Off the Road (OTR) Tire Market Growth and Development Insight – Size, Share, Growth, and Industry Analysis | MarkNtel
MarkNtel Advisors recently published a detailed industry analysis of the Off the Road (OTR) Tire Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Off the Road (OTR) Tire Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The 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.
What are the major Driver the Off the Road (OTR) Tire industry?
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.
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What segments define the Off the Road (OTR) Tire market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
· By End-Users
o Construction
o Industrial
o Mining
o Agriculture
o Ports
· By Type of Equipment
o Earth Moving Equipment
§ Excavator
§ Roller
§ Bulldozer
§ Cranes
§ Grader
§ Loader
§ Others
o Material Handling Equipment
§ Tipper
§ Forklift
o Agricultural Equipment
§ Tractor
§ Farm Trucks
§ Harvester
§ Others
According to report, Of these three, Agricultural Equipment acquired the largest share of the Global Off-the-Road (OTR) Tire Market in the previous years, mainly due to a rising number of medium-sized farms and the shifting end-user preferences toward using advanced farm equipment to perform various agricultural activities efficiently.
· By Type of Tire
o Radial
o Bias
o Non-Pneumatic Tires
· By Demand Type
o OEMs
o Aftermarket
According to report, Here, the aftermarket segment acquired a larger market share than OEMs.
· By Price Category
o Budget
o Premium
o Economy
· By Rim Size
o Up to 20″
o 20.1″ to 26″
o 26.1″ to 35″
o 35.1″ to 47″
o Above 47″
Explore the Complete Off the Road (OTR) Tire Market Analysis Report – https://www.marknteladvisors.com/research-library/global-otr-tire-market-analysis.html
Geographical Analysis: Off the Road (OTR) Tire Market
o North America
o South America
o Europe
o Middle East
o Africa
o Asia-Pacific
Off the Road (OTR) Tire Market Share & Competitive Landscape:
The Off the Road (OTR) Tire Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Off the Road (OTR) Tire Market 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
Off the Road (OTR) Tire Industry Recent Development:
- February 2024: The Goodyear Tire & Rubber Company launched the RL-5K off-road (OTR) tire, featuring a three-star load capacity rating specifically for heavy-duty loaders and wheel dozers. This new tire enhances the load-carrying capabilities of larger wheel loaders, boasting a deep tread design for improved cut resistance and traction in challenging terrains.
- February 2023: Continental introduced the VF Tractor Master Hybrid, a tire engineered for agricultural applications that provides both road comfort and grip on hard and soft soils. The tire is equipped with an inbuilt sensor to measure pressure and temperature, helping to extend its lifespan and ensure proper inflation.
Questions Addressed in this Study
1. What factors are driving the Off the Road (OTR) Tire Market growth?
2. How is the Off the Road (OTR) Tire Market expected to grow over the next five years?
3. What are the key insights into the current trends in the Off the Road (OTR) Tire Market?
4. What is the current size of the Off the Road (OTR) Tire Market, and how is it projected to change in the future?
6.What is the future outlook for the Off the Road (OTR) Tire Market in terms of technological advancements and market expansion?
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