Global OTR Tires Market Overview
The key driver impacting the OTR tires market is the increasing need for farm mechanization to fulfill the growing demand for food by the rising population. For instance, According to the World Population datasheet, the worldwide population is projected to arrive at 9.9 billion by 2050, increasing over 25% from the present 2020 population of 7.8 billion. Therefore, food demand is forecasted to grow by approximately 59% to 98% by the year 2050. The ever-increasing demand for food necessitates the emerging need for farm mechanization. In addition, the rising government subsidies on agriculture equipment are also positively impacting the market. Moreover, the expanding off-highway vehicle sales and mounting mining activities contribute to OTR tires market demand in the coming years. Whereas with regards to volume, the market was calculated XX Units in 2023 and foreseen to grow with a CAGR of XX% during 2024-2032.
According to Value Market Research, the global OTR Tires market size was valued at about USD 9.64 Billion in 2023 and is estimated to grow at a CAGR of around 6.5% during the forecast period 2024 to 2032.
The increase in agricultural activities and infrastructural developments will likely augment the need for an OTR tire in the forecast period. However, the extreme weather conditions and customization that lead to high R&D expenditure may hamper the market in the long run. Also, fluctuating raw material prices are negatively impacting the growth of the market. Nonetheless, the current industry trends, such as the massive spending on research and development activities and the growing focus of OTR tire manufacturers towards the production of eco-friendly OTR tires, are expected to offer several beneficial market opportunities to the key players.
The OTR tires market is vast, with many local and global players. The OTR tires market is extensive, with many regional and international players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players included in the report are Continental, Bridgestone, Nokian, CEAT, Michelin, Pirelli, Goodyear, and CEAT.
In this research report, the OTR Tires market is segmented by application, process, type and region.
Analysis by Application:
By application, the report is categorized into agriculture tractors, industrial equipment, and construction and mining equipment. The Agriculture Tractors segment dominates the application segment with over 55% share in 2020. It is due to the rapidly growing agriculture sector across the globe. Moreover, the rise in government subsidies on many agricultural types of equipment and machinery is contributing to the growth of the agriculture tractors segment in the forecast period.
Analysis by Process:
By Process, the report is categorized into pre-cure and mold cure. The pre-cure segment dominates the process segment with over 60% share in 2020. The pre-cure process is majorly adopted as it is cost-effective as compared to a very costly mold cure. Moreover, it does not require many skills as it is simple and economical, thus contributing to the pre-cure segment's growth in the forecast period.
Analysis by Type:
By type, the report is categorized into Wheeled and Track. The Wheeled segment dominates the type segment with over 60% share in 2020.
Analysis by Region:
In the regional outlook of the global OTR tires market, the Asia Pacific region is expected to hold the second-largest market share of around 40% in the forecast period. It is due to the procurement of off-highway vehicles in countries such as China and India. Also, agriculture is the primary occupation across the economies like India, China, Vietnam; thereby, the procurement of agricultural machinery is considerably high, thus adding growth to the regional market. Moreover, the growing construction and mining sector across India and China contributes to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Application
- Agriculture Tractors
- Industrial Equipment
- Construction and Mining Equipment
By Process
By Type
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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