The Business Research Company’s report on the OTR Tires Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the otr tires market?
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tire market. For example, according to the 2031 projections by the United States Department of Agriculture, the world trade of soybeans is forecasted to rise by 22.5% (36.2 million tons) and maize by 26.7% (41.8 million tons). Also, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based trade association, by 2030, India will require around 355 million tons (mt) of foodgrains, which will require an extra 5 mt of foodgrain production year. Therefore, the use of agricultural machinery in day-to-day activity drives the OTR tire market.
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How has the otr tires market size evolved, and what are the latest forecasts for its expansion?
The OTR tires market size has grown strongly in recent years. It will grow from $9.66 billion in 2024 to $10.19 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to rapid economic growth, the increase in construction activities, the rise in mining activities, and government subsidies.
The OTR tires market size is expected to see strong growth in the next few years. It will grow to $12.84 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the growth in the agricultural industry, the rising urbanization, and the rising infrastructure investment. Major trends in the forecast period include focusing on tire sensors and artificial intelligence to monitor tire performance, focusing on introducing and developing tires with sustainable and green materials, focusing on airless tires that do not require air pressure, focusing on developing innovative tire designs, focusing on product launches and developing new products and focusing on strategic partnerships and collaborations.
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Which major companies dominate the otr tires market?
Major companies operating in the OTR tires market include The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co., Ltd, Apollo Tyres Ltd, Sumitomo Rubber Industries, Ltd, Balkrishna Industries Limited, Aeolus Tyre Co., Ltd, Toyo Tires, Sailun Group, JK Tyre & Industries Ltd, MRF, Tianjin International United Tire & Rubber Co Ltd, Prometeon Tyre Group S.R. L, Metro Exporters Private Limited, CEAT Ltd, GS Tyres GRI, COTON company, Barum (company), Pirelli Tyre Russia Limited Liability Company, Cooper Tire & Rubber Company, Titan, McKees Rocks Forgings Inc, Arbco Industries, LLC, Associated Fastening Product Inc, Kal tire, Camso, AirBoss of America, Waterville TG, Uniroyal, Polycorp, Nexen Tire, Trelleborg, Fate Tire, Rodaco, Rct Tyre, Gomería GMC, Al Rashed Tires, BLATCO Company, Alliance Tyres, Rallyance Ltd
What trends will shape the future of the orthopedic biomaterials market?
The new product innovations have emerged as a key trend gaining popularity in the OTR tires market. Product innovations, including tires that provide improved tread wear and increased comfort to the driver, are gaining popularity in the market. For instance, in March 2024, Goodyear, a US-based tire manufacturer, launched the RL-5K OTR tire, which boasts a three-star load capacity rating for heavy-duty loaders and wheel dozers, enhancing durability and performance for demanding operations. These innovations highlight significant advancements in OTR tire technology, focusing on efficiency, durability, and operational performance. Additionally, in December 2023, JK Tyre, an India-based tire manufacturer, introduced 11 new Off-the-Road (OTR) tires at the CII EXCON event in Bengaluru, including the standout JK Tyre 18.00–25 40PR Port Champion Plus. This tire is designed for reach stackers, featuring deep treads, a precise pattern, and heavy rubber in the center, ensuring durability, mileage, and excellent steering performance.
Which region dominates the otr tires market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the OTR tires market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the OTR tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the otr tires market segmented, and which segment holds the largest share?
The OTR tires market covered in this report is segmented –
1) By Type: Radial Tires, Bias Tires, Solid Tires
2) By Process: Pre-Cure, Mold Cure
3) By Vehicle Type: Loaders, Dumpers, Graders, Cranes, Tractors, Forklifts, Other Vehicle Types
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
5) By Rim Size: Upto 30 Inches, 30-50 Inches, Above 50 Inches
6) By End-User: Mining, Construction And Industrial Equipment, Agriculture, Other End-Users
Subsegments:
1) By Radial Tires: High-Performance Radial Tires, Standard Radial Tires, Specialty Radial Tires
2) By Bias Tires: Cross-Ply Bias Tires, Diagonal Bias Tires, Heavy-Duty Bias Tires
3) By Solid Tires: Solid Rubber Tires, Press-On Solid Tires, Resilient Solid Tires
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How is the otr tires market defined?
The OTR tires are designed for vehicles that frequently travel on difficult terrain, the tires are used to support large amounts of weight to guide the vehicles through challenging conditions.
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