The OTR Tires Market, by value, is projected to grow at a CAGR of 4.64% from 2017 to 2025, to reach USD 7.68 billion by 2025.
Factors such as increasing sales of off-highway vehicles and government subsidies on agriculture equipment are projected to fuel the demand for OTR tires. The increasing demand for eco-friendly tires is also expected to boost the demand for the OTR tires.
Use of sensors in tires, which is observed to increase tire life, is the latest advancement in OTR tire industry. Sensors not only reduce the downtime but also help in reduction in maintenance costs, which eventually increases the productivity of the vehicle. Predictive maintenance is another advancement in the OTR tire industry. For instance, Bridgestone has launched TreadStat, a tire and rim management solution that monitors and reports the condition of tires and rims in real-time. It provides the overall history of individual tires to the fleet operator and uses predictive analysis to reduce tire-related downtime of mining equipment. Michelin has announced Michelin Earth Mover Management evolution 4 (MEMS4)—an advanced TPMS with accelerometer and real-time GPS sensor—to provide real-time information to the mine’s control room. The GPS and accelerometer data offers advanced functionalities such as geo-fencing and vehicle cycle analysis. Geo-fencing allows zones to be assigned leading to improved safety; whereas, vehicle analysis provides precise data for machine and tire usage, which is useful for haul road design and optimization.
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Asia Oceania is projected to be the largest market for OTR tires. The market growth in the region can be attributed to the increasing infrastructure development and mining activities in China and India. In this region, residential and commercial buildings are expected to grow at a brisk rate over the next decade owing to the boom in the real estate market According to the Global Property Guide, houses prices in China have grown 18.7% over the last year due to increasing demand. According to the Government of India, the mining industry in India has grown at a good rate over the last decade and is projected to continue this growth phase over the forecast period.
Construction and mining equipment market is projected to be the fastest-growing market for OTR tires during the forecast period. The increased demand for tires in this region will be driven by increasing infrastructure activities in Asia Oceania and the North American regions. The US economy is back on the path of recovery after the recession. The mining industry in India and China is growing steadily. Thus, increasing demand for construction and mining equipment is projected to provide the impetus for the growth of OTR tires.
The OTR tires retreading market is led by the Asia Oceania region. With the increase in infrastructure activities, the average machine hours have increased in recent times. This has led to the quicker wear and tear of the tires. Also, per capita income in this region is lower compared to western countries. Hence, consumers in this region prefer retreaded tires over new tires. The increasing requirement of construction, mining, and industrial equipment in this region provides a good opportunity for OEMs to increase their revenue.
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• Aftermarket and tire retreading associations
• Automotive OEMs
• Governments’ national and regional environmental regulatory agencies or organizations
• Manufacturers of OTR tires
• Organized and unorganized aftermarket suppliers
• Raw material manufacturers of tires/tire components (suppliers for Tier I)
• Regional manufacturer associations
• Tire retreading companies
• Traders, distributors, and suppliers of tires, tire components, and raw materials