Global Off-Road (OTR) Tires Market was valued at US$ XX Bn. in 2019 and is expected to reach US$ 8.22 Bn. by 2026, at a CAGR of 5.06% during a forecast period.
Global Off-Road (OTR) Tires Market
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Global Off-Road (OTR) Tires Market Overview:
Off-Road (OTR) tires are designed to improve performance and stability and offer traction on different unpaved surfaces including mud, sand, dirt, and others. Off-Road (OTR) tires are widely used at civil engineering sites, dam construction sites, sand and gravel at mining, agriculture industry, and others.
Global Off-Road (OTR) Tires Market registered a sale of 64 Million Unit of tires in 2017. Major factors driving growth in the market are consistent growing production and sales of OTR vehicles and expanding demand for replacement OTR tires. The significant increase in off-highway vehicles like tractors, agricultural machinery and so on is set to boom the market growth rate. The growing adoption of heavy vehicles in construction and agriculture as well are impacting the growth of the OTR tires market.
Furthermore, the expanding mining industry alongside the deployment of heavy machinery is the major factor driving the growth of the OTR tires market. For example, In June 2019, Canadian bullion manufacturer Yamana Gold has announced that the existing Phase-1 expansion of Brazil-based Jacobina mine is projected to rise the mine’s output to approximately 170,000 ounces a year by 2021. These rising mining activities is set to fuel the off-road tires market during 2020-2026.
Bridgestone and Michelin are the leading company in Global Off-Road (OTR) Tires Market, both cumulatively accounted for a volume share of over 27% in the Global Off-Road (OTR) Tires Market in 2019. Moreover, the company is expected to continue leading the market during 2020-2026, because of strong dealer and distribution channel across the world.
Global Off-Road (OTR) Tires Market 1
Impact of COVID-19 on Global Off-Road (OTR) Tires Market:
The COVID-19 pandemic has negatively impacted the growth of the g Global Off-Road (OTR) Tires Market. Various industrial and construction activities were temporarily halted due to countrywide lockdowns across the world. Lockdowns also resulted in a temporary shutdown of plants manufacturing OTR tires and raw material supply disruption. This COVID-19 pandemic also affected the supply chain by disturbing the supply of raw materials across the globe.
The costs of raw materials used are nearly 35% of the tire cost. When there is an increase in the cost of Brent crude or any shortage of cultivation of natural rubber, variation in the cost of natural & synthetic rubbers takes place, which is a major challenge that the OTR tires industry faces.
Bias Tires Type Segment to Attain Fastest Growth:
Based on tire type, the bias tires segment is expected to grow at the largest CAGR of nearly 6.84% during the forecast period. Bias tires offer a smoother ride on rough surfaces, comparatively radial tires. Moreover, bias tires are less expensive than other radial tires. However, the market is seeing a trend of increased usage for radial tires in the mining, construction industries and players such as BKT Tire who are widely supplying to global markets should raise their focus to cater domestic OTR tires market as well.
Global Off-Road (OTR) Tires Market, Regional Analysis:
APAC region is expected to hold the largest XX% growth rate during 2020-2026 thanks to various infrastructure expansion projects along with strong agricultural growth. Manufacturers are establishing production facilities in the APAC to cater to the growing OTR tires demand and thus supporting the industry growth.
Major economies in region like India and China account for a major share of agriculture tractors across the world and thereby provide lucrative opportunities for the OTR tires market expansion in APAC. These countries are expected to continue dominating the global OTR tire market through 2026.
Global Off-Road (OTR) Tires Market 2
Key Development:
Various global OTR tires market companies are focusing on organic growth strategies includes product launches, product approvals and others like events and patents. For Examples;
The objective of the report is to present a comprehensive analysis of the Global Off-Road (OTR) Tires Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Off-Road (OTR) Tires Market dynamics, structure by analyzing the market segments and project the Global Off-Road (OTR) Tires Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Off-Road (OTR) Tires Market make the report investor’s guide.
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Scope of the Global Off-Road (OTR) Tires Market: Inquire before buying
Global Off-Road (OTR) Tires Market, by Tire Type
• Radial Tires
• Bias Tires
• Non-Pneumatic Tires
Global Off-Road (OTR) Tires Market, by Rim Size
• <25"
• 29-41"
• 51-83"
Global Off-Road (OTR) Tires Market, by End Users
• Construction & Mining
• Industrial
• Agriculture
• Ports
• Other
Global Off-Road (OTR) Tires Market, by Sales Channel
• OEMs (Original Equipment Manufacturers)
• Aftermarket
Global Off-Road (OTR) Tires Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East& Africa
• South America
Global Off-Road (OTR) Tires Market Key Players
• Bridgestone Corporation
• Michelin
• The Goodyear Tire & Rubber Company
• Continental AG
• YOKOHAMA Rubber CO. Ltd.
• Sumitomo Tires
• Apollo Tyres Ltd.
• Nokian Tyres
• Prometeon Tyre Group S.R.L.
• BKT Tire
• Qingdao Rhino Tyre Co., Ltd.
• Titan
• Alliance Tire Group
• International, Inc.
• Trelleborg AB
• Triangle Group Co. Ltd
• China Rubber Tire & Rubber Co. Ltd
• Hawk International Rubber
• JK Tyre
• Bridgestone
• Hawk International Rubber
• Pirelli
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