The global 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.
Increasing demand for off-highway vehicles due to growth in infrastructure development activities, higher demand for industrial equipment for various material handling applications mining products and increased agricultural mechanization are driving the growth and advancements in the OTR tires market.
However, a projected recovery in Q1-Q3 of 2021 in off-highway vehicle production supports the growth of the OTR tires market. Growing economies like India and China has created the need for the development of infrastructure projects at a higher pace. The increasing population has led to higher consumption of mining as well as agriculture products. Industrial mechanization has led to a shift in preferences to machine-oriented material handling practices. All these factors drive the demand for OTR tires for construction and mining equipment, agriculture tractors and industrial equipment.
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).
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A shift in demand from bias to radial OTR tires has created opportunities for the players in the unorganized market to achieve higher sales by providing radial tires at prices similar to that of bias tires. Radial tires are about 80% more resistant to cuts and penetrations in the tread area as compared to bias tires. The market for radial OTR tires is growing and is expected to continue the same during the forecast period owing to the increase in demand for off-highway vehicles used in construction and mining, agriculture, and industrial activities.
Advancements in technology helped in the up-gradation and optimal utilization of OTR tires throughout the life cycle. Compact and easy-to-install sensors are usually installed inside the pneumatic tire cavity in OTR tires, which are a part of tire condition monitoring system (TCMS) or Tire Pressure Monitoring System (TPMS). These sensors are electronic devices, which are used to measure and transmit inflation pressure, cavity air temperature, tire belt stress and strain, normal load, traction force, acceleration, tire wear to the digital device placed in the driver cabin. It helps the driver know the status of the tire and take preventive and corrective actions accordingly to avoid downtime due to flat tires.
The market in the Asia Pacific region is projected to be the largest. The Asia Pacific region comprises China, Japan, India and Indonesia. Higher demand of agriculture tractors in countries like China and India has also contributed to the growth of the OTR tires market in this region. The increasing demand for agricultural mechanization is expected to boost the growth of the OTR tires market.
The growth of the Chinese market can be attributed to presence of large number of premium manufacturers as well as existence of number of players from the unorganized market. China being largest manufacturer of OTR tires, the market for OTR tires in China is estimated to grow at a high rate. Tire manufacturers based in China are focusing on providing low cost tires to cater the aftermarket demand.
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In the past few years, the Asia Pacific region has experienced an increase in demand for off-highway vehicles. The latest off-highway segment vehicles are equipped with advanced tire monitoring systems which help in monitoring the tire parameters. Asia Pacific is home to OTR tires companies such as Bridgestone Corporation (Japan), Yokohama Rubber Company (Japan), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tires (South Korea), CEAT Limited (India).
- In October 2021, Yokohama announced the addition in its commercial tire lineup. The company released its new commercial tires named 124R and 505C. The 124R radial tire comes in sizes of 17.5-inch, 19.5-inch, and 22.5-inch. The 505C tire comes in 385/65R/22.5, 425/65R/22.5, and 445/65R/22.5. The 505C tire is characterized by wide blocks & ribs, step grooves, and a high strength belt. These features in the tire offer traction, powerful braking, and durability, which is required in off-highway applications.
- In May 2021, Michelin expanded its agricultural OTR tires range with its new product TRAILXBIB. The tire is designed with agriculture equipment capacity and innovative technology to preserve soil as well as ensure even weight distribution through the tire contact patch and high levels of soil protection.
- In March 2021, Goodyear launched EV-4M Port Handler. The new tire is designed with a high-strength bead bundle, sidewall inserts, enhanced wedge, and robust casing construction. These features offer improved treadwear, durability, comfort, stability, increased efficiency, and operational efficiency. The new EV-4M Port Handler is available in new 450/95R25 sizes and can be fitted in container handlers, reach stackers, straddle carriers, shuttle sprinter carriers, and other equipment.
- In February 2021, Michelin declared that it is developing the recycling plant in collaboration with Enviro, a Swedish manufacturer. The plant is in the Antofagasta region, Chile. The plant would recycle 30,000 tons of earthmover tires a year. The company produces reusable materials like carbon black, pyrolysis oil, gas, and steel. The reusable material is used in various rubber-based products, like tires, conveyor belts, and anti-vibration products.
- In August 2020, Bridgestone Corporation introduced a Bridgestone MasterCore Tire Line. The new MasterCore Tire Line is designed with ultra-high durability and resistance to heat, load pressure, wear, separation, and cut. These tires are manufactured with the MasterCore technology, which includes a new type of steel cord and other advanced materials, improved adhesion between the rubber and steel cord, new rubber compounds that offer better durability, and enhanced casing for more dependable performance.
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