Global OTR Tires Market By Type (Wheeler, Rubber), Tire Type (Radial, Bias, Solid), Rim Size (<25’’, 29’’-49’’, 51’’-63’’), Aftermarket Industry (Construction & Mining, Agriculture, Industrial), Process (Pre-Cure, Mold Cure), Sales Channel (OEM, Aftermarket), Geography (North America, South America, Europe, Asia-Pacific, Middle East And Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global OTR Tires Market
Global OTR Tires Market is expected to rise from its initial estimated value was USD 5.51 billion in 2018 to an estimated value of USD 8.14 billion by 2026, registering a CAGR of 5.00% in the forecast period of 2019-2026. Increased automation in the industrial processes is also estimated to influence the OTR tires market.
Market Definition: Global OTR Tires Market
OTR (Off-the-Road) tires are built to take loads and weight, provide traction on unpaved surface like loose, dirt, sand and mud. They are widely used civil engineering sites, gravel at mining and dam construction sites. They are usually of two types’ wheeler and rubber. Rising urbanization and development exercises over the globe has altogether determined the development of OTR advertise over the globe. Rising prevalence of off- highway vehicles is fuelling the growth of this marker.
- Increasing demand for Off-Highway Vehicles is driving the market growth
- Technology advancement and automation is expected to drive the market for OTR.
- Rise in raw material, operating cost and demand supply gap in the industry acts as the challenges for the market.
- The low cost tires from unorganized market which decreases the sale of organized market and cheaper tires availability from Chinese market are also some factor responsible for the restraints and decline of OTR market.
Segmentation: Global OTR Tires Market
- Rubber Tracks
By Tire Type
By Rim Size
By Aftermarket Industry
- Construction & Mining
- Mold Cure
By Sales channel
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In December 2018, Michelin announced it has acquisition with Camso, market leader in rubber tracks for farm equipment and snowmobiles. Merging Camso with Michelin’s OTR segment will create the world’s largest player in the off the road tire market. This will benefit Michelin from the expertise of Camso team as well as in technology, research and development and manufacturing.
- In March 2016, JK Tyre & Industries Limited, major player in Indian tyre market launched 18.00-25 Port Champion IND4 40PR TL at the 6TH International Mining, Exploration, Minerals Processing Technology, Metals, and Machinery Exhibition 2016.It is specially designed to operate in moderate to difficult work-conditions. This new launch will help the company to expand and strengthen its product portfolio.
Competitive Analysis: Global OTR Tires Market
Global OTR tires market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares OTR tires market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global OTR Tires Market
Few of the major competitors currently working in the OTR tires 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.
Research Methodology: Global OTR Tires Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved