 105 billion dollars to the US economy in 2023, a 4 billion increase over 2022. This increased mining and industrial activities in North America has increased the requirement of heavy machinery and equipment, including OTR tires, to operate efficiently. The construction and mining vehicle used more in North America is the rigid dump truck, commonly used for hauling heavy loads in mining and construction operations. The OTR tire size used most in rigid dump trucks is the 57/65R63, a standard size for these vehicles due to its high load capacity and durability. The tire is often retreaded or purchased from the aftermarket to ensure the continued operation of the rigid dump truck. Companies such as Marangoni, Michelin, Vipal, Oliver, and Bandag are North America's primary suppliers for retreaded OTR tires.

Key Players

Major manufacturers in the OTR tire market include Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tire & Rubber Company (US), and Pirelli C . S.p.A (Italy).

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/otr-tire-market-205158802.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

One stop solution for all Market Research & Consulting needs.

This release was published on openPR.