Nova one advisor presents a new report on Off-The Road [OTR] Tire Market size, share, growth, industry trends, and forecast 2027, covering various industry elements and growth trends helpful for predicting the market’s future.
Global Off-The Road [OTR] Tire Market is valued approximately USD 9.1 billion by 2027 and is anticipated to grow with a healthy growth rate of more than 2.9 % over the forecast period 2021-2027.
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Off-the-road (OTR) tires are largely utilized in heavy-duty vehicles for off-road applications in the mining, agriculture logistics, and housing industries. Off-the-road (OTR) tires are designed to improve performance and stability and provide traction on different unpaved surfaces including sand, mud, dirt, and others. The growth of the housing industry in developing countries has fueledthe demand for construction and material handling equipment, which in turn isexpected to boostthe growth of the off-the-road tires market significantly. Off-the-road (OTR) tires are widely used at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others. Moreover, the growth of the market is further driven by the rise inthe use of off-the-road vehicles such ascranes, wheel loaders, telescopic handlers, tractors, and special purpose vehicles.
Drivers of Off-the Road (OTR) Tire Market
Rise in medium-sized farmers across globe is fueling the demand for agricultural equipment, which is fueling the demand for agriculture tires across the globe. Increase in industrialization across the globe has boosted transportation activities. Intercity transport activities, including B2B and B2C trade are growing, which drives the demand for compact and fast transport vehicles to effectively navigate around cities. This is propelling the global off-the-road (OTR) tire market.
Growing population and rising consumer income across the globe are likely to shift agriculture sector toward mechanization, which is likely to boost the off-the-road (OTR) tire market across the globe. Rising technological development in tires, including connected tires and TreadStat rim management system, which provides information before the breakdown of the vehicle. This is anticipated to propel the off-the-road (OTR) tire market across the globe.
Segmentation of Off-the-Road (OTR) Tire Market analysis:
The global off-the-road (OTR) tire market has been segmented based on tire type, industry type, rim size, sales channel, and region
Based on tire type, the bias tire segment dominated the global off-the-road (OTR) tire market. Bias tires provide smoother ride on rough surfaces, as compared to radial tires. Additionally, bias tires are less expensive as compared to other radial tires. Followed by the bias tire segment, the radial tire segment also held a significant share of the off-the-road (OTR) tire market.
Based on industry type, the agriculture segment held a major share of the global off-the-road (OTR) tire market. Rise in demand for agriculture tractors across the globe is likely to increase the demand for OTR tires, as they possess high load carrying capacity, which, in turn, is likely to propel the off-the-road (OTR) tire market across the globe.
Expansion of Off-The Road (OTR) Tire Market
Growing acquisitions and agreements between leading tire manufacturers across the globe are factors boosting the off-the-road (OTR) tire market across the globe. In 2020, Apollo Tyres launched a new bias tire series called nGR. These new tires are fuel-efficient and can lower fuel consumption by5% to 10% and offer25.6% lower rolling resistance as compared to that offered by its standard product. The recent launch of the new fuel-efficient tires is in light of the new BS-VI norm adopted in India, wherein the company is updating not just its bias tires but also the PCR tires. China witnessed a surge in both general trade volume and proportion, escalating to 15.70 Trn Yuan. China trade volume accounted for 56.9% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on industry type, the global off-the-road (OTR) tire market has been classified into construction & mining, agriculture, and industrial. Agriculture is likely to be a highly lucrative segment during the forecast period. The rise in demand for agriculture tractors is estimated to drive the demand for OTR tires across the globe. Based on tire type, the bias tire segment accounted for a significant share of the global off-the-road (OTR) tire market. Rise in construction activities across the globe is likely to fuel the demand for heavy vehicles, which in turn is anticipated to boost the off-the-road (OTR) tire market across the globe.
Regional Analysis :
In terms of region, the global off-the-road (OTR) tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global off-the-road (OTR) tire market in 2020. It is anticipated to hold a leading market share during the forecast period, as major countries across the Asia Pacific are dependent on farming, which is likely to increase the demand for farm equipment and agriculture vehicles across the region. This is likely to boost the off-the-road (OTR) tire market across the region.
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Recent report on the Off-The Road [OTR] Tire market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Off-The Road [OTR] Tire market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Off-The Road [OTR] Tire market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Off-The Road [OTR] Tire market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Off-The Road [OTR] Tire market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Off-The Road [OTR] Tire market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Off-The Road [OTR] Tire market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Off-The Road [OTR] Tire market is analyzed at both regional and country levels.
Some of the prominent players in the Off-the Road [OTR] Tire Market include: Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Continental AG, YOKOHAMA Rubber CO. Ltd., Sumitomo Tires, Apollo Tyres Ltd., Nokian Tyres, China Rubber Tire & Rubber Co. Ltd, Prometeon Tyre Group S.R.L., BKT Tire, Qingdao Rhino Tyre Co., Ltd., Titan, International, Inc., Trelleborg AB, and Triangle Group Co. Ltd.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Off-The-Road (OTR) Tire Market, by Tire Type
- Off-The-Road (OTR) Tire Market, by Industry Type
- Construction & Mining
- Articulated Dump Truck
- Rigid Dump Truck
- Motor Scrapper
- Motor Grader
- Construction & Mining
- Agriculture Equipment
- Electric Rider Trucks
- Electric Warehouse Trucks
- IC Trucks
- Off-The-Road (OTR) Tire Market, by Rim Size
- Off-The-Road (OTR) Tire Market, by Sales Channel
- Construction & Mining
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Off-The Road [OTR] Tire market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Off-The Road [OTR] Tire market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Off-The Road [OTR] Tire market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
22.214.171.124. List of Suppliers
126.96.36.199. List of Buyers
Chapter 7. Global Off-the Road [OTR] Tire Market, By Tire Type
7.1. Off-the Road [OTR] Tire Market, by Tire Type, 2021-2027
188.8.131.52. Market Revenue and Forecast (2016-2027)
184.108.40.206. Market Revenue and Forecast (2016-2027)
220.127.116.11. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Off-the Road [OTR] Tire Market, By Industry Type
8.1. Off-the Road [OTR] Tire Market, by Industry Type, 2021-2027
8.1.1. Construction & Mining
18.104.22.168. Market Revenue and Forecast (2016-2027)
22.214.171.124. Market Revenue and Forecast (2016-2027)
126.96.36.199. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Off-the Road [OTR] Tire Market, By Rim Size
9.1. Off-the Road [OTR] Tire Market, by Rim Size, 2021-2027
188.8.131.52. Market Revenue and Forecast (2016-2027)
184.108.40.206. Market Revenue and Forecast (2016-2027)
220.127.116.11. Market Revenue and Forecast (2016-2027)
Chapter 10.Global Off-the Road [OTR] Tire Market, By Sales Channel
10.1. Off-the Road [OTR] Tire Market, by Sales Channel, 2021-2027
10.1.1.1. Market Revenue and Forecast (2016-2027)
10.1.2.1. Market Revenue and Forecast (2016-2027)
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The purpose of Nova one advisor’s Off-The Road [OTR] Tire market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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