OTR Tires Market by Application & Equipment (Construction & Mining, Tractors, Industrial Vehicle, ATV), Tractor Tracks by Power Output, Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket, Region - Global Forecast to 2027
The OTR Tires market is projected to grow from USD 8.7 billion in 2022 to USD 11.4 billion by 2027, at a CAGR of 5.5% over the forecast period.
As per the Global Infrastructure Hub, global investments in infrastructural development are estimated to be worth USD 2.85 trillion in 2022, whereas the estimated investment need is USD 3.3 trillion during the year. These projects require large volumes of equipment to complete the projects. With increasing focus on food security worldwide, countries are increasingly adopting high-level mechanized agricultural practices to increase the yield from the agriculture sector. This has led to an increase in demand for agricultural tractors, leading to a higher demand for OTR Tires. Port and shipment activities around the globe drive the demand for industrial equipment OTR Tires.
Thus, it is evident that increasing economic activities such as construction, mining, and port operations, along with advanced agricultural machinery, will drive the OTR Tires market globally.
Industrial Equipment OTR tires to grow at the fastest rate
Due to the highly globalized market, there has been a significant increase in the volume of goods transported through sea and ocean routes. Handling these goods at ports requires industrial equipment such as aisle trucks, forklifts, tow tractors, and container handlers. According to UNCTAD, there has been a rise in the number of ports by 13% in 2021. With increase in number of ports and sea trades, the demand for industrial vehicles would grow. To handle large containers, container handlers are used to segregate and off load containers from ships. Forklifts are used to unload the goods from these containers to warehouses or cross docks. These are the two major equipments used in port operations hence they are posised to hold a significant share of industrial equipment demand. Thus, it is expected that the industrial equipment demand will drive the demand for industrial OTR tires, especially solid tires used in Forklifts as they are higher in demand in port operations.
North America is the second-largest market for OTR Tires owing to growing construction activities
The mining sector in the US is valued at more than USD 60 billion and is projected to grow in the post-pandemic world. There has been an increase in US rental services companies providing construction and mining equipment. The construction industry in the US is valued at USD 1.6 trillion, primarily driven by large-scale infrastructure projects involving residential and commercial projects. Arable land per person in the US is high, about 0.5 hectares per person, which has increased the demand for large agriculture tractors (>130HP). Big construction projects, an evolving mining industry, and large arable farms will increase demand for respective application equipment hence driving the OTR tires market in the US.
The growing demand for technologically advanced equipment, new mine sites, and geographical proximity to the US market created growth opportunities for the sale of construction and mining equipment in Canada. The Canada Infrastructure Bank plans to invest USD 139 billion under its long-term infrastructure plan by 2028. Extensive agricultural practices are carried out within Mexico. The increasing presence of OEMs and government support for agricultural mechanization has driven the demand for agricultural equipment in the country. According to the National Institute of Statistics and Geography, the export of minerals and ores was worth USD 15.6 billion in 2020, which grew steadily at 5.8% since 2017 in Mexico.
Thus, the rising number of construction projects in the US and Canada and the fast-paced mechanization of the Mexican agricultural sector are expected to drive the demand for OTR tires in the North American region, making it the second largest market by region.
The breakup of primary respondents
By Company: Tier-1 – 70%, Tier-2 – 30%
By Designation: Manager Level – 60%, C level executives – 25%, Others – 15%
By Region: Europe - 10%, Asia Pacific - 50%, North America - 30%, Rest of the World – 20%
The OTR Tires industry is dominated by global players and comprises several regional players, including Continental AG(Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear (US), and Pirelli (Italy). The study includes an in-depth competitive analysis of these key players in the OTR Tires market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.
The study's primary objective is to define, describe, and forecast the OTR Tires market by value and volume. The study segments the OTR Tires market By Equipment Type (Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Rigid Dump Trucks, RTLT-TeleScopic, Skid-steer Loaders, Wheeled Excavators, Wheeled Loaders <80 HP, Wheeled Loaders >80 HP, Agricultural Tractors, and Others), Agricultural tractors tires, by power output (<30 HP, 31-70 HP, 71-130 HP, 130-250 HP, >250 HP), Agricultural tractors tracks, by power output (130-250 HP, >250 HP), Industrial Equipment, by type (Forklifts, Aisle Trucks, Tow Tractors, and Container Handlers), Tire Type ( Radial, Bias, Solid), Rim Size (Up to 30 Inches, 30-50 Inches, >50 Inches), Retreading, By process (Pre-cure, Mold cure), Retreading by application ( Construction And Mining Equipment, Agricultural tractors), by application (Construction And Mining Equipments, Agricultural tractors, Industrial Equipment, All terrain vehicles), Aftermarket by application (Construction), by Region (Asia Pacific, North America, Europe, Rest of the World). It analyzes the opportunities offered by various market segments to the stakeholders. It tracks and analyzes competitive developments such as market ranking analysis, expansions, joint ventures, acquisitions, and other activities carried out by key industry participants.
Key Benefits of Buying the Report:
The report will help the market leaders with information on the closest approximations of the revenue numbers for the OTR Tires market and the sub-segments. The study will also help the key players identify the highest potential region and design their product portfolio per market requirements. Detailed research on different OTR Tire types and their application is expected to help manufacturers to understand the potential market for these equipment types and which technologies are predominant in the respective equipment. This report includes various analyses like supply chain, average selling price analysis, patent analysis, revenue shift analysis, case study analysis, and porter's analysis. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.
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