Off the Road (OTR) Tire Market for Automotive Expected to Surpass US$ 29 Bn, Globally, by 2026

Off The Road (OTR) Tire Market – Snapshot

Off the road (OTR) tires are designed to offer traction to vehicles in uneven terrain and improve stability and performance. OTR tires are incorporated on machinery that are utilized in construction, mining, agriculture, and industrial sectors.

Increasing population and demand for higher yield is driving the demand for tractors and agriculture equipment vehicles, thereby driving the demand for OTR tires. Increase in preference for using modern equipment for farming activities has boosted the adoption of tractors, which in turn is driving the OTR tire market. China and India lead the global agriculture tractor market in terms of sales and hence, are highly attractive markets for OTR tire. Developing countries such as China, India, Brazil, and Mexico are investing considerably in construction, thus employing a high numbers of construction vehicles. This, in turn, is driving the OTR tire market. China invested around US$ 9 Bn in construction projects with 16 countries across Europe, as a part of the "Belt and Road Initiative", in 2017. Initiation of bilateral agreements and development of intercontinental routes to improve trade are expected to drive the demand for construction vehicles, which in turn is anticipated to boost the OTR tire market. Advent of manufacturing facilities in developing countries is fueling the demand for industrial vehicles, such as warehouse forklifts and trucks, in these countries, thereby propelling the demand for OTR tires.

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Rising commodity prices of natural rubber and demand-supply gap in the industry are challenges to the OTR tire market. Manufacturing of giant OTR tire (57’’- 63’’) requires significant capital investment, which is a key factor restraining the market.

The global OTR tire market has been segmented based on industry, tire type, rim type, aftermarket industry type, and sales channel. In terms of industry, the global OTR tire market has been classified into construction & mining, agriculture, and industrial. The agriculture segment held a major market share In Asia Pacific & North America region. In terms of industry, the agriculture segment is expected to lead the global market. Usage of agricultural tractors and equipment, in order to meet the rising consumer demand, has led to utilization of high number of OTR tires for such vehicles.

In terms of tire type, the global OTR tire market has been segregated into radial type and two other segments. The radial segment is expected to expand at a significant growth rate during the forecast period. Increase in adoption of radial tires witnessed in Asia Pacific & Latin America, where bias tires have a dominant position, is expected to boost the radial segment. Solid tires are widely utilized in industrial vehicles and have high demand in Europe. Rising usage of forklifts in warehouse and facilities is expected to boost the demand for solid tires.

Based on rim size, the global OTR tire market has been split into

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