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Pulished Date April, 2021
ID: 9827
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OTR Tires Market Segmentation by Product Type (Radial Tires, Bias Tires, Non-Pneumatic Tires), By Vehicle Type (Earthmovers, Loaders and Dozers, Graders, Material Handling Equipment, Tractors and Agricultural Equipment), By End-Users (Construction, Industrial, Mining, Agriculture, Ports, Others), By Target (OEMs, Aftermarket)- Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2026.

Pulished: April, 2021
ID: 9827
Pages: 175

Market Overview:

Global OTR tires market was valued at around $ 19 billion in 2021 and is projected to cross $ 31 billion by 2026, on the basis of a growing number of infrastructure development projects worldwide. Global OTR tires market is likely to grow at a CAGR of 4.2% during the 2021-2026 forecast period.

Off the road (OTR) tires are primarily utilized in heavy-duty vehicles for applications in mining and the housing industry. Growth of the housing industry in developing countries has bolstered the demand for construction and material handling equipment and is probably going to compel the expansion of OTR tires market significantly. Both mining and construction customers are increasingly searching for extra service, like tire tracks while procuring tires.

Rapid development within the construction of road & railway network, power supplies, housing infrastructure, industrial structures, etc. have led to the economic process of several countries across the world. Market demand for OTR tires from mining is softening, and hence there exists a chance to renegotiate with suppliers. However, the need for OTR tires from the mining industry is predicted to surge and attain notable a share by 2020. 

The OTC tires industry forecast predicts that demand is anticipated to enhance because of market conditions. The global business would be driven by increasing commodity price and the current abundant supply of massive OTR tires. The off-road tire industry forecast shows that on-going development in new technologies is predicted to cause a substantial seismic shift within the way OTR tire industry is doing the business, discarding the old model of selling and servicing such tires.

Recent Developments:

· Bridgestone Corporation (Bridgestone), the renowned tire and rubber manufacturer and a Worldwide Olympic and Paralympic Partner, has formed its most massive global roster of Team Bridgestone athlete ambassadors so far to promote the Olympic and Paralympic Games Tokyo 2020, which can be hosted within the home of the company's global headquarters. 

· Bridgestone Corporation announced the launch of the BATTLAX BT46 touring motorcycle bias tires. These tires are going to be available in eight front tire sizes and 17 rear tire sizes when released in each market starting in February 2020. 

· The Goodyear Tire & Rubber Company announced that it plans to start production of 63-inch, 12,000-pound off-the-road (OTR) tires. Demand for top-performing quality tires within the 63-inch size used exclusively on the most essential earthmoving and mining equipment has exceeded supply globally for a few time. This demand remains strong, even during the present economic slowdown, due to the economic advantages these tires deliver to customers in longer run hours and fewer downtime. 

· The Goodyear Tire & Rubber Company has acquired one hundred pc ownership of its Nippon Giant Tire (NGT) subsidiary in Tatsuno, Japan. Goodyear, the bulk shareholder of NGT since 1985, has purchased the shares owned by its venture partners, Toyo Tire & Rubber Co., Ltd. and Mitsubishi Corporation, for an undisclosed amount. 

Drivers and Restraints of OTR Tires Market:

Drivers:

The proliferation of mining and quarrying industry and the rising sales and fleet of off-road vehicles, globally, is predicted to spice up sales of OTR tires in the coming years. Growing mechanization of farms to extend the agriculture output and reduce the labor cost is additionally resulting in the improved use of agriculture equipment, which is moreover fueling the demand for OTR tires across the planet. A number of the different vital factors that might positively influence the global OTR tires market are technological improvements, extending distributor & dealership network, rising adoption of radial tires and enhancing penetration of Chinese tires. Surging demand from construction is predicted to bring new suppliers to the market in medium and enormous OTR tire segment, thus expanding the alternatives for end-user and making it critical for them to settle on their supply partner.

Restraints:

One challenge in global OTR tires market is the shift of the energy sector towards renewable energy generation, which is predicted to adversely impact the expansion of coal and other non-renewable fossil fuels mining activities. 

Market Segmentation:

 By Product Type:

  • Radial Tires
  • Bias Tires
  • Non-Pneumatic Tires

By Vehicle Type:

  • Earthmovers
  • Loader and Dozers
  • Graders
  • Material Handling Equipment
  • Tractors and Agricultural Equipment

By End-Users:

  • Construction
  • Industrial
  • Mining
  • Agriculture
  • Ports
  • Other (Defense etc.) 

A significant decline in coal mining is anticipated within the upcoming years, because of growing dependence on alternative energies, including environmental/regulatory pressure. This is able to drive down the OTR tire demand from coal miners, thus providing opportunities for others to lock their capacity for the upcoming years and develop an upper-hand in negotiation with the suppliers.

By Target Market:

  • OEMs
  • Aftermarket

Original Equipment Manufacturers (OEMs) demand is predicted to surpass the aftermarket demand by 2–4 percent. The OE demand continues to grow in a mature market, as demand for tires utilized in infrastructure is at a continuing rise. Demand for large/ultra-large OTR tires is predicted to grow between 3 percent and 6 percent annually, which is fueled by increased demand from commodities like gold. All commodity segments, except gold, will contract over the subsequent years.

OTR Tires Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

The Asia Pacific OTR tires market will dominate the global business in terms of growth prospects until 2020. Shift of market focus from product to service has been witnessed as an emerging trend altogether the main regions to optimize buyer's total cost of ownership.

Key Players of Market:

Some of the key players of this market include Compagnie Générale des Établissements Michelin (CGEM), Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Continental Aktiengesellschaft, Balkrishna Industries Limited, Toyo Tire & Rubber Company, Apollo Tyres Ltd., Hankook Tire Co. Ltd. and Cooper Tire & Rubber Company.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 OTR Tires Market, By Product Type            

                    6.1.1 Radial Tires   

                    6.1.2 Bias Tires      

                    6.1.3 Non-Pneumatic Tires         

                    6.1.4 Market Size Estimations & Forecasts (2019-2024)        

                    6.1.5 Y-o-Y Growth Rate Analysis         

                    6.1.6 Market Attractiveness Index         

          6.2 OTR Tires Market, By Vehicle Type             

                    6.2.1 Earthmovers  

                    6.2.2 Loaders and Dozers 

                    6.2.3 Graders         

                    6.2.4 Material Handling Equipment        

                    6.2.5 Tractors and Agricultural Equipment       

                    6.2.6 Market Size Estimations & Forecasts (2019-2024)        

                    6.2.7 Y-o-Y Growth Rate Analysis         

                    6.2.8 Market Attractiveness Index         

          6.3 OTR Tires Market, By End-User                  

                    6.3.1 Construction  

                    6.3.2 Industrial       

                    6.3.3 Mining 

                    6.3.4 Agriculture     

                    6.3.5 Ports   

                    6.3.6 Market Size Estimations & Forecasts (2019-2024)        

                    6.3.7 Y-o-Y Growth Rate Analysis         

                    6.3.8 Market Attractiveness Index         

          6.4 OTR Tires Market, By Target            

                    6.4.1 OEMs  

                    6.4.2 Aftermarket   

                    6.4.3 Market Size Estimations & Forecasts (2019-2024)        

                    6.4.4 Y-o-Y Growth Rate Analysis         

                    6.4.5 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By Product Type       

                    7.2.3 By Vehicle Type        

                    7.2.4 By End-User   

                    7.2.5 By Target       

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By Product Type       

                    7.3.3 By Vehicle Type        

                    7.3.4 By End-User   

                    7.3.5 By Target       

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By Product Type       

                    7.4.3 By Vehicle Type        

                    7.4.4 By End-User   

                    7.4.5 By Target       

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By Product Type       

                    7.5.3 By Vehicle Type        

                    7.5.4 By End-User   

                    7.5.5 By Target       

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By Product Type       

                    7.6.3 By Vehicle Type        

                    7.6.4 By End-User   

                    7.6.5 By Target       

8. Key Player Analysis                           

          8.1 Compagnie Générale des Établissements Michelin          

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Bridgestone Corporation                  

          8.3 The Goodyear Tire & Rubber Company                 

          8.4 The Yokohama Rubber Co., Ltd                 

          8.5 Continental Aktiengesellschaft                   

          8.6 Balkrishna Industries Limited          

          8.7 Toyo Tire & Rubber Company          

          8.8 Apollo Tyres Ltd.                  

          8.9 Hankook Tire Co. Ltd            

          8.10 Cooper Tire & Rubber Company               

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms By Cutting Systems and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global OTR Tires Market By Region, From 2021-2026 ( USD Billion )
  2. Global OTR Tires Market By Product Type, From 2021-2026 ( USD Billion )
  3. Global Radial Tires Market By Region, From 2021-2026 ( USD Billion )
  4. Global Bias Tires Market By Region, From 2021-2026 ( USD Billion )
  5. Global Non-Pneumatic Tires Market By Region, From 2021-2026 ( USD Billion )
  6. Global OTR Tires Market By Vehicle Type, From 2021-2026 ( USD Billion )
  7. Global Earthmovers Market By Region, From 2021-2026 ( USD Billion )
  8. Global Loaders and Dozers Market By Region, From 2021-2026 ( USD Billion )
  9. Global Graders Market By Region, From 2021-2026 ( USD Billion )
  10. Global Material Handling Equipment Market By Region, From 2021-2026 ( USD Billion )
  11. Global Tractors and Agricultural Equipment Market By Region, From 2021-2026 ( USD Billion )
  12. Global OTR Tires Market By End-User, From 2021-2026 ( USD Billion )
  13. Global Construction Market By Region, From 2021-2026 ( USD Billion )
  14. Global Industrial Market By Region, From 2021-2026 ( USD Billion )
  15. Global Mining Market By Region, From 2021-2026 ( USD Billion )
  16. Global Agriculture Market By Region, From 2021-2026 ( USD Billion )
  17. Global Ports Market By Region, From 2021-2026 ( USD Billion )
  18. Global OTR Tires Market By Target, From 2021-2026 ( USD Billion )
  19. Global OEMs Market By Region, From 2021-2026 ( USD Billion )
  20. Global Aftermarket Market By Region, From 2021-2026 ( USD Billion )

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