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Chicago, Sept. 23, 2022 (GLOBE NEWSWIRE) -- OTR Tires Market is projected to grow from USD 8.7 billion in 2021 to USD 11.0 billion by 2026, at a CAGR of 5.0% during the forecast period, according to a new report by MarketsandMarkets. The demand for construction and mining equipments and agricultural tractors would create growth opportunities for the OTR Tires Market.
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OTR tires with rim size up to 30 inches is expected to be the largest segment by size during the forecast period.
The OTR tires with rim size up to 30 inches segment is estimated to lead the market, in terms of value, during the forecast period. Various equipments such as articulated dump trucks, asphalt finishers, backhoe loaders and agricultural tractors are equipped with OTR tires with rim size up to 30 inches. With increase in infrastructure development, mining activities and farm mechanization higher demand for these off-highway equipment is witnessed in the market. OTR tires having a rim size up to 30 inches has 58.7% market share in terms of value during the forecast period.
The wheeled segment by product type is expected to hold the largest market share in 2021.
The wheeled segment holds the largest share in the global OTR Tires Market. OTR tires are built to handle heavy loads and operate in extreme terrain conditions in vehicles such as articulated dump trucks, rigid dump trucks, backhoe loaders, wheeled loaders, wheeled excavators, and agriculture tractors equipped with wheels whereas only few equipments with specific applications are equipped with rubber tracks. The wheeled segment holds about 97.6% market share in terms of value during the forecast period.
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Asia Pacific is estimated to be the dominant regional market.
China is major contributor to the overall OTR tires sales (approximately 65%) in the Asia Pacific region in 2021. China, Japan, India, and Indonesia are included under Asia Pacific for market analysis. Infrastructural activities are projected to grow as they form a critical part of improving connectivity and promoting sustainable growth. Population growth and migration to major cities in the past decade further increased the demand for residential buildings. According to the Asian Development Bank, countries in Asia Pacific will have to invest USD 1.7 trillion per year up to 2030 for infrastructural development, which will cater to the requirements of infrastructural development. These factors are expected to drive the demand for construction equipment and will positively impact the demand for OTR tires.
The mining industry in this region is driven by emerging economies such as China and India. The mining industry in India and China has grown extensively in the last few years. As per the Indian Brand Equity Foundation, India is the second-largest producer of coal as of 2021 as well as ranked second in the production of crude steel in 2020. These countries are highly populated, and hence, have a strong domestic demand for metals and minerals. Thus, investments in mining activities in these countries have increased significantly. In the agriculture sector, unlike the west, mechanized farming is not practiced in this region extensively due to small field sizes and dependence on seasonal rains for watering fields. Thus, the OTR Tires Market for agriculture in this region is underpenetrated compared to the west. The rising per capita income and increasing use of irrigation for agriculture will boost the market for agriculture equipment and thereby OTR tires in this region.
Key Market Players
The key players in the OTR Tires Market include the Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (US), and Pirelli & C. S.p.A. (Italy). These companies adopted new product developments, acquisition and joint venture to gain traction in the OTR Tires Market.
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