About Off The Road Tires (OTR)
Rapid Advancement in OTR tire technology such as radial tires and non-Pneumatic tires will help to boost global off the road tires market in the forecasted period. Off the road (OTR) tires are specially manufactured to provide traction to vehicles in uneven terrain and expand stability and performance. OTR tires are incorporated on machinery that is utilized in construction, agriculture, mining, and industrial sectors. The growth in the mining and agriculture industry in developing countries, high growth in logistics industries. These are key drivers of global off the road tires market.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
CAGR | 4.56% |
Analyst at AMA Research estimates that Japanese, Chinese and Indian Vendors will contribute the maximum growth to Global Off The Road Tires (OTR) market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Continental AG (Germany), Bridgestone Corporation (Japan), MICHELIN (France), The Good Year Tire Company (United States), Yokohama Tire Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), Nokian Tyres (Finland), China National Tire & Rubber Co., Ltd. (China), JK Tyre & Industries Ltd. (India) and Trelleborg AB (Sweden) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Apollo Tyres Ltd. (India), Titan International Inc. (United States), Balkrishna Industries Limited (India), Triangle Group Co., Ltd. (China) and Prometeon Tyre Group S.R.L. (Italy).
Segmentation Overview
AMA Research has segmented the market of Global Off The Road Tires (OTR) market by Type (Radial, Bias and Belted Bias) and Region.
On the basis of geography, the market of Off The Road Tires (OTR) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia- Pacific region held largest market share in the year 2024. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
If we see Market by , the sub-segment i.e. will boost the Off The Road Tires (OTR) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Government Subsidies on Agriculture Equipment and Rapidly Growing Construction Industry in Emerging Countries
Market Growth Drivers:
Increasing Sales of Off-Highway Vehicles and Rise in Preference for Using Modern Equipment for Farming Activities Has Boosted the Adoption of Tractors
Challenges:
Growing Concern Associated with Volatile Raw Material Prices
Restraints:
Low-Cost Tires from Unorganized Market
Opportunities:
Eco-Friendly Tires Can Be Extended for OTR Tires and Advent of Manufacturing Facilities in Developing Countries Is Fueling the Demand for Industrial Vehicles
Market Leaders and their expansionary development strategies
On 17th March 2019, Michelin North America, Inc., has launched the new MICHELIN® Agilis® CrossClimate® tire for small-business owners and commercial fleets. This tire was designed specifically for ¾- and 1-ton pick-up trucks and vans used in commercial applications, as well as for European van platforms that have become increasingly popular in the North American market.
On 20th June 2018, Michelin North America, Inc., has launched its most aggressive drive-axle tire, specifically made for the energy sector and logging fleets operating in extreme conditions.
Key Target Audience
Manufactures of Off the Road Tires (OTR), Suppliers and Distributors, Industry Associations Related to Automobiles, Government and Private Research Organizations, Government Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.