OTR (Off-the-Road) Tires Market – Global Leaders & Geographical Growth

The OTR (Off-the-Road) Tires Market is projected to grow to USD 7.68 Billion by 2025 at a CAGR of 4.64% during the forecast period.

This growth is attributed to factors such as increasing demand for agriculture tractors and construction & mining equipment due to mechanization and high infrastructural development in developing countries. Also, the life of the equipment varies between 12 to 15 years, which requires at least three cycles of tire replacement on average. As the new tires cost significantly high, the OTR tires market is also influenced by the retreading industry.

The ecosystem of the OTR tires market consists of manufacturers and Tier 1 suppliers such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (Finland), and CEAT (India).

Opportunities:

• Eco-Friendly Tires Can Be Extended for OTR Tires

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“OTR tires for Agriculture tractors account to have the largest market”

Among all the applications agriculture tractors segment is expected to account for the largest market share in 2017. The <30 hp tractors segment is estimated to have the largest demand for OTR tires during the forecast period. China and India are estimated to be the key markets for tractors in the power output range up to 100 hp. The growth in the Chinese market can be attributed to the significant rise in the agricultural mechanization level; whereas, in India, factors such as small farm sizes and price sensitivity play a vital role.

“Construction and Mining Equipment segment to grow at the fastest pace in the OTR tires retreading market”

The construction and mining equipment tires are expected to have a major share in the retreading market compared with agriculture and industrial equipment tires. The fleet operators are choosing to retread of tires over replacement as the cost of retreaded tires is significantly lower than that of newly replaced tires. The OTR tire retreading market is estimated to grow at the fastest rate owing to the increase in mechanization and the average working hours of machine. This leads to the wear and tear of tires.

“Infrastructure development and government subsidies on equipment would drive the Asian Oceania OTR tires market”

According to Global Property Guide, the number of residential and commercial buildings in Asia Oceania is expected to increase over the next decade due to the boom in the real estate market. Infrastructural activities are also projected to increase as they form a critical part in improving connectivity and promoting sustainable growth. Due to these factors, the market in Asia Oceania is expected to be the largest during the forecast period.

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Target Audience:

• Aftermarket and tire retreading associations
• Automotive OEMs
• Governments’ national and regional environmental regulatory agencies or organizations
• Manufacturers of OTR tires
• Organized and unorganized aftermarket suppliers
• Raw material manufacturers of tires/tire components (suppliers for Tier I)
• Regional manufacturer associations
• Tire retreading companies
• Traders, distributors, and suppliers of tires, tire components, and raw materials