OTR Tires Market to Record 5.6% CAGR Growth Through 2029 | Global Analysis Report

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OTR Tires Market Outlook: How is the Market Expected to Grow by 2025?
In the past few years, the market size for otr tires has been expanding consistently. It's projected to increase from $9.66 billion in 2024 to $10.06 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.2%. The market's growth during the historical period can be credited to factors like quick economic development, a surge in construction operations, an increase in mining activities, and governmental financial assistance.

OTR Tires Market Forecast: What Size Will It Reach By 2029?
Anticipations indicate a promising enlargement for the otr tires market in the near future. The market's valuation is predicted to ascend to $12.52 billion by 2029, boasting a compound annual growth rate (CAGR) of 5.6%. This growth trajectory is essentially propelled by factors such as the expanding agricultural sector, intensifying urbanization, and escalating investments in infrastructure. Major trends that are expected to dominate this period encompass concentrated efforts on tire sensors and artificial intelligence for scrutinizing tire performance, commitment towards the production and development of environmentally-friendly tires, the focus on airless tires that eliminate the need for air pressure, commitment to pioneering new tire designs, product launches and new product developments, and placing a strategic emphasis on partnerships and joint ventures.

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Which Key Market Drivers Will Shape OTR Tires Industry Trends in 2025-2029?
The advancement of the OTR tire market is anticipated to be fueled by the daily usage of agricultural machinery. These machines, deployed for agricultural purposes, have seen escalated use due to a move towards automation, prompted by elevated labor costs. This shift boosts the operation time of these machines in agricultural settings, resulting in a heightened demand for agricultural tractors and machinery equipped with OTR tires. Consequently, the OTR tire market experiences a positive impact due to the increased uptake of tractors and loaders employing OTR tires on agricultural farms. The United States Department of Agriculture predicts an increase in the global soybeans trade by 22.5% (36.2 million tons) and maize by 26.7% (41.8 million tons) by 2031. Moreover, the Federation of Indian Chambers of Commerce & Industry (FICCI), an Indian trade body, forecasts that by 2030, India will need around 355 million tons (mt) of foodgrains, necessitating an additional 5 mt of yearly foodgrain production. Consequently, the daily utilization of agricultural machinery propels the OTR tire market forward.

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What Are the High-Growth Segments in the OTR Tires Market?
The otr tires market covered in this report is segmented -

1) By Type: Radial Tires, Bias Tires, Solid Tires
2) By Process: Pre-Cure, Mold Cure
3) By Vehicle Type: Loaders, Dumpers, Graders, Cranes, Tractors, Forklifts, Other Vehicle Types
4) By Sales Channel: Original Equipment Manufacturer, After market
5) By Rim Size: Upto 30 Inches, 30-50 Inches, Above 50 Inches
6) By End-User: Mining, Construction And Industrial Equipment, Agriculture, Other End-Users

Subsegments:
1) By Radial Tires: High-Performance Radial Tires, Standard Radial Tires, Specialty Radial Tires
2) By Bias Tires: Cross-Ply Bias Tires, Diagonal Bias Tires, Heavy-Duty Bias Tires
3) By Solid Tires: Solid Rubber Tires, Press-On Solid Tires, Resilient Solid Tires

Which Global Trends Are Driving OTR Tires Market Expansion?
The surge in novel product innovations is a primary trend sweeping the OTR tires sector. Products that offer superior tread wear and enhanced driver comfort have recognized growing demand. For example, in March 2024, the American tire manufacturer Goodyear launched the RL-5K OTR tire. This tire, designed for heavy-duty loaders and wheel dozers, touts a three-star load capacity rating, signifying its enhanced durability and performance for strenuous operations. These innovations underscore breakthroughs in OTR tire technology, with a focus on efficiency, resilience, and functionality. In another instance, in December 2023, Indian tire manufacturer JK Tyre debuted 11 new Off-the-Road (OTR) tires at the CII EXCON event in Bengaluru, one of which being the exceptional JK Tyre 18.00-25 40PR Port Champion Plus. Specifically designed for reach stackers, this tire boasts deep treads, an accurate pattern, and robust rubber at the center, ensuring durability, longevity, and excellent steering performance.

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Who Are the Fastest-Growing Companies in the OTR Tires Industry?
Major companies operating in the OTR tires market include The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co., Ltd, Apollo Tyres Ltd, Sumitomo Rubber Industries, Ltd, Balkrishna Industries Limited, Aeolus Tyre Co., Ltd, Toyo Tires, Sailun Group, JK Tyre & Industries Ltd, MRF, Tianjin International United Tire & Rubber Co Ltd, Prometeon Tyre Group S.R. L, Metro Exporters Private Limited, CEAT Ltd, GS Tyres GRI, COTON company, Barum (company), Pirelli Tyre Russia Limited Liability Company, Cooper Tire & Rubber Company, Titan, McKees Rocks Forgings Inc, Arbco Industries, LLC, Associated Fastening Product Inc, Kal tire, Camso, AirBoss of America, Waterville TG, Uniroyal, Polycorp, Nexen Tire, Trelleborg, Fate Tire, Rodaco, Rct Tyre, Gomería GMC, Al Rashed Tires, BLATCO Company, Alliance Tyres, Rallyance Ltd

What Is the Regional Outlook for the OTR Tires Market by 2029?
Asia-Pacific was the largest region in the OTR tires market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the OTR tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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