The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Off the Road (OTR) Tire Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.
Off the Road (OTR) Tire Industry Analytical Overview (2024-2030): Drivers, Opportunities, Challenges, and Trends,
According to the latest report, Off-the-Road (OTR) Tire Market size was valued at around USD 24.5 billion in 2023 & is projected to grow at a CAGR of around 4.8% during 2024-30. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, geography, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2024 to 2030.
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What is Included in Off the Road (OTR) Tire Market Segmentation?
The report has segmented the market into the following categories:
By End-Users
- Construction
- Industrial
- Mining
- Agriculture
- Ports
By Type of Equipment
- Earth Moving Equipment
- Excavator
- Roller
- Bulldozer
- Cranes
- Grader
- Loader
- Others
- Material Handling Equipment
- Tipper
- Forklift
- Agricultural Equipment
- Tractor
- Farm Trucks
- Harvester
- Others
By Type of Tire
- Radial
- Bias
- Non-Pneumatic Tires
By Demand Type
- OEMs
- Aftermarket
Here, the aftermarket segment acquired a larger market share than OEMs. OTR tires have a relatively shorter life span than normal ones. Hence, the heavy usage of equipment used in the construction, agricultural, and mining industries results in frequent replacement of tires, thereby surging aftermarket sales of OTR tires. Moreover, the rapid rise in the number of aftermarket tire dealers across different regions worldwide is another prominent aspect contributing to the increasing sales of aftermarket OTR tires.
By Price Category
- Budget
- Premium
- Economy
By Rim Size
- Up to 20″
- 1″ to 26″
- 1″ to 35″
- 1″ to 47″
- Above 47″
By Region
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific
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Key Factor Driver Off the Road (OTR) Tire Industry Growth by 2030
Rapidly Expanding Mining Sector Driving Market Growth – The mining sector is a main motive force of the Global Off-the-Road (OTR) Tire Market. The vehicles that should perform in rugged terrains and under hard conditions like loaders, dump trucks, and excavators require specialized OTR tires. The need for mining machines or heavy vehicles is increasing because of growing mining operations globally. These mining vehicles require long-lasting and reliable tires to navigate hard terrains and heavy masses, leading to an extra demand for OTR tires. This trend underscores the essential role that sturdy and resilient tire solutions play in the performance and protection of mining operations. Specialized OTR tires will continue to be important in aiding the growth and operational fulfillment of the mining industry.
Who are the Key Players Operating in the Off the Road (OTR) Tire Industry?
The top companies of the Off the Road (OTR) Tire market ruling the industry are:
- Yokohama Rubber Co.
- Goodyear Tire and Rubber Company
- Apollo Tyres Ltd.
- Bridgestone Corporation
- Prometeon Tyres Group S.R.L
- China National Tyre and Rubber
- Michelin
- Hankook Tyre Co. Ltd.
- Toyo
- Continental
- Balkrishna Industries Limited
- Triangle
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FAQs (Frequently Ask Questions)
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