Asia Pacific OTR Tire Market Size Set to Boom at CAGR of 8.04% to Reach USD 98.1 Billion & Volume of 1.1 Million Units by 2030

Asia Pacific OTR Tire Market is flourishing because of the growing mining industry and rising agricultural output.

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific OTR Tire Market size at USD 86.4 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Asia Pacific OTR Tire Market size to expand at a CAGR of 8.04% reaching a value of USD 98.1 billion by 2030. By volume, Report Ocean estimated the Asia Pacific OTR Tire Market size at 0.8 million units in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Asia Pacific OTR Tire Market size to expand at a CAGR of 8.21% reaching the volume of 1.1 million units by 2030. The growing demand for heavy machinery in a variety of industries, such as construction, mining, and agriculture, is one of the key growth drivers for the Asia Pacific OTR Tire Market. The demand for heavy machinery is steadily rising as a result of significant investments made by many major Asia Pacific nations, particularly China and India, in the construction sector for the development of infrastructure.

Opportunity: Expanding agricultural sector for food security

The Asia Pacific OTR Tire Market is segmented into agriculture vehicles, construction and industrial vehicles, mining vehicles, and others, based on the vehicle type. The agriculture vehicles segment accounts for the highest market share. Many Asia Pacific countries, such as India, China, and Vietnam, are agricultural with more than 2.2 billion people directly engaged in agricultural activity for their livelihoods, according to the Asian Development Bank. OTR tires prove to be efficient in rigorous farming activities, and therefore, prominently used in heavy agricultural machinery such as tractors.

Impact of Escalating Geopolitical Tensions on Asia Pacific OTR Tire Market

The geopolitical tensions hinder the growth of the Asia Pacific OTR tire market. Intensifying conflicts, such as in Russia-Ukraine or Israel-Hamas wars, result in significant spikes in the shipping costs of tires as well as impacts on the availability of vessels. The surge in shipping costs compels OTR tire manufacturers to regulate their final product prices accordingly to manage the inflation caused by geopolitical tensions.

Asia Pacific OTR Tire Market

Segmental Coverage

Asia Pacific OTR Tire Market - By Tire Type

Based on tire type, the Asia Pacific OTR Tire Market is segmented into radial tires and bias tires. The radial tire segment accounts for a higher market share. Radials feature better-cut resistance in the tread area, higher levels of buoyancy and traction, and less gasoline than bias tires. They operate much cooler as well. They frequently offer a more comfortable ride and longer tread life. Radial tires are better suited for high-speed driving and have a higher puncture resistance, which drives its market growth.

Asia Pacific OTR Tire Market - By Country

The in-depth research report on the Asia Pacific OTR Tire Market covers a number of country-specific markets, including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and the rest of APAC. China dominates the Asia Pacific OTR Tire Market owing to the high tire production in the country along with rising demand for heavy machinery. Given the lucrative market, many leading tire manufacturers, such as Sailun Tire Global, are expanding their production capacity of OTR tires in China. The expanding construction activities are also fueling the demand for OTR tires in the country, which is driving overall market growth.

Competitive Landscape

Major players operating in the Asia Pacific OTR Tire Market include Bridgestone Corporation, Michelin, Yokohama Rubber Company, Sumitomo Rubber Industries, Ltd, Balkrishna Industries Limited (BKT), MRF Limited, Continental AG, Goodyear Tire and Rubber Company, Toyo Tire Corporation, Hankook Tire & Technology Co., Ltd, Nokian Tyres plc, Ceat Limited, Apollo Tyres Ltd, JK Tyre & Industries Ltd, and Double Coin Holdings Ltd.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia Pacific OTR Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific OTR Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.