OTR Tire Market to Grow at a CAGR of 6.66% through 2027
Rising demand of OTR tires for
increasing production and expanding fleet of the agricultural and mining
vehicles to drive the global OTR tire market in the forecast period, 2023-2027.
According
to TechSci Research report, “OTR Tire Market - Global Industry Size,
Share Trends Competition, Opportunities and Forecast 2017-2027F”, The global OTR tire market stood at
USD23,772.68 million in 2021 and is expected to grow at a CAGR of 6.66% during
the forecast period due to the region's expanding vehicle fleet.
OTR tire sales can be
attributed to end consumers like vehicle owners and original equipment
manufacturer (OEM) companies that produce vehicles across the region. The
consumers contribute to the sales from the replacement demand side, whereas the
other category where the demand for OTR tires is generated by OEM for the
manufacturing of vehicles. For tractors, dump trucks, mobile cranes, the number
of tires per vehicle is usually five, articulated mining trucks, haulers,
graders, etc., even have more than five tires. As mining, construction and
agricultural fleet owners move towards heavy vehicles more generously, the
demand for OTR tires is expected to increase at a faster rate in the years
coming by.
According to Harvard Business
Review, the global food demand is expected to increase anywhere between 59% to
98% by 2050. Such huge demand is being created by the increasing population and
consumer spending coupled with the usage of fertilizers, effective irrigation,
and high-yielding soil. This is a key factor propelling the rise of advanced
mechanization required to look after such increasing demands. Apart from
farmers, government bodies are also working for the goodwill of farmers via
loan waivers, easy loan financial facilities, subsidized seed availability,
etc. With these facilities, the requirement and usage of agricultural vehicles
are increasing, and hence both production and servicing of these agricultural
vehicles are increased due to which demand for tires are being generated via
OEM as well as replacement sectors. Online sales are another key factor driving
the sales of tires in the region, owing to the trend of increased sales via
e-commerce platforms like amazon, Ebay, YepGarage.com, etc. are working as
sales fuel for the market. The online platforms provide a one-to-one comparison
of prices and technicalities of numerous products belonging to various brands.
In addition to that, tire manufacturers are themselves developing their own web
portals to offer tires online. For instance, Goodyear launched its own online
tire sales website in Germany.
Browse over 165 market data
Figures and spread through 110 Pages and an in-depth TOC on "Global OTR
Tire Market"
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Global OTR tire market is
segmented across demand category (OEM & Replacement), by vehicle type
(mining, construction & industrial equipment, agriculture vehicles,
others), by tire construction type (radial & bias), and by region. The
market by vehicle type is further classified among mining, construction &
industrial equipment, agriculture vehicles, and others. The mining,
construction & industrial equipment has dominance across all the regions,
and a similar trend is susceptible to be overseen in the forecast period as
well. By demand category, the market is traced by OEM and replacement
categories. Owing to the large and long-lasting vehicle fleet of OTR vehicles
around the globe, the tires for the replacement category were witnessed to be
showing dominance and a similar trend is expected in the forecast period as
well. By tire construction type, the market is segmented across radial &
bias tires. Bias tires have better load carrying strength and are perfectly
suitable for off-payment tasks, hence, the dominance of bias tires can be
witnessed across the globe. However, the global trend of radialization of tires
in vehicles is seen to be repeating here, and hence, the shares for radial
tires are witnessed to be increasing across the globe. Based on region, the
market is segmented across countries in Asia-Pacific, North America, Europe,
Middle East & Africa, and South America. Owing to the large fleet of China
and India, the Asia-Pacific region currently leads the market, followed by
North America, and Europe, and a similar trend is expected to be witnessed in
the forecast years.
Key market players in the
global OTR tire market include:
·
Goodyear
Tire and Rubber Company
·
Compagnie
Générale des Établissements Michelin SCA
·
Bridgestone
Corporation
·
Continental
AG
·
The
Yokohama Rubber Company, Limited
·
Zhongce
Rubber Group Co., Ltd.
·
Balkrishna
Industries Limited
·
Trelleborg
AB
·
MRF
Limited
·
Sailun
Group
Global OTR tire market is
fragmented among a lot of well-established players having a presence in several
countries. Goodyear Tire and Rubber Company holds the highest market share and
is among the top five market players across the globe. Compagnie Générale des
Établissements Michelin SCA ranks second in terms of market shares in the
overall global OTR tire market on account of its strong presence in these
countries. Additionally, there are other prominent players such as Bridgestone
Corporation, Continental AG, The Yokohama Rubber Company, Limited, Zhongce
Rubber Group Co., Ltd., Balkrishna Industries Limited, Trelleborg AB, MRF
Limited, Sailun Group, etc., which hold a significant position in the global
OTR tire market.
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“China is anticipated to hold
the largest volumetric shares of the market on account of availability of
well-established off-the-road vehicle industry. Furthermore, the market's
growth is being aided by the quick increase in studies and research in the
field, as well as the impact of investments by OTR tire manufacturers across
the globe. New market players are advised to invest and focus on the research
and development of the tires for the brand establishment. Collaborations,
partnerships and mergers are suggested to companies aiming for better
prospectus into the market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based Global management consulting firm.
“OTR Tire Market - Global
Industry Size, Share Trends Competition, Opportunities and Forecast 2017-2027F”, has evaluated the future
growth potential of OTR tire market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in global
OTR tire market.
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