The OTR tires market was valued at USD 5.34 Billion in 2018 and is projected to grow at a CAGR of 4.64% during the forecast period to reach to USD 7.68 Billion by 2025

The OTR tires market was valued at USD 6.34 Billion in 2018 and is projected to grow at a CAGR of 4.64% during the forecast period to reach to USD 7.68 Billion by 2025.

The OTR tires market is projected to grow due to the increasing demand for agriculture tractors, construction & mining equipment fueled by mechanization and high infrastructural development in developing countries. Due to increased machine hours, the tire replacement time has seen a slight decline in recent times. Retreaded tires cost 1/3rd of the price of new tires and have good durability. Thus, the market for retreaded tires is projected to grow significantly in near future.

OTR tires manufacturers have adopted new product development and geographical expansion as major strategies to gain traction in the OTR Tires market. The key market players include Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), and Pirelli (Italy).

Market Dynamics

Drivers

  • Increasing Sales of Off-Highway Vehicles
  • Increase in Construction Activities
  • Increasing Farm Mechanization
  • Government Subsidies on Agriculture Equipment
  • High Cost of New Tires Will Boost the Retreading Market

Restraints

  • Extreme Weather Conditions and Customization Lead to High R&D Expenditure
  • Low-Cost Tires From Unorganized Market
  • Decreasing Sales From Organized Market/Channels
  • Low Cost of Chinese Tires: Responsible Factors

Opportunities

  • Eco-Friendly Tires Can Be Extended for OTR Tires

Challenges

  • Fluctuating Raw Material Prices

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Impact Analysis

7 OTR Tires Market, by Construction & Mining Equipment

8 OTR Tires Market, by Agriculture Tractors

9 OTR Tires Market, by Industrial Equipment

10 OTR Tires Market, by Type

11 OTR Tires Market, by Application & Region

12 OTR Tires Retreading Market, by Process

13 OTR Tires Retreading Market, by Application & Region

14 Competitive Landscape

15 Company Profiles

  • Bridgestone
  • Ceat
  • Continental
  • Goodyear
  • Hankook Tire
  • Michelin
  • Nokian
  • Pirelli
  • Sumitomo
  • Yokohama