Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The "Global OTR Tires Market by Application & Equipment (Construction & Mining, Tractors, Industrial Vehicle, ATV), Tractor Tracks by Power Output, Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket, Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The OTR Tires market is projected to grow from USD 8.7 billion in 2022 to USD 11.4 billion by 2027, at a CAGR of 5.5% over the forecast period.
As per the Global Infrastructure Hub, global investments in infrastructural development are estimated to be worth USD 2.85 trillion in 2022, whereas the estimated investment need is USD 3.3 trillion during the year. These projects require large volumes of equipment to complete the projects. With increasing focus on food security worldwide, countries are increasingly adopting high-level mechanized agricultural practices to increase the yield from the agriculture sector. This has led to an increase in demand for agricultural tractors, leading to a higher demand for OTR Tires. Port and shipment activities around the globe drive the demand for industrial equipment OTR Tires.
Thus, it is evident that increasing economic activities such as construction, mining, and port operations, along with advanced agricultural machinery, will drive the OTR Tires market globally.
Industrial Equipment OTR tires to grow at the fastest rate
Due to the highly globalized market, there has been a significant increase in the volume of goods transported through sea and ocean routes. Handling these goods at ports requires industrial equipment such as aisle trucks, forklifts, tow tractors, and container handlers. According to UNCTAD, there has been a rise in the number of ports by 13% in 2021. With increase in number of ports and sea trades, the demand for industrial vehicles would grow. To handle large containers, container handlers are used to segregate and offload containers from ships. Forklifts are used to unload the goods from these containers to warehouses or cross docks. These are the two major equipments used in port operations hence they are poised to hold a significant share of industrial equipment demand. Thus, it is expected that the industrial equipment demand will drive the demand for industrial OTR tires, especially solid tires used in Forklifts as they are higher in demand in port operations.
North America is the second-largest market for OTR Tires owing to growing construction activities
The mining sector in the US is valued at more than USD 60 billion and is projected to grow in the post-pandemic world. There has been an increase in US rental services companies providing construction and mining equipment. The construction industry in the US is valued at USD 1.6 trillion, primarily driven by large-scale infrastructure projects involving residential and commercial projects. Arable land per person in the US is high, about 0.5 hectares per person, which has increased the demand for large agriculture tractors (>130HP). Big construction projects, an evolving mining industry, and large arable farms will increase demand for respective application equipment hence driving the OTR tires market in the US.
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.
Market Dynamics
Drivers
- Infrastructure Development and Growth in Construction and Mining Activities
- Increased Machine-Oriented Agriculture
- Government Subsidies on Agricultural Equipment
- Growing Aftermarket Sales
- Growth in Off-Highway Equipment Rental Market
Restraints
- Availability of Low-Cost Tires from Unorganized Market
- Commercialized Use of Integrated Advanced Sensor-Based Technologies
Opportunities
- Developing Alternative, Cost-Effective, and Recyclable Raw Materials
- Retreading of Tires
- Increased Sales of ATVs and UTVs
Challenges
- High R&D Cost
- Stringent Emission Regulations
| Report Attribute | Details |
| No. of Pages | 352 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $8.7 Billion |
| Forecasted Market Value (USD) by 2027 | $11.4 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Analyst's Recommendations
7 OTR Tires Market, by Equipment Type
8 OTR Tires Market for Agriculture Tractors, by Power Output
9 OTR Tracks Market for Agriculture Tractors, by Power Output, 2022-2027
10 OTR Tires Market for Industrial Equipment, by Type
11 OTR Tires Market, by Type
12 OTR Tires Market, by Rim Size
13 OTR Tires Retreading Market, by Process
14 OTR Tires Retreading Market, by Application
15 OTR Tires Aftermarket, by Equipment Type
16 OTR Tires Market, by Application
17 OTR Tires Market, by Region
18 Competitive Landscape
19 Company Profiles
20 Appendix
Companies Mentioned
- Apollo Tires Ltd.
- Balkrishna Industries Ltd.
- Belshina
- Bridgestone Corporation
- Carlisle
- Ceat
- Continental Ag
- Double Coin Tire Group Ltd.
- Eurotire
- Firestone
- Goodyear
- Jk Tire & Industries Ltd.
- Linglong Tire
- Magna Tyres Group
- Maxxis International
- Michelin
- Mrf
- Nokian
- Otani Tire Co. Ltd.
- Pirelli
- Qingdao Rhino Tire Co., Ltd.
- Techking Tires Ltd.
- Titan International, Inc.
- Trelleborg Ab
- Triangle Tire
- Yokohama
For more information about this report visit https://www.researchandmarkets.com/r/js4hcv
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