About This Report

Off-the-Road (OTR) Tire Market, by Product Type (Radial Tires, Bias Tires, and Non-Pneumatic Tires), By Vehicle Type (Earthmovers, Loader and Dozers, Graders, Material Handling Equipment, and Tractors and Agricultural Equipment), By End-User (Construction, Industrial, Mining, Agriculture, Ports, and Others), and by Region (North America, South America, Europe, Asia Pacific, The Middle East, and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

Off-the-road tires are designed with blocky, heavy-duty tread patterns and puncture-resistant sidewalls that survive bashing through rocks while also maintaining traction in mud and loose sediment. In 2020, the off-the-road (OTR) Tire market is valued at USD 28.1 billion, and it is anticipated to be around USD 40.9 billion by 2027. Over the forecast period, the market is expected to grow at a CAGR of 5.5%. Increasing sales of off-road vehicles will drive market growth and rising investment by the companies for the development of off-the-road tires for a wide range of end-user industrial verticals. Furthermore, the use of alternative cost-effective, and recyclable raw materials for the development of Off-the-road tires is the factor expected to drive the market growth.

Technological advancement in off-the-road tires 

Technological advancement in off-the-road tires has derived the market growth as new materials, and integrated value-added technologies will help OTR tires become more durable, efficient, long-lasting, and cost-efficient as applications become more demanding. For instance, Goodyear has introduced two new digital innovations to help OTR fleets reduce their total cost of ownership. Goodyear Proactive Solutions TPMS (Tire Pressure Monitoring System) Heavy Duty is a data-based solution enabling real-time monitoring of tires in combination with Goodyear premium tires and services, which will help OTR fleets optimize tire performance, reduce downtime and improve total cost of ownership. Goodyear has also introduced an enhanced version of its EMTrack OTR tire performance monitoring system. The EMTrack system enables faster, and more accurate collection of critical tire data like tread depth, inflation levels, and other indicators, helping optimize tire service life, as well as assisting with OTR tire forecasting and budgeting.

Interesting Facts of Off-the-Road (OTR) Tire Market.

• Based on product type, Radials tires have shown significant growth in 2021, as Radials offer lower fuel consumption, better traction, and flotation and improved cut resistance in the tread area, and run much cooler than bias. However, the price of a radial tire is slightly more than a bias tire.

• Based on vehicle type, tractors and agricultural equipment were dominating the off-the-road tire market in 2021. The high demand for modern agriculture vehicles and the rise in farm vehicles especially in emerging economies are also largely influencing the growth of the off-the-road (OTR) tires market.

• Based on end-user, the Construction segment has shown significant growth in 2021, owing to the increase in construction and infrastructure development across the globe.

• APAC will have the highest proportion of the off-the-road (OTR) Tire market, due to the expanding presence of the companies for off-the-road tire production.

• China will have the largest share of the APAC off-the-road (OTR) Tire market due to the rising investment in infrastructural development, which will create the demand for off-the-road vehicles along with the off-the-road tires market.

APAC will account for the largest share of the Off-the-Road (OTR) Tire industry.

The Asia-Pacific market for off-the-road (OTR) Tire is expected to grow the fastest. This trend is expected to be led by major countries such as China and India. China has been dominating the Asia-Pacific off-the-road (OTR) Tire market in 2021, due to the rising investment in the development of off-the-road tire manufacturing facilities. For Instance, Yokohama Rubber Co., Ltd. Has started its production to build a new OTR tire factory at Atchutapuram Industrial Park, Visakhapatnam, Andhra Pradesh, India to expand ATG’s (Alliance Tire Group) tire production capacity. The new plant will have a daily production capacity of 55 tons (rubber weight), with a planned capital investment totaling US$165 million. Construction of the new plant is scheduled to come on line in the first quarter of 2023.

Global Off-the-Road (OTR) Tire Market Key Players

Some of the major competitors in the global off-the-road (OTR) Tire market include Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tire & Rubber, MRF, Continental, Pirelli & C. S.p.A., Cheng-Shin Rubber, and Eurotire.

The increasing technological advancement for product efficiency, facility expansion, rising investment for the development of new manufacturing facilities for off-the-road (OTR) tires, and the launch of new series for off-the-road (OTR) tires. The following are some recent market developments: Bridgestone Americas (Bridgestone) has announced a $12 million investment that will expand production to include popular off-the-road (OTR) tire sizes at its Bloomington plant. The plant will produce multiple sizes and patterns in 29, 33, and 35-inch OTR tires, which until now have only been produced by Bridgestone in Japan. The investment will help to increase the flexibility to produce high-quality radial or bias tires.

Frequently asked questions about the global Off-the-Road (OTR) Tire market

Q: What is the current size of the global Off-the-Road (OTR) Tire market?

Ans: The Off-the-Road (OTR) Tire market was valued at 28.1 billion US$ in 2020 and is projected to reach 40.9 billion US$ by 2027, at a CAGR of 5.5% during the forecast period.

Q: What are the major opportunities in Off-the-Road (OTR) Tire industry?

Ans: Increasing investment in the production of off-the-road (OTR) tires, as well introduction of new product series for off-the-road (OTR) tires, are two of the market's key opportunities.

Q: What is the major growth driving factor for Off-the-Road (OTR) Tire industry?

Ans: The growing technological innovation for product efficiency, product durability, and cost efficiency; and collaboration between companies to provide easy access to off-the-road tires globally are some of the market's primary driving forces (IoT).

Q: Which region is expected to have the largest share of the Off-the-Road (OTR) Tire market?

Ans: Asia Pacific will dominate the off-the-road (OTR) Tire market.

Q: Which end-user segment will dominate the Off-the-Road (OTR) Tire market?

Ans: The agriculture segment is expected to have the largest market share.