Global OTR Tires Market Size Booming to Touch USD 6.11 Billion by 2029
The global OTR Tires market is gaining traction because of the increase in the sales of off-highway vehicles and rising farm mechanization.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the global OTR Tires market size at USD 3.65 billion in 2022. During the forecast period between 2023 and 2029, the global OTR Tires market size is projected to grow at an impressive CAGR of 7.80% reaching a value of USD 6.11 billion by 2029. Accelerated urbanization and industrialization, particularly in developing countries, as well as the rising modernization of farms, particularly in emerging countries, and the rising demand for modern agricultural vehicles globally are all major growth factors for the global off-the-road (OTR) tires market.
Global OTR Tires Market - Overview:
OTR tires are a type of off-road tire that is used to provide more traction on unpaved surfaces, such as loose dirt, mud, sand, or gravel. These tires, which are typically radial with thick, deep treads, are intended for use in both on- and off-road vehicles. OTR tires that can perform in harsh conditions without sacrificing safety, quality, or performance are required for heavy-duty equipment and vehicles. OTR tires have been used in a wide range of industrial applications, including aircraft tow vehicles, articulated dump trucks, container handlers, and others.
Global OTR Tires Market - By Distribution Channel:
Based on the distribution channel, the global OTR Tires market is segmented into OEM and aftermarket. The OEM segment accounts for the largest market share. OEM businesses deal directly with their clients. They are therefore better equipped to create goods that fulfill the demands of their customers. This frequently results in parts that are stronger and survive longer than those made by aftermarket manufacturers. However, the aftermarkets segment is projected to register a high growth rate during the forecast period owing to the rising demand for replacement tires from the end-user industries.
Impact of COVID-19 on the Global OTR Tires Market
The global market for OTR tires experienced a substantial slowdown during the COVID-19 outbreak. During the lockdown period, the OTR tire supply and manufacturing chains were hampered. Restrictions on cross-border trade to stop the virus' spread also completely disrupted the supply chain. The operation of the main end users, such as construction, mining, and agriculture, was also halted, which had a direct influence on the demand from OEMs and aftermarkets for OTR tires.
Competitive Landscape:
Major players operating in the global OTR Tires market include: Continental AG, Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Yokohama Tire Corporation, Hankook Tire & Technology Co., Ltd., Nokian Tyres plc., Apollo Tyres Ltd, KUMHO TIRE, Pirelli & C. S.p.A., Toyo Tire Corporation, Trelleborg AB, Prometeon Tyre Group S.R.L., JK TYRE & INDUSTRIES LTD., and Triangle Tire.
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 global OTR Tires market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global OTR Tires 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.
