OTR Tires Market Projected to reach $11.0 billion by 2026

OTR Tires Market

The report “OTR Tires Market by Application & Equipment (Construction & Mining, Industrial, Agriculture Tractors), Type (Wheeled, Track), Rim Size, Process (Mold & Pre-Cure), Retreading Market by Process & Application and Region – Global Forecast to 2026” The 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. The demand for construction and mining equipment and agricultural tractors would create growth opportunities for the OTR tires market.

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 sizes up to 30 inches segment is estimated to lead the market, in terms of value, during the forecast period. Various equipment such as articulated dump trucks, asphalt finishers, backhoe loaders, and agricultural tractors are equipped with OTR tires with rim sizes up to 30 inches. With the increase in infrastructure development, mining activities, and farm mechanization higher demand for this off-highway equipment is witnessed in the market.  OTR tires having a rim size up to 30 inches has a 58.7% market share in terms of value during the forecast period.

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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 equipment 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.

Asia Pacific is estimated to be the dominant regional market.

China is a major contributor to the overall OTR tire sales (approximately 65%) in the Asia Pacific region in 2021. China, Japan, India, and Indonesia are included under the 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.

Key Market Players

The key players in the OTR tires market include 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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