Global OTR Tire Market Share to Reach $7.0 Billion by 2030
The OTR Tire Market Share is expected to witness substantial growth, reaching a valuation of $7.0 billion by 2030. This growth is primarily driven by the increasing demand from industries such as mining, construction, and agriculture, where off-the-road (OTR) tires play a crucial role in handling challenging terrains and heavy machinery. As infrastructure projects and industrial activities continue to expand globally, especially in emerging economies, the demand for OTR tires is rising, leading to significant gains in market share for key manufacturers.
Leading companies in the OTR Tire Market are focusing on
technological advancements, such as durable tire materials, enhanced tread
designs, and tire pressure monitoring systems (TPMS), to improve performance
and efficiency. These innovations, combined with the expansion of distribution
networks and strategic partnerships, are contributing to a more competitive OTR
Tire Market Share landscape. Major players like Bridgestone, Michelin, and
Goodyear are expected to maintain their dominance, while regional manufacturers
also gain momentum, particularly in Asia-Pacific and Latin America.
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31-70 HP tractors hold the highest market share for the
OTR tires in the agricultural tractors segment.
There is a sizable market for 31–70 HP tractors in densely
populated nations with low per capita arable land. For instance, the amount of
arable land per person in countries like China and India is <0.1 hectares,
suggesting that these nations have more farmers than others. Furthermore, the
government's subsidies to low-income farmers have accelerated the mechanization
rate in these nations. Take the Indian government's Macro-Management
Agricultural Schemes, for instance, where farmers purchasing tractors with 35
horsepower can receive a 25% subsidy.
Tractor models in the market usually range from small
gardens to large ones used on extensive farms or construction sites. Each type
requires different tire specifications for optimal performance. For instance,
compact tractors (<70 HP) often use tires about 24-30 inches in diameter.
Mid-range utility tractors (71–250 HP), used more broadly in agriculture,
typically have rear tires ranging from 30-46 inches. The largest agricultural
tractors (above 250 HP), which require the most power and carry the heaviest
loads, can have tires up to 85 inches in diameter. Hence, the need for OTR
tires changes depending on the tractor size.
North America is the second-largest region in the OTR
Tire market.
North America has a large construction industry that
requires heavy machinery and equipment, which drives the demand for OTR tires
in the region. The USGS (United States Geological Survey) released the Mineral
Commodity Summaries 2024, highlighting that US mineral production contributed
more than 105 billion dollars to the US economy in 2023, a 4 billion increase
over 2022. This increased mining and industrial activities in North America has
increased the requirement of heavy machinery and equipment, including OTR
tires, to operate efficiently. The construction and mining vehicle used more in
North America is the rigid dump truck, commonly used for hauling heavy loads in
mining and construction operations. The OTR tire size used most in rigid dump
trucks is the 57/65R63, a standard size for these vehicles due to its high load
capacity and durability. The tire is often retreaded or purchased from the
aftermarket to ensure the continued operation of the rigid dump truck.
Companies such as Marangoni, Michelin, Vipal, Oliver, and Bandag are North
America's primary suppliers for retreaded OTR tires.
Key Players
Major manufacturers in the OTR tire market include
Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France),
The Goodyear Tire & Rubber Company (US), and Pirelli C . S.p.A (Italy).
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