Dublin, June 05, 2024 (GLOBE NEWSWIRE) -- The "Global OTR Tires Market by Application & Equipment (Construction & Mining, Agriculture Tractors By Power Output, Industrial Vehicle, ATVs), Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The OTR tire market is estimated to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030, at a CAGR of 6.5%
OTR tires will be driven by growing economic activities, including mining, construction, port operations, and sophisticated agricultural machinery.
The report's scope covers detailed information regarding the major factors influencing the growth of the OTR tire market. A thorough analysis of the key industry players has provided insights into their business overview, products, key strategies, contracts, partnerships, agreements, new product launches, mergers and acquisitions, recession impact, and recent OTR tire market developments.
According to the Global Infrastructure Hub, global spending on basic infrastructure over transport, power, water, and communications is forecast to total USD 79 trillion from 2016 through 2040, while the actual investment need is USD 94 trillion, which signifies that approximately USD 3.7 trillion is needed each year.
This factor will increase the demand for construction and mining equipment, simultaneously boosting the sales of OTR tires globally. Also, several other factors, including rapid urbanization & industrialization, increased construction & infrastructure development activities, and the demand for agricultural machinery, are projected to boost the demand for OTR tires. The growing trend of electrification and automation in off-highway vehicles would drive technological advancements in the industry.
Global players dominate the OTR tire market and comprise several regional players. The key players in the OTR tire market are Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (US), and Pirelli C . S.p.A (Italy).
The construction equipment solid tires would be the fastest-growing market.
The solid tires segment has many advantages over pneumatic tires, such as increased durability, lower maintenance costs, and longer service life. One of the primary reasons for the rapid growth of solid tires in construction equipment is their durability and resistance to punctures and blowouts. Construction sites are notorious for their rough and often hazardous terrain, which poses significant risks to pneumatic tires.
Solid tires, made of dense rubber or polymer compounds, eliminate the risk of punctures and blowouts, reducing downtime and maintenance costs. These solid tires are used on many types of industrial equipment, including forklifts, Skid-steer loaders, Container handlers, Wheel loaders, Underground equipment, construction equipment, and carts. They are also used in airport vehicles, heavy-duty transport vehicles, and other industrial vehicles. The solid tires are often only fitted to the front axle with a smaller rim size.
This durability makes solid tires attractive to construction companies seeking to minimize equipment-related disruptions and maximize productivity. Moreover, solid tires require minimal maintenance compared to pneumatic tires. Traditional pneumatic tires necessitate regular inflation checks, pressure adjustments, and replacements due to punctures or leaks. In contrast, solid tires are virtually maintenance-free, eliminating the need for air pressure monitoring and tire replacements. This reduced maintenance requirement reduces downtime and operating costs for construction equipment operators, making solid tires an appealing investment for companies seeking to optimize their operations and reduce overhead expenses.
In North America, the construction equipment market is being driven by the need for infrastructure upgrades and the growth of the residential and commercial construction sectors. The region's focus on using advanced technology in construction equipment also contributes to market growth. Whereas in Europe, the Middle East, and Africa, the construction equipment market is being driven by the development of the construction sector, particularly in countries like Turkey, Saudi Arabia, and the United Arab Emirates. The region's focus on implementing sustainable construction practices and using advanced technology in construction equipment contributes to market growth.
Container handlers hold the largest industrial equipment OTR tire market.
Container handlers dominate the Off-the-Road (OTR) tire market due to their pivotal role in port operations and logistics. These specialized machines are designed to lift and transport shipping containers within ports and terminals, handling loads weighing several tons. OTR tires used in container handlers are engineered to bear these heavy loads reliably, making them indispensable for efficient port operations. Their robust construction and durability ensure container handlers can operate continuously, moving containers from ships to storage yards or onto trucks and trains for onward transportation without interruption.
The container handlers, mostly in ports and yards, are the reach stackers, side loaders, top handlers, straddle carriers, and front loaders. Among these, reach stackers are used more due to their versatility and efficiency in handling, moving, and stacking containers, even in constrained spaces. They can stack containers up to three rows deep and adjust to different sizes, making them particularly valuable in busy shipping environments. The type of OTR tires used on container handlers largely depends on their specific operational requirements. Typically, these heavy-duty vehicles are equipped with either pneumatic or solid rubber tires, where pneumatic tires offer a cushioned ride suitable for uneven surfaces.
In contrast, solid rubber tires are favored for their durability and resistance to heavy loads, punctures, and blowouts, providing a reliable solution in rigorous port operations. The growing demand for technologically advanced equipment, new mine sites, and geographical proximity to the US market created growth opportunities for the sale of construction and mining equipment in Canada. The Canada Infrastructure Bank plans to invest USD 139 billion under its long-term infrastructure plan by 2028.
Furthermore, major shipping hubs like Shanghai, Singapore, Rotterdam, and Los Angeles have extensive container terminal operations, requiring a vast fleet of container handlers and a high volume of OTR tires. Also, the economies in developing regions like Southeast Asia and South America have experienced a growth in port activities due to international trade fueling the demand for container handling equipment and their specialized tires.
Europe is the second fastest market in the OTR tire market globally.
The European market is growing due to its robust economy and the presence of leading OTR tire manufacturers such as Continental AG (Germany), Michelin (France), The Goodyear Tire & Rubber Company (US), and Pirelli & C. S.p.A. (Italy). This region also has some significant infrastructure projects, which have increased the demand for OTR tires in this region. In Europe, agriculture tractors have the highest market share followed by wheeled loaders. Also, radial tires have the highest market share, i.e., 90 - 95%, in Europe, as Michelin is the major player in Europe and manufactures and supplies radial tires all over Europe. These radial tires are predominantly chosen for high-horsepower tractors and heavy-duty wheeled loaders engaged in extensive agricultural and industrial operations.
In contrast, bias ply tires, generally more affordable and robust, are occasionally used in smaller or older models. These tractor tire sizes in Europe range from about 24 inches for compact models to over 85 inches for larger agricultural machines. In contrast, wheeled loaders typically range from 17 inches for compact models to 35 inches or more for heavy-duty applications, reflecting the diverse requirements based on vehicle specifications and operational demands.
Germany is Europe's most significant construction market, with the largest building stock. Its construction sector has produced over USD 400 billion in revenue in 2022-2023. This is due to the growing pace of construction and mining activities nationwide. According to World Bank Data, in 2022, Germany had 33.7% of the arable land, around 11.6 million hectares of agricultural land, where the farmers used advanced machinery and equipment. The demand for larger OTR tires and tracks has increased due to the need for higher load-bearing capacity, better traction, and reduced soil compaction. Depending on tire condition, these tractor OTR tires are usually retreaded a maximum of 4 times. In Germany, companies like Marangoni, Recamax, Rosler Tyre Innovators, and Hankook are the major players in retreading.
Europe has some major players in OTR tires, such as The Goodyear Tire & Rubber Company, Yokohama Rubber Co Ltd., Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co. Ltd., Apollo Tyres Ltd., Sumitomo Rubber Industries, Ltd., Balkrishna Industries Limited (BKT) and Aeolus Tyre Co., Ltd.
The report provides insights on the following pointers:
- Analysis of critical drivers (Infrastructure development and growth in construction and mining activities, Shift toward machine-oriented agriculture, Government subsidies for agricultural equipment, Booming aftermarket sales, and increase in off-highway rental equipment), restraints (Availability of low-cost tires from unorganized markets and Commercialized use of integrated advanced sensor-based technologies), opportunities (Global focus on sustainable manufacturing techniques, Increased adoption of retreading method, and Increased sales of ATVs or UTVs), and challenges (High R&D cost, Stringent emission regulations) influencing the growth of the OTR Tire market.
- Product Development/Innovation: Detailed insights on upcoming technologies and new products launched in the OYTR Tire market.
- Market Development: Comprehensive market information - the report analyses the authentication and brand protection market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the OTR tire market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tire & Rubber Company (US), and Pirelli C . S.p.A (Italy), among others, in the OTR tire market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 412 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $4.8 Billion |
| Forecasted Market Value (USD) by 2030 | $7 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Company Profiles
- Continental AG
- Bridgestone Corporation
- Michelin
- The Goodyear Tire & Rubber Company
- Pirelli & C. S.P.A.
- The Yokohama Rubber Co. Ltd.
- Titan International, Inc.
- Nokian Tyres PLC.
- Ceat
- Cma, LLC.
- Eurotire Inc.
- Magna Tyres
- The Carlstar Group, LLC
- The Firestone Tire & Rubber Company
- Techking Tires
- Triangle Tire
- Mrf Tyres
- Jk Tyre & Industries Ltd.
- Apollo Tyres Ltd.
- Balkrishna Industries Limited
- Maxxis International-Usa
- Linglong Tire
- Qingdao Rhino Tire Co. Ltd.
- Otani Tyre
- Belshina
For more information about this report visit https://www.researchandmarkets.com/r/njfc6m
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