The global OTR tires market size is expected to reach USD 13.55 billion by 2030 according to a new study by Polaris Market Research. The report “OTR Tires Market Share, Size, Trends, Industry Analysis Report, By Application (Agriculture, Construction, Material Handling, Mining, Others); By Process (Pre-Cure, Mold Cure); By Equipment; By Construction; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increased infrastructural development in emerging economies is driving up demand for agriculture tractors and construction and mining equipment. The increased use of machines has raised the demand for tire replacement, which is expected to increase tire demand. Another driver projected to fuel the growth of the industry is the rise in government sponsorships on a variety of agricultural equipment and tools, which has resulted in a surge in popularity around the world.
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Furthermore, the popularity of off-road vehicles in developed and developing countries and the increase of development activities around the world are likely to aid the growth of the industry during the forecast period. Additionally, the need for construction and mining equipment has risen as worldwide building and mining operations and global infrastructure spending have increased. Because the increase in demand for these vehicles directly impacts the OTR tire industry, the industry is likely to grow as infrastructure improves.
Based on the application, the agriculture segment accounted for the leading share in 2021. The agriculture industry had the greatest share in the industry. The rise in agricultural operations and farmers' income has increased tractors and other agricultural machinery, which is propelling the industry forward. In the anticipated timeframe, infrastructure development in developing countries is expected to expand significantly. As a result, construction and mining trucks are fast expanding in emerging countries, increasing the demand for the industry.
Market players such as Michelin, Titan International, Inc., Ceat, Continental AG, Bridgestone Corporation, Double Coin Tire Group Ltd, Goodyear Tires, Yokohama, MRF, Nokian, Pirelli, Sumitomo, Techking Tires Ltd, Trelleborg AB, and Hankook Tire are some key players operating in the global industry.
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations globally. In October 2021, Yokohama's commercial tire selection was announced. The manufacturer released the 124R and 505C commercial tire. The 124R radial tire is available in three sizes: 17.5 inches, 19.5 inches, and 22.5 inches. The 505C tire is available in three different sizes: 385/65R/22.5, 425/65R/22.5, and 445/65R/22.5. Wide blocks and ribs, step grooves, and a high-strength belt distinguish the 505C tire. These tire properties provide traction, forceful braking, and long-term durability, which are important in off-highway applications.
Polaris Market Research has segmented the OTR tires market report based on equipment, application, construction, process, and region:
OTR Tires, Equipment Outlook (Revenue - USD Billion, 2018 - 2030)
OTR Tires, Application Outlook (Revenue - USD Billion, 2018 - 2030)
OTR Tires, Construction Outlook (Revenue - USD Billion, 2018 - 2030)
OTR Tires, Process Outlook (Revenue - USD Billion, 2018 - 2030)
OTR Tires, Regional Outlook (Revenue - USD Billion, 2018 - 2030)