The OTR (Off the road) tires are construct to convey huge amount of weight and are primarily furnished in the commercial and industrial vehicles. OTR tires are broadly utilized at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others. Additionally, different kinds of tires very popular across the world including radial tires, bias tires, and non-pneumatic tires. The OTR tire market is primarily driven due to rushing sales of off-highway vehicles, flowing construction sector in both developed and developing countries, escalating utility of commercial vehicles together with government subsidies on agricultural equipment. The rushing building of commercial vehicles is functioning as a key driver with regards to the evolution and expansion of OTR tire market.
According to the report analysis,’ Global OTR Tire Market is valued approximately at USD 5.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.80% over the forecast period 2019-2026.’ Participants in the current OTR tire market are expected to formulate growth strategies that are a blend of both expansion of the product portfolio and integration of new technologies. As applications of OTR tires carry on to grow across different industries, OTR tire manufacturers are expected to be launch latest products which are ideal for these applications. Additionally, makers are also launching new OTR tires in different sizes which will upgrade road handling, maximize fuel savings, and offer added operational comfort. Major market player included in this report are Bridgestone Corporation, Yokohama Tire Corporation, Continental AG, MICHELIN Sumitomo Rubber Industries Ltd, Nokian Tyres, Apollo Tyres Ltd, China National Tire & Rubber Co, Ltd, Titan International Inc. and Madras Rubber Factory (MRF). The detailed segments and sub-segment of the market are explained as follows: By Industry Type into Construction & Mining, Agricultural and Industrial. By Sales Channel into OEM and Aftermarket. By Rim Size into <25, 29-49 and 51-63.However, the impact of Covid-19 has negatively impacted the transportation & logistics sector in both developed and developing countries which is anticipated to be a restraining factor for the surge and demand of OTR tires.
On the basis of geographical distribution, global OTR Tire market is considered for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading across the globe in terms of market share due to the surging construction sector which include both residential and commercial vehicles along with subsidies supplied by federal government for agricultural equipment. Whereas, Asia-Pacific is additionally anticipated to exhibit highest growth rate over the forecast amount. Factors likes surging sales of off-highway vehicles & commercial vehicles along with rising number of mining activities would make money making expansion prospects for the OTR Tire market across Asia-Pacific region.
Moreover, increasing population and demand for higher yield and rise in preference for using modern equipment for farming activities are driving the demand for tractors and agriculture equipment vehicles; this in turn is propelling the growth of the OTR tire market. Further, increasing OTR tire manufacturers focus on the production of eco-friendly OTR tires and high investment in research and development activities are anticipated to make potential revenue opportunities for key players working in OTR tires market. Therefore, it anticipated that the market will spice up during the forecast amount.
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Ankur Gupta, Head Marketing & Communications