OTR Tires Market Size Worth $ 46,701.06 Million By 2030 | CAGR: 5.0%

The global OTR Tires market size is expected to reach USD 46,701.06 million by 2030, according to a new study by Polaris Market Research. The report “OTR Tires Market Share, Size, Trends, Industry Analysis Report, By Equipment; By Application; By Construction; By Process (Pre-Cure and Mold Cure); By Region; Segment Forecast, 2023 - 2030 gives a detailed insight into current market dynamics and provides analysis on future market growth.

The process of globalization has led to significant infrastructure expansion in emerging countries. This includes the development of transportation networks, investments in roads, bridges, tunnels, and improved supply chain networks. As a result, there is a growing demand for advanced construction and mining equipment to enhance productivity, optimize resources, and meet the needs of infrastructure projects.

 According to the Global Infrastructure Outlook, investments in infrastructure development are expected to reach USD 2.8 trillion in 2021, with a projected demand of USD 3.2 trillion. This surge in infrastructure investments by the private and public sectors will drive the demand for construction and mining equipment.

OTR (Off-The-Road) tires play a crucial role in various commercial vehicles used in construction, agriculture, mining, and industrial applications. These tires are designed and modified for challenging conditions, including high load-bearing, rough terrain, diverse weather conditions, and optimal traction.

Manufacturing OTR tires involves specialized large press machines and high-quality raw materials, resulting in substantial research and development investments by market participants. Customizations, a wide range of product offerings, technological advancements, and fluctuating demand contribute to the high R&D expenditures. As a result, manufacturers tend to focus on their existing product lines, limiting the growth of newer divisions in the OTR tires market.

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OTR tires' usage patterns and conditions determine whether they need to be retreaded or replaced. The tire sizes vary based on the specific application and terrain, requiring continuous development and testing of a wide range of tire sizes. The customization requirements, diverse product variety, technological advancements, and fluctuations in demand all contribute to the higher R&D expenses in the OTR tires market. These factors prompt manufacturers to concentrate on their established product lines, which, in turn, restricts the growth potential of newer segments within the OTR tires market.

OTR Tires Market Report Highlights

• The solid tire segment dominated the OTR tires market due to increased demand in construction, mining, agriculture, and industrial sectors for their durability and performance.
• Asia Pacific is projected to experience a high CAGR in the market over the forecast period. The region's infrastructure projects, driven by increasing connectivity and population growth, are expected to boost the demand for construction equipment and OTR tires.
• The global key market players include Bridgestone Corporation, Ceat, Continental AG, Double Coin Tire Group Ltd, Goodyear Tires, Hankook Tire, Michelin, MRF, Nokian, Pirelli, Sumitomo, Techking Tires Ltd, Titan International, Inc., Trelleborg AB, and Yokohama

Polaris Market Research has segmented the OTR Tires market report based on equipment, application, construction, and region:

OTR Tires, Equipment Outlook (Volume – Thousand Tons, Revenue - USD Million, 2018 - 2030)

• Articulated Dump Trucks
• Asphalt Finishers
• Backhoe Loaders
• Crawler Dozer
• Crawler Excavators
• Crawler Loaders
• Mini Excavators
• Motor Graders
• Rigid Dump Trucks
• RTLT-Telescopic
• Skid-Steer Loaders
• Wheeled Excavators
• Agriculture Tractors
• Others

OTR Tires, Application Outlook (Volume – Thousand Tons, Revenue - USD Million, 2018 - 2030)

• Agriculture
• Construction
• Material handling
• Mining
• Others

OTR Tires, Construction Outlook (Volume – Thousand Tons, Revenue - USD Million, 2018 - 2030)

• Solid
• Radial
• Belted Bias Tire
• Bias Tire
• Non-Pneumatic Tire

OTR Tires, Process Outlook (Volume – Thousand Tons, Revenue - USD Million, 2018 - 2030)

• Pre-Cure
• Mold Cure

OTR Tires, Regional Outlook (Volume – Thousand Tons, Revenue - USD Million, 2018 - 2030)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

OTR Tires Market Report Scope