This report describes and explains the OTR tires market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global OTR tires market reached a value of nearly $8,735.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 2.1% since 2017. The market is expected to grow from $8,735.6 million in 2022 to $11,289.1 million in 2027 at a rate of 5.3%. The market is then expected to grow at a CAGR of 5.5% from 2027 and reach $14,785.3 million in 2032.
Growth in the historic period resulted from the rapid economic growth, the increase in construction activities, the rise in mining activities and government subsidies.
Going forward, the growth in the agricultural industry, the rising urbanization and the rising infrastructure investment will drive the growth. Factors that could hinder the growth of the OTR tires market in the future include the rising interest rates and the Russia-Ukraine War.
The OTR tires market is segmented by type into radial tires, bias tires and solid tires. The bias tires market was the largest segment of the OTR tires market segmented by type accounting for 58.5% of the total in 2022. Going forward, the radial tires market is expected to be the fastest growing segment in the OTR tires market segmented by type, at a CAGR of 5.5% during 2022-2027.
The OTR tires market is segmented by process into pre-cure and mold cure. The pre-cure market was the largest segment of the OTR tires market segmented by process accounting for 60.0% of the total in 2022. Going forward, the mold cure market is expected to be the fastest growing segment in the OTR tires market segmented by process, at a CAGR of 6.5% during 2022-2027.
The OTR tires market is segmented by vehicle type into loaders, dumpers, graders, cranes, tractors, forklifts and other vehicle types. The tractors market was the largest segment of the OTR tires market segmented by vehicle type accounting for 35.0% of the total in 2022. Going forward, the dumpers market is expected to be the fastest growing segment in the OTR tires market segmented by vehicle type, at a CAGR of 5.4% during 2022-2027.
The OTR tires market is segmented by sales channel into original equipment manufacturer and aftermarket. The aftermarket market was the largest segment of the OTR tires market segmented by sales channel accounting for 63.4% of the total in 2022. Going forward, the aftermarket market is expected to be the fastest growing segment in the OTR tires market segmented by sales channel, at a CAGR of 5.5% during 2022-2027.
The OTR tires market is segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the OTR tires market segmented by rim size accounting for 68.0% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the OTR tires market segmented by rim size, at a CAGR of 5.8% during 2022-2027.
The radial OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the radial OTR tires market segmented by rim size accounting for 67.1% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the radial OTR tires market segmented by rim size, at a CAGR of 6.1% during 2022-2027.
The bias OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the bias OTR tires market segmented by rim size accounting for 66.0% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the bias OTR tires market segmented by rim size, at a CAGR of 5.6% during 2022-2027.
The solid OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the solid OTR tires market segmented by rim size accounting for 81.1% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the solid OTR tires market segmented by rim size, at a CAGR of 5.9% during 2022-2027.
The OTR tires market is segmented by end-user into mining, construction and industrial equipment, agriculture and other end-users. The agriculture market was the largest segment of the OTR tires market segmented by end-user accounting for 44.1% of the total in 2022. Going forward, the agriculture market is expected to be the fastest growing segment in the OTR tires market segmented by end-user, at a CAGR of 5.3% during 2022-2027.
Asia Pacific was the largest region in the OTR tires market, accounting for 41.9% of the total in 2022. It was followed by the North America, and then the other regions. Going forward, the fastest-growing regions in the OTR tires market will be Asia Pacific and the North America where growth will be at CAGRs of 5.7% and 5.34% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 5.30% and 4.2% respectively.
The OTR tires market is highly concentrated, with a few large players. The top ten competitors in the market made up to 65.97% of the total market in 2021. The Goodyear Tire & Rubber Company was the largest competitor with 12.63% share of the market, followed by the Yokohama Rubber Co Ltd with 9.49%, Michelin with 7.95%, Continental AG with 6.75%, Bridgestone Corporation with 6.36%, Triangle Tyre Co.,Ltd with 5.74%, Apollo Tyres Ltd with 5.47%, Sumitomo Rubber Industries, Ltd with 4.35%, Balkrishna Industries Limited (BKT) with 3.68% and Aeolus Tyre Co., Ltd with 3.56%.
The top opportunities in the OTR tires market segmented by type will arise in the bias tires segment, which will gain $1,452.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by process will arise in the pre-cure segment, which will gain $1,263.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by vehicle type will arise in the tractors segment, which will gain $904.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by sales channel will arise in the aftermarket segment, which will gain $1,701.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by rim size will arise in the upto 30 inches segment, which will gain $1,665.9 million of global annual sales by 2027. The top opportunities in segment by end-user will arise in the agriculture segment, which will gain $1,141.7 million of global annual sales by 2027. The OTR tires market size will gain the most in China at $771.8 million.
Market-trend-based strategies for the OTR tires market include focusing on tire sensors and artificial intelligence to monitor tire performance, focusing on introducing and developing tires with sustainable and green materials, focusing on airless tires that do not require air pressure, focusing on developing innovative tire designs, focusing on product launches and developing new products and focusing on strategic partnerships and collaborations.
Player-adopted strategies in the OTR tires market include enhancing business operations through the launch of new products, expanding operational capabilities through strategic investments, enhancing business activities through technological advancements and expanding business operations through capacity additions.
To take advantage of the opportunities, the publisher recommends the OTR tires companies to focus on adoption of tire sensors and artificial intelligence, focus on airless tires, focus on innovative tire designs, focus on new product launches, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and continue to target fast-growing end-users.
The global OTR tires market reached a value of nearly $8,735.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 2.1% since 2017. The market is expected to grow from $8,735.6 million in 2022 to $11,289.1 million in 2027 at a rate of 5.3%. The market is then expected to grow at a CAGR of 5.5% from 2027 and reach $14,785.3 million in 2032.
Growth in the historic period resulted from the rapid economic growth, the increase in construction activities, the rise in mining activities and government subsidies.
Going forward, the growth in the agricultural industry, the rising urbanization and the rising infrastructure investment will drive the growth. Factors that could hinder the growth of the OTR tires market in the future include the rising interest rates and the Russia-Ukraine War.
The OTR tires market is segmented by type into radial tires, bias tires and solid tires. The bias tires market was the largest segment of the OTR tires market segmented by type accounting for 58.5% of the total in 2022. Going forward, the radial tires market is expected to be the fastest growing segment in the OTR tires market segmented by type, at a CAGR of 5.5% during 2022-2027.
The OTR tires market is segmented by process into pre-cure and mold cure. The pre-cure market was the largest segment of the OTR tires market segmented by process accounting for 60.0% of the total in 2022. Going forward, the mold cure market is expected to be the fastest growing segment in the OTR tires market segmented by process, at a CAGR of 6.5% during 2022-2027.
The OTR tires market is segmented by vehicle type into loaders, dumpers, graders, cranes, tractors, forklifts and other vehicle types. The tractors market was the largest segment of the OTR tires market segmented by vehicle type accounting for 35.0% of the total in 2022. Going forward, the dumpers market is expected to be the fastest growing segment in the OTR tires market segmented by vehicle type, at a CAGR of 5.4% during 2022-2027.
The OTR tires market is segmented by sales channel into original equipment manufacturer and aftermarket. The aftermarket market was the largest segment of the OTR tires market segmented by sales channel accounting for 63.4% of the total in 2022. Going forward, the aftermarket market is expected to be the fastest growing segment in the OTR tires market segmented by sales channel, at a CAGR of 5.5% during 2022-2027.
The OTR tires market is segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the OTR tires market segmented by rim size accounting for 68.0% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the OTR tires market segmented by rim size, at a CAGR of 5.8% during 2022-2027.
The radial OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the radial OTR tires market segmented by rim size accounting for 67.1% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the radial OTR tires market segmented by rim size, at a CAGR of 6.1% during 2022-2027.
The bias OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the bias OTR tires market segmented by rim size accounting for 66.0% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the bias OTR tires market segmented by rim size, at a CAGR of 5.6% during 2022-2027.
The solid OTR tires market is further segmented by rim size into upto 30 inches, 30-50 inches and above 50 inches. The upto 30 inches market was the largest segment of the solid OTR tires market segmented by rim size accounting for 81.1% of the total in 2022. Going forward, the 30-50 inches market is expected to be the fastest growing segment in the solid OTR tires market segmented by rim size, at a CAGR of 5.9% during 2022-2027.
The OTR tires market is segmented by end-user into mining, construction and industrial equipment, agriculture and other end-users. The agriculture market was the largest segment of the OTR tires market segmented by end-user accounting for 44.1% of the total in 2022. Going forward, the agriculture market is expected to be the fastest growing segment in the OTR tires market segmented by end-user, at a CAGR of 5.3% during 2022-2027.
Asia Pacific was the largest region in the OTR tires market, accounting for 41.9% of the total in 2022. It was followed by the North America, and then the other regions. Going forward, the fastest-growing regions in the OTR tires market will be Asia Pacific and the North America where growth will be at CAGRs of 5.7% and 5.34% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 5.30% and 4.2% respectively.
The OTR tires market is highly concentrated, with a few large players. The top ten competitors in the market made up to 65.97% of the total market in 2021. The Goodyear Tire & Rubber Company was the largest competitor with 12.63% share of the market, followed by the Yokohama Rubber Co Ltd with 9.49%, Michelin with 7.95%, Continental AG with 6.75%, Bridgestone Corporation with 6.36%, Triangle Tyre Co.,Ltd with 5.74%, Apollo Tyres Ltd with 5.47%, Sumitomo Rubber Industries, Ltd with 4.35%, Balkrishna Industries Limited (BKT) with 3.68% and Aeolus Tyre Co., Ltd with 3.56%.
The top opportunities in the OTR tires market segmented by type will arise in the bias tires segment, which will gain $1,452.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by process will arise in the pre-cure segment, which will gain $1,263.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by vehicle type will arise in the tractors segment, which will gain $904.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by sales channel will arise in the aftermarket segment, which will gain $1,701.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by rim size will arise in the upto 30 inches segment, which will gain $1,665.9 million of global annual sales by 2027. The top opportunities in segment by end-user will arise in the agriculture segment, which will gain $1,141.7 million of global annual sales by 2027. The OTR tires market size will gain the most in China at $771.8 million.
Market-trend-based strategies for the OTR tires market include focusing on tire sensors and artificial intelligence to monitor tire performance, focusing on introducing and developing tires with sustainable and green materials, focusing on airless tires that do not require air pressure, focusing on developing innovative tire designs, focusing on product launches and developing new products and focusing on strategic partnerships and collaborations.
Player-adopted strategies in the OTR tires market include enhancing business operations through the launch of new products, expanding operational capabilities through strategic investments, enhancing business activities through technological advancements and expanding business operations through capacity additions.
To take advantage of the opportunities, the publisher recommends the OTR tires companies to focus on adoption of tire sensors and artificial intelligence, focus on airless tires, focus on innovative tire designs, focus on new product launches, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and continue to target fast-growing end-users.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure18. Competitive Landscape And Company Profiles
6. Introduction And Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global OTR Tires Market Segmentation
10. OTR Tires Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. OTR Tires Market, Conclusions And Recommendations
23. Appendix
Executive Summary
OTR Tires Global Market Opportunities and Strategies to 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global OTR tires market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest growing market for OTR tires? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The OTR tires market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider OTR tires market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics
- Key Trends
- Global Market Size and Growth
- Regional Analysis
- Market Segmentation
- Regional Market Size and Growth
- Competitive Landscape
- Key Mergers and Acquisitions
- Market Opportunities and Strategies
- Conclusions and Recommendations
- Appendix
Scope:
Markets Covered:
1) By Type: Radial Tires; Bias Tires; Solid Tires2) 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
a) By Radial OTR Tires (By Rim Size): Upto 30 Inches; 30-50 Inches; Above 50 Inches
b) By Bias OTR Tires (By Rim Size): Upto 30 Inches; 30-50 Inches; Above 50 Inches
c) By Solid OTR Tires (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
Companies Mentioned: The Goodyear Tire & Rubber Company; The Yokohama Rubber Co Ltd; Michelin; Continental AG; Bridgestone Corporation
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Mexico; Brazil; Peru; Chile; Colombia; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; OTR tires indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co Ltd
- Michelin
- Continental AG
- Bridgestone Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 414 |
| Published | June 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 8735.6 Million |
| Forecasted Market Value ( USD | $ 14785.3 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
