OTR Tyre Global Market Report 2022

Major players in the OTR tires market are 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.

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 OTR tires market is expected to grow to $20.17 billion in 2026 at a CAGR of 8.4%.

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.

The main types of OTR tires are radial tires, bias tires, and solid tires. The radial tires are the tires where the plies start and radially run from bead to bead around the tire. Steel belts in radial tires run at a 90-degree angle to the tread line. It permits the tire's sidewall and treads to work separately. The various processes involved are Pre-cure and mold cure. The different vehicle types include loaders, dump trucks, graders, cranes, dumpers, tractors, and forklifts and involve various sales channels such as original equipment manufacturers, and aftermarket. The numerous end-users include construction and mining, industrial, agricultural, and others.

Asia pacific was the largest region in the OTR tires market in 2021. 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 and Africa.

The OTR tires market research report is one of a series of new reports that provides OTR tires market statistics, including OTR tires industry global market size, regional shares, competitors with a OTR tires market share, detailed OTR tires market segments, market trends and opportunities, and any further data you may need to thrive in the OTR tires industry. This OTR tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 which has led to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms is positively influencing 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 had 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.

The new product innovations have emerged as a key trend gaining popularity in the OTR tires market. Product innovations including tires that provide improved tread wear and increased comfort to the driver are gaining popularity in the market. For instance, in March 2021, Goodyear, a US-based manufacturer of tires and rubber launched the new EV-4M Port Handler with a focus on improved tread wear to help increase efficiency. The new tire features a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing. Improved treadwear, durability, comfort, and stability, as well as higher efficiency and operational efficiency, are all benefits of these tires.

In March 2019, Michelin, a French-based company that manufactures tires and other rubber products acquired PT Multistrada Arah Sarana TBK (“Multistrada”) for $545 million. With this acquisition, Michelin will increase the growth opportunities in the market and enters the Indonesian market. This helps the company access competitive and high-quality production capacity without having to build new manufacturing facilities. PT Multistrada Arah Sarana Tbk is an Indonesia-based company that manufactures rubber tires.

The countries covered in the OTR tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.



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