OTR Tires Market

OTR (Off-The-Road) tires, as the names suggest are the wheels that are designed for the different off-highway vehicle varieties. These tires are designed to withstand significant pressure and body weight of vehicles that are generally used in testing conditions and environment. These tires help in the continued functioning of vehicles that can result in hindrance for the vehicle movement. These tires are designed for extremely tough conditions are not flattened easily in comparison to other conventional forms of tires that are developed for on-highway vehicles.

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The main factors boosting the OTR Tires Market are:

• Increasing demand for off-highway vehicles: The demands for off-highway vehicles has witness a steady rise and that has been caused by the rising levels of industrialization activities experienced by the different regions worldwide. Along with the industrialization, which has resulted in high demands for construction based vehicles there has also been a rise in the volume of trade activities between the different regions which has also resulted in the increase of port based vehicles. This combination of high demands for the off-highway vehicles has directly resulted in high demands for the OTR tires worldwide
• Technology advancement and automation: The market for tire manufacturing is currently highly focused on inducing innovations and advancements of technologies with the major objective currently on the automation of manufacturing processes which can result in better quality of products commercially being made available to the different consumers of OTR tires. This trend has resulted in high demands for OTR tires as the products being provided by the manufacturers are of significantly high quality as required by the different applicable end users

The market is segmented on the basis of type as wheeled and rubber tracks. Tire type segment has been sub-segmented into radial, bias and solid. Rim size includes <25”, 29”-49” and 51”-63”. Aftermarket industry has been categorized into construction & mining, agriculture and industrial. Process consists of pre-cure and mold cure. Sales channel has been categorized into OEM and aftermarket.

Some of the OTR Tires Market developments are as follows:

• In April 2019, The Goodyear Tire & Rubber Company announced their plans for an investment amounting up to an approximate amount of USD 36 million at their Luxembourg facility situated in Colmar-Berg. The investment will deal with the expansion and enhancement of development and processing of off-the-road tires. This investment has been carried out with the focus of meeting the worldwide expansion in demands for OTR tires from mining, industries, port and construction applications
• In April 2018, Alliance Tire Americas, Inc. announced the availability of “Galaxy” brand of OTR tires during the Waste Expo held in Las Vegas, Nevada, United States from April 23-26, 2018. The tires available under this brand have been designed for highly specific and special demands required from backhoes, forklifts, loaders, dozers, graders and articulated dump trucks. The products consist of complete steel construction in the radials helping improve the resistance against puncturing while also reducing the buildup of heat to result in a longer operation cycle

According to Data Bridge Market Research, Global OTR Tires Market is expected to reach USD 8.14 billion by 2026, growing at a CAGR of 5.00% during the forecast period of 2019 to 2026

Some of the major players operating in the market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, THE YOKOHAMA RUBBER CO., LTD., Hankook Tire & Technology Co.,Ltd., Nokian Tyres plc., Apollo Vredestein, KUMHO TIRE USA, INC., Pirelli & C. S.p.A., Toyo Tire Corporation, Prometeon Tyre Group S.R.L., Sumitomo Rubber Industries, Ltd., China National Tire & Rubber Co.,Ltd., JK TYRE & INDUSTRIES LTD., Trelleborg AB , QINGDAO RHINO TYRE CO., LTD., Titan International, Inc. BALKRISHNA INDUSTRIES LIMITED (BKT)., CMA, LLC., Triangle Group Co., Ltd. and others.

Currently, the major motive of tire manufacturers has been on determining more environmental-friendly operations for their production of tires and that has basically merged into the production of tires through more environmentally-conscious sources of raw materials and reducing the impact that the obsolete tires have on the environment. This focus of utilizing more sustainable methods of production has also been experienced by the OTR tire manufacturers which are currently undergoing extensive R&D activities to improve their production methods and reduce the impact that they have on the environment.

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