The global OTR tires market is expected to grow from $13.14 billion in 2021 to $14.62 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The OTR tires market is expected to grow to $20.17 billion in 2026 at a CAGR of 8.4%.
What is the Global OTR Tyre Market?
The OTR tires market consists of the sales of OTR tires by entities (manufacturers, sole traders, and partnerships) that are used for heavy-duty vehicles such as rigid dump trucks, loaders, reach stackers, various other types of specialty vehicles in ports, construction sites, and surface or underground mining. OTR Tire market caters to the needs of industries and establishments such as agriculture, mining, and quarrying, construction. These are designed for vehicles that frequently travel on difficult terrain, the tires are used to support large amounts of weight to guide the vehicles through challenging conditions.
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What drives the Global OTR Tyre Market?
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tires market. For instance, according to the survey conducted by economic times, an India-based daily newspaper company, the domestic sales for tractors for the year 2021 stood at 9 lakhs, and the export of 1,00,000 units of tractors was done in India. This increased tractor sales from 5% to 6%. And it is expected to sell 950,000 domestic units in 2022. Therefore, the use of agricultural machinery in day-to-day activity drives the OTR tires market.
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Global OTR Tyre Market Segments
The global OTR tyre market is segmented:
By Type: Radial Tires, Bias Tires, Solid Tires, Other Types
By Process: Pre-Cure, Mold Cure
By Vehicle Type: Loaders, Dump Truck, Graders, Cranes, Dumpers, Tractors, Forklifts
By Sales Channel: Original Equipment Manufacturer, Aftermarket
By End-User: Construction and Mining, Industrial, Agricultural, Other End Users
By Geography: The regions covered in the OTR tyre market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
OTR Tyre Global Market Report 2022provides market size and growth forecasts for the global OTR tyre market, global OTR tyre market share, OTR tyre market segments and geographies, OTR tyre market competitive landscape including leading competitors’ revenues, profiles and market shares. The OTR tyre market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global OTR Tyre Industry Playersinclude Yokohama Rubber Company, JK Tyre & Industries Ltd, Goodyear Tire and Rubber Company, Michelin, Pirelli, Continental AG, Bridgestone, Sumitomo, MRF, Apollo Tyres Ltd., Kumho Tire, Prometeon Tyre Group S.R.L., Hankook Tyre Co. Ltd., Metro Exporters Private Limited, and CEAT Ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
