Industry Background:
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.
According to AMA, the market for Off The Road Tires (OTR) is expected to register a CAGR of 4.56% during the forecast period to 2026. This growth is primarily driven by Increasing Sales of Off-Highway Vehicles and Rise in Preference for Using Modern Equipment for Farming Activities Has Boosted the Adoption of Tractors.
Globally, a noticeable market trend is evident Government Subsidies on Agriculture Equipment
. The Tires & Rubber sector in the Asia- Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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.
Market Drivers
- Increasing Sales of Off-Highway Vehicles
- Rise in Preference for Using Modern Equipment for Farming Activities Has Boosted the Adoption of Tractors
Market Trend
- Government Subsidies on Agriculture Equipment
- Rapidly Growing Construction Industry in Emerging Countries
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
Challenges
Growing Concern Associated with Volatile Raw Material Prices
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Off The Road Tires (OTR) Study Sheds Light on
The Off The Road Tires (OTR) Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Off The Road Tires (OTR) industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Off The Road Tires (OTR) industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.