OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region - Global Forecast to 2025“Increasing sales for agriculture tractors and construction & mining equipment to upsurge the OTR tires requirement”
The OTR tires market is projected to grow at a CAGR of 4.64% from 2017 to 2025 to reach USD 7.68 billion by 2025 from USD 5.34 billion in 2017. Increase in infrastructural activities, government subsidies, and rapid mechanization in agriculture are expected to boost the OTR tires requirement.
On the other hand, the major factors hindering the growth of the OTR Tires market for the organized players are the high cost of R&D and low-cost tires offered in unorganized market.
“OTR tires market for construction & mining equipment is estimated to show the fastest growth in terms of value”
OTR tires market for construction & mining equipment is projected to grow at the fastest CAGR during the forecast period from 2017 to 2022. The growth of the infrastructure industry is expected to drive the construction equipment market and, hence, the requirement of tires. This growth can be attributed to major upcoming construction projects around the globe, primarily in developing nations. Additionally, major upcoming events, such as the 2016 Olympics in Brazil and the 2018 World Cup in Russia, are likely driving the market growth.
“By application, Agriculture tractors segment is estimated to have the largest share in OTR tires market”
The agriculture tractors segment is projected to be the largest segment of the OTR tires market, by application. The growth of this segment can be attributed to the increasing focus on mechanization and government subsidies in regions such as Asia Oceania and Europe. The use of tractors has significantly increased in developing and farming countries such as China and India. The agriculture tractors segment is estimated to lead the OTR tires retreading market as well, by volume.
“Asia Oceania and North America to dominate the market growth”
Asia Oceania and North America are estimated to dominate the OTR tires market during the forecast period. While Asia Oceania is estimated to be the largest market, North America is estimated to be the fastest growing market during the forecast period. In Asia Oceania, the growth of OTR tires has been observed with increase in farm mechanization and rapid development of infrastructure, which have boosted the usage of equipment and, thus, the requirement of OTR tires in this region. Alternatively, the market growth in North America can be attributed to the availability of state-of-the-art technology and the presence of key OEMs, which will ultimately increase the application of OTR tiers.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
By Company Type: Tier-1 - 70%, Tier-2 - 20%, and Tier-3/OEM - 10%
By Designation: Manager level – 60%, C level - 25 % Other- 15%
By Region: Asia Oceania – 35%, North America - 30%, Europe - 20%, and RoW – 15%
Note: Tier 1 companies are tire manufacturers, while Tier 2 are processed material suppliers, and Tier 3 are raw material suppliers and OEMs of construction & mining equipment, agriculture tractors, and industrial equipment
Note: Others includes Aftermarket suppliers, R&D experts, and technicians
Note: The company tiers are based on the value chain; the revenue of the company has been not considered
The key companies profiled in the study are as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (Finland), and CEAT (India)
The OTR tires market is segmented by application and country (construction & mining equipment, agriculture tractors, industrial equipment), type (wheeled, rubber track), Retreading Market By Application & Process (Mold Cure, Pre-Cure), and Region (Asia Oceania, Europe, North America, RoW).
The equipment’s that have been covered are as follows:
Construction & mining equipment: articulated dump truck, rigid dump truck, asphalt loader, backhoe loader, motor grader, motor scraper, RTLT-masted, RTLT-telescopic, skid steer loader, wheeled excavator, wheeled loader <0hp, wheeled loader >80hp, crawler dozer, crawler excavator, crawler loader, mini excavator.
Agriculture tractors: <30 HP, 31–100 HP, 101–200 HP, >200 HP.
Industrial equipment: Fork lift, Aisle trucks, tow tractors, container handlers.
Reasons to Buy the Report:
This report provides insights with reference to the following points:
Market Size, by application: The report offers in-depth market sizing and forecast up to 10 years (2025), by applications such as construction & mining equipment, agriculture tractors, and industrial equipment. The market sizing for construction & mining equipment and agriculture tractors is covered for all key countries and by equipment type/power output, whereas industrial equipment OTR tires market is covered by equipment type at the regional level.
Retreading Market: The OTR tires are expensive to replace, and, hence, are usually retreaded. The report offers retreading market sizing and forecast of OTR tires market in terms of application (construction & mining equipment, and agriculture tractors), process (mold and re-cure) at regional level
Market Development: The report provides comprehensive information about lucrative emerging markets. The report analyzes the markets for OTR tires market across regions.
Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the OTR tires market.
Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the OTR tires market.