Wilmington, Delaware, United States, March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research - Off-the-road tires are extensively used to move large-scale machinery at construction and mining sites. Surge in popularity of bias tires in construction sites can be ascribed to their affordability and favorable product characteristics to move heavy loads. The global stood at US$ 2.9 Bn in 2022 and is anticipated to reach US$ 3.9 Bn by 2031.
Recent market trend indicates a continuous effort to adopt electric off-highway vehicles across the globe. The increase in adoption of OTR tires with excellent cut-resistant tread patterns in mining and construction industries is another prominent trend. These trends are likely to drive the adoption of technologically-advanced off-the-road (OTR) tires in agriculture, construction, and mining industries.
Rapid increase in demand for OTR tires in ports and terminals is expected to offer lucrative opportunities to companies in the off-the-road (OTR) tire market. End-use industries are increasingly adopting radial tires in order to lower the tire life-cycle cost.
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Key Findings of Market Study
- Surge in Utilization of OTR Tires in Off-highway Vehicles: High adoption of off-the-road (OTR) tires in heavy-duty vehicles, which are used in construction and mining activities, is a key factor expected to create ample business opportunities for companies in the market. Heavy-duty vehicles are significantly used in the construction of bridges and other public infrastructure. Surge in demand for off-highway vehicles in these industries is poised to augment the off-the-road (OTR) tire market size.
- Rise in Adoption of OTR Tires in Mining and Construction Applications to Offer Lucrative Opportunities: OEM is a lucrative segment based on sales channel in the off-the-road (OTR) tire market. The segment held leading market share in 2022. It is anticipated to expand at a CAGR of more than 3.2% from 2023 to 2031. Rapid growth of the OEM segment could be ascribed to the rise in demand for radial off-the-road (OTR) tires. According to the market research study, rise in demand for replacement of OTR tires is likely to fuel the aftermarket segment. The segment is anticipated to expand at a rapid pace during the forecast period.
- Significant Demand for Advanced Radial Tires Among OEMs to Bolster Market Growth: Radial tires are preferred by OEMs, as these tires offer several advantages such as excellent resistance to cuts and penetrations in the tread area and ability to provide high traction. Additionally, radial OTR tires have longer tire life. Rise in demand for radial tires with high heat tolerance and low tire life-cycle costs is a key trend that is likely to create considerable revenue opportunities for companies in the off-the-road (OTR) tire market. The TMR study indicates that the bias tire segment accounted for leading market share of 58.3% in 2022.
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Key Drivers
- Rapid increase in demand for off-highway vehicles in several end-use industries is likely to bolster the usage of off-the-road (OTR) tires. Continuous trend of automation in the manufacturing industries is a favorable market trend.
- Steady demand for tires with high cut- and wear-resistance in forklift and warehouse trucks is a key factor anticipated to drive the off-the-road (OTR) tire industry.
- Surge in mechanization of agriculture equipment is likely to augment the demand for OTR tires.
- Sizable investments in construction and infrastructure projects in developing countries in the past few years are projected to broaden the off-the-road (OTR) tire market outlook.
Regional Growth Dynamics
- The market in Asia Pacific is anticipated to witness substantial growth in the near future. The region is forecast to account for major market share during the forecast period. Rise in public and private investments in the infrastructure sector is anticipated to propel the market. Mechanization of agriculture equipment has bolstered the sale of tractors. This, in turn, has boosted the adoption of off-the-road (OTR) tires in the region. High uptake of bias OTR tires in Asia Pacific is expected to fuel the market growth in the region during the forecast period. Bias tires are usually affordable and easily available to users when replacement is required.
Competition Landscape
The landscape is fragmented due to the intense competitive rivalry in the off-the-road (OTR) tire market. Prominent companies are developing new products and engaging in mergers and acquisitions in order to consolidate their market position.
Key players operating in the market are
- Apollo Tires,
- Michelin,
- Bridgestone Corporation,
- Continental,
- Nokian Tyres,
- Prometeon Tire,
- Goodyear Tire and Rubber Company,
- Titan Company,
- Trelleborg, and Triangle Group.
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Off-the-road (OTR) Tire Market Segmentation
Tire Type
- Radial
- Bias
- Solid
- Others
Tire Size
- Less than 20’’
- 21’’ to 30’’
- 31’’ to 40’’
- 41” to 50”
- 51” to 60”
- More than 61”
Sales Channel
- OEM
- Aftermarket
Application
- Tractors
- Trailers
- Forwarders
- Excavators
- Backhoes
- Bulldozers
- Graders
- Wheel Tractor Scrapers
- Trenchers
- Loaders
- Tower Cranes
- Compactors
- Telehandlers
- Dump Trucks
- Wheel Loaders
- Heavy Duty Forklifts
- AGVs
- Reach Stackers
- Mobile Cranes
- Material Handlers
- Straddle Carriers
- Terminal Trailers
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.
