OTR Tires Market - Size and Forecast [2024-2031]
The OTR Tires Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Wheeled, Rubber Tracks); Application (Agricultural Tractors, Industrial Equipment, Construction and Mining Equipment, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report OTR Tires Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
OTR Tires Market Segmentation
Type- Wheeled
- Rubber Tracks
- Agricultural Tractors
- Industrial Equipment
- Construction and Mining Equipment
- Others
Strategic Insights
OTR Tires Market Growth Drivers- Growth in construction and mining industries: The major growth driver for the OTR tire market is growth in the construction and mining industries. With growing infrastructure development projects and mining activities around the world, heavy machinery and equipment for such operations increasingly rely on OTR tires.
- Increasing Demand for Agricultural Equipment: This is yet another significant driving force behind the OTR tire market. With the modernized techniques in agriculture and a requirement for increased efficiency in farming, there is an increase in demand for agricultural vehicles and equipment that rely on running on OTR tires.
- Technology Advancements: Material science improvement through application of a high-strength compound as well as better tread design has been the most improved characteristic in tire manufacture with more durability, higher traction, and much more resistance to heat. Time ensures an improved tire life accompanied with the better performance as it substitutes the replacement of more number of times. Market growth is being achieved since demands in demanding applications, because the R&D investment into betterment of tire performances of the manufacturers is there.
- Increased focus on Fleet efficiency: Companies operating in heavy industries show high interests toward efficiency in fleets along with lowering down costs through operational efficiency. OTR tires directly impact the objectives of vehicle performance, fuel efficiency, and maintenance costs. Investment in good-quality OTR tires results in less time down due to failures, better fuel consumption due to the reduction of rolling resistance, and overall lower maintenance costs. Due to this need to optimize operations in competitive markets, the demand for premium OTR tires to enhance productivity and profitability is growing.
- Increasing development of Smart Tires: Currently, the OTR tire market is moving towards towards digitalization. With the use of smart tire technologies, sensors can provide details such as monitoring real-time parameters such as pressure, temperature, or tread wear. This data can then be forwarded to fleet management systems, therefore allowing proactive maintenance and maximizing operational efficiency. As the companies embrace smart technologies for better performance of fleets, the demand for smart OTR tires is bound to rise, hence fueling competition and innovation in the market.
- Customization and speciality tires: The tendency of customization in the OTR tire market is general due to the need for particular application-specific or terrain-specific design of the tire among the end-users. The manufacturers react with a continually growing diversified line of designs, sizes, and tread patterns that respond to diverse requirements from agriculture, construction, or mining industries, for instance. This trend toward specialization allows a company to differentiate products while catering to niche markets. Such specialization leads to growth for OTR tires and fosters higher customer satisfaction through effective solutions.
- Expansion in emerging economies: Fast industrialization and urbanization taking place in emerging economies, provides huge opportunities for the OTR tire market. Countries of Asia-Pacific region, Latin America, and Africa are making large investments in infrastructure projects and mining, which reflect increases in OTR demand. With the emergence of these markets, there are opportunities for manufacturers to increase their distribution network and tie up with local companies to capture market share. Manufacturers can exploit the growth potential of emerging markets by designing the product to meet the requirements of those markets.
- Sustainability and Eco Friendly Tire Solutions: Sustainability emerges as an important issue, which has been growing for automotive and industrial industries, and sustainability creates an opportunity for innovating in the OTR tyre market. This may take the form of sustainable material usage combined with practice-based designs involving renewable rubber and low-rolling resistance, which improves fuel efficiency while creating recycling programs for tires aiding in the conservation of environments. Companies can attract 'green-conscious' customers to the OTR tire market along with differentiating themselves in a very competitive market through alignment with global sustainability goals.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the OTR Tires Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the OTR Tires Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the OTR Tires Market include Bridgestone Corporation, CEAT Ltd, Continental AG, Hankook Tire, Michelin SCA, Nokian Heavy Tyres Ltd, Pirelli Prometeon Tyre Group, Nokian Tyres plc, The Carlstar Group, LLC.
Safety and Performance is the key future trend of the OTR Tires Market
The OTR Tires Market is estimated to witness a CAGR of 6.5% from 2023 to 2031
The major factors driving the OTR Tires Market are:Growth in construction and mining industries#Increasing Demand for Agricultural Equipment
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 OTR Tires Market - By Type
1.3.2 OTR Tires Market - By Application
1.3.3 OTR Tires Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OTR TIRES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. OTR TIRES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. OTR TIRES MARKET - GLOBAL MARKET ANALYSIS
6.1. OTR TIRES - GLOBAL MARKET OVERVIEW
6.2. OTR TIRES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OTR TIRES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. WHEELED
7.3.1. Overview
7.3.2. Wheeled Market Forecast and Analysis
7.4. RUBBER TRACKS
7.4.1. Overview
7.4.2. Rubber Tracks Market Forecast and Analysis
8. OTR TIRES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AGRICULTURAL TRACTORS
8.3.1. Overview
8.3.2. Agricultural Tractors Market Forecast and Analysis
8.4. INDUSTRIAL EQUIPMENT
8.4.1. Overview
8.4.2. Industrial Equipment Market Forecast and Analysis
8.5. CONSTRUCTION AND MINING EQUIPMENT
8.5.1. Overview
8.5.2. Construction and Mining Equipment Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. OTR TIRES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America OTR Tires Market Overview
9.1.2 North America OTR Tires Market Forecasts and Analysis
9.1.3 North America OTR Tires Market Forecasts and Analysis - By Type
9.1.4 North America OTR Tires Market Forecasts and Analysis - By Application
9.1.5 North America OTR Tires Market Forecasts and Analysis - By Countries
9.1.5.1 United States OTR Tires Market
9.1.5.1.1 United States OTR Tires Market by Type
9.1.5.1.2 United States OTR Tires Market by Application
9.1.5.2 Canada OTR Tires Market
9.1.5.2.1 Canada OTR Tires Market by Type
9.1.5.2.2 Canada OTR Tires Market by Application
9.1.5.3 Mexico OTR Tires Market
9.1.5.3.1 Mexico OTR Tires Market by Type
9.1.5.3.2 Mexico OTR Tires Market by Application
9.2. EUROPE
9.2.1 Europe OTR Tires Market Overview
9.2.2 Europe OTR Tires Market Forecasts and Analysis
9.2.3 Europe OTR Tires Market Forecasts and Analysis - By Type
9.2.4 Europe OTR Tires Market Forecasts and Analysis - By Application
9.2.5 Europe OTR Tires Market Forecasts and Analysis - By Countries
9.2.5.1 Germany OTR Tires Market
9.2.5.1.1 Germany OTR Tires Market by Type
9.2.5.1.2 Germany OTR Tires Market by Application
9.2.5.2 France OTR Tires Market
9.2.5.2.1 France OTR Tires Market by Type
9.2.5.2.2 France OTR Tires Market by Application
9.2.5.3 Italy OTR Tires Market
9.2.5.3.1 Italy OTR Tires Market by Type
9.2.5.3.2 Italy OTR Tires Market by Application
9.2.5.4 United Kingdom OTR Tires Market
9.2.5.4.1 United Kingdom OTR Tires Market by Type
9.2.5.4.2 United Kingdom OTR Tires Market by Application
9.2.5.5 Russia OTR Tires Market
9.2.5.5.1 Russia OTR Tires Market by Type
9.2.5.5.2 Russia OTR Tires Market by Application
9.2.5.6 Rest of Europe OTR Tires Market
9.2.5.6.1 Rest of Europe OTR Tires Market by Type
9.2.5.6.2 Rest of Europe OTR Tires Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific OTR Tires Market Overview
9.3.2 Asia-Pacific OTR Tires Market Forecasts and Analysis
9.3.3 Asia-Pacific OTR Tires Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific OTR Tires Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific OTR Tires Market Forecasts and Analysis - By Countries
9.3.5.1 Australia OTR Tires Market
9.3.5.1.1 Australia OTR Tires Market by Type
9.3.5.1.2 Australia OTR Tires Market by Application
9.3.5.2 China OTR Tires Market
9.3.5.2.1 China OTR Tires Market by Type
9.3.5.2.2 China OTR Tires Market by Application
9.3.5.3 India OTR Tires Market
9.3.5.3.1 India OTR Tires Market by Type
9.3.5.3.2 India OTR Tires Market by Application
9.3.5.4 Japan OTR Tires Market
9.3.5.4.1 Japan OTR Tires Market by Type
9.3.5.4.2 Japan OTR Tires Market by Application
9.3.5.5 South Korea OTR Tires Market
9.3.5.5.1 South Korea OTR Tires Market by Type
9.3.5.5.2 South Korea OTR Tires Market by Application
9.3.5.6 Rest of Asia-Pacific OTR Tires Market
9.3.5.6.1 Rest of Asia-Pacific OTR Tires Market by Type
9.3.5.6.2 Rest of Asia-Pacific OTR Tires Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa OTR Tires Market Overview
9.4.2 Middle East and Africa OTR Tires Market Forecasts and Analysis
9.4.3 Middle East and Africa OTR Tires Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa OTR Tires Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa OTR Tires Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa OTR Tires Market
9.4.5.1.1 South Africa OTR Tires Market by Type
9.4.5.1.2 South Africa OTR Tires Market by Application
9.4.5.2 Saudi Arabia OTR Tires Market
9.4.5.2.1 Saudi Arabia OTR Tires Market by Type
9.4.5.2.2 Saudi Arabia OTR Tires Market by Application
9.4.5.3 U.A.E OTR Tires Market
9.4.5.3.1 U.A.E OTR Tires Market by Type
9.4.5.3.2 U.A.E OTR Tires Market by Application
9.4.5.4 Rest of Middle East and Africa OTR Tires Market
9.4.5.4.1 Rest of Middle East and Africa OTR Tires Market by Type
9.4.5.4.2 Rest of Middle East and Africa OTR Tires Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America OTR Tires Market Overview
9.5.2 South and Central America OTR Tires Market Forecasts and Analysis
9.5.3 South and Central America OTR Tires Market Forecasts and Analysis - By Type
9.5.4 South and Central America OTR Tires Market Forecasts and Analysis - By Application
9.5.5 South and Central America OTR Tires Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil OTR Tires Market
9.5.5.1.1 Brazil OTR Tires Market by Type
9.5.5.1.2 Brazil OTR Tires Market by Application
9.5.5.2 Argentina OTR Tires Market
9.5.5.2.1 Argentina OTR Tires Market by Type
9.5.5.2.2 Argentina OTR Tires Market by Application
9.5.5.3 Rest of South and Central America OTR Tires Market
9.5.5.3.1 Rest of South and Central America OTR Tires Market by Type
9.5.5.3.2 Rest of South and Central America OTR Tires Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. OTR TIRES MARKET, KEY COMPANY PROFILES
11.1. BRIDGESTONE CORPORATION
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. CEAT LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CONTINENTAL AG
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HANKOOK TIRE
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. MICHELIN SCA
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NOKIAN HEAVY TYRES LTD
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PIRELLI (PROMETEON TYRE GROUP)
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TBC CORPORATION (SUMITOMO)
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. THE GOODYEAR TIRE AND RUBBER COMPANY
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. YOKOHAMA RUBBER COMPANY
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Bridgestone Corporation
2. CEAT Ltd.
3. Continental AG
4. Hankook Tire
5. Michelin SCA
6. Nokian Heavy Tyres Ltd
7. Pirelli (Prometeon Tyre Group)
8. TBC Corporation (Sumitomo)
9. The Goodyear Tire and Rubber Company
10. Yokohama Rubber Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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