What Fueled OTR Tires Market?
The otr tires market has seen considerable growth due to a variety of factors.
• In recent years, the OTR tires market has experienced significant growth. The market value is projected to rise from $9.66 billion in 2024 to $10.19 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.5%.
The monumental growth during the historic period can be attributed to a thriving economy, escalated construction activities, increased mining activities, and government financial assistance.
What Is The Expected Growth In The OTR Tires Market Size?
The otr tires market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the OTR tires market will experience significant expansion in the coming years, expecting to reach a value of $12.84 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%.
This predicted growth during the forecast period is linked to the expansion of the agricultural sector, rising urbanization levels, and increased investments in infrastructure. The forecast period is also expected to witness several key trends, including an increased emphasis on tire sensors and AI for monitoring tire performance, a commitment to manufacturing and refining tires that use green and sustainable materials, a focus on airless tires that eliminate the need for air pressure, an effort to create innovative tire designs, prioritizing product launches and the development of new items, and an intensified focus on strategic partnerships and collaborations.
Which Drivers Are Accelerating Growth In The OTR Tires Market?
Anticipated growth in the OTR tires market is linked to the everyday employment of farming machines. These devices, utilized in agricultural activities, have seen increased use due to escalating labour costs that are driving a trend towards automation. As such, there has been a surge in machine hours in farming, contributing to a rise in the use of agricultural vehicles and equipment. The OTR tire market is buoyed by this growing demand for tractors and loaders fitted with OTR tires on agricultural land. For instance, the United States Department of Agriculture predicts that by 2031, there will be a 22.5% (36.2 million tons) increase in world soybean trade and a 26.7% (41.8 million tons) rise in maize trade. Meanwhile, projections from the Federation of Indian Chambers of Commerce & Industry (FICCI), an Indian trade organization, suggest that by 2030 India will need approximately 355 million tons (mt) of foodgrains. This demand will necessitate an additional yearly production of 5 mt of foodgrains. It's clear that the escalating use of farming machinery in everyday activities is propelling the OTR tire market.
What Are The Primary Segments In The Global 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, Aftermarket
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
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Which Key Trends Are Driving Changes In The OTR Tires Market?
The rise of innovative new products is a leading trend in the OTR tires market that is becoming increasingly popular. Such products include tires that offer enhanced tread durability and greater comfort to the driver. Take Goodyear, for example, a tire manufacturing company based in the US. In March 2024, it introduced the RL-5K OTR tire that comes with a three-star load capacity rating, perfect for heavy-duty loaders and wheel dozers. This innovation contributes to the efficiency, sturdiness, and functional performance of OTR tire technology. In another case, JK Tyre, an Indian tire manufacturer, brought 11 new Off-the-Road (OTR) tires to the CII EXCON event in Bengaluru in December 2023. Among these was the distinguishing JK Tyre 18.00–25 40PR Port Champion Plus. Specially tailored for reach stackers, this tire features in-depth treads, a precise pattern, and a generous amount of rubber in the middle for better durability, mileage, and superior steering performance.
Who Are the Key Players in the OTR Tires Market?
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 Most Dominant Region In The OTR Tires Market?
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.
