不RTires Market Share, Size, Trends, Industry Analysis Report, By Application (Agriculture, Construction, Material Handling, Mining, Others); By Process (Pre-Cure, Mold Cure); By Equipment; By Construction; By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 114
- Format: PDF
- Report ID: PM2307
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global OTR tires market was valued at USD 8.74 billion in 2021 and is expected to grow at a CAGR of 5.2% during the forecast period. Due to the general effect of globalization, most emerging countries have seen significant expansion in infrastructure construction. Infrastructure comprises a developing transportation network, significant investments in roads, bridges, and tunnels to make commuting easier, an improved supply chain network to facilitate trade, expanding manufacturing industries, and building construction.
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With high labor costs, the need for improved productivity, and making the most use of resources, demand for advanced machines is likely to fuel demand for construction and mining equipment. According to the Global Infrastructure Outlook, infrastructural development investments would be valued at USD 2.8 trillion in 2021, while the expected investment demand will be USD 3.2 trillion. Infrastructure investments by both the private sector and the government are expected to rise, resulting in increased demand for construction and mining equipment.
On the other hand, OTR tires are used in a wide range of commercial OTR vehicles, such as those used in construction, agriculture, mining, and industrial. They are made and modified to function in various difficult conditions, including high load-bearing, uneven surfaces, various weather conditions, and traction. Material compositions, tread patterns, and other OTR tires properties vary depending on the vehicle type and requirements. OTR tires design, manufacturing, and testing are all R&D processes that consider all of the needs and standards.
Large, specialized press machines are used to produce OTR tires, where processes such as vulcanization and curing take place. The cost of raw materials and the cost of press machines are high in producing OTR tires. As a result, no market participant can afford to invest heavily in research and development. Additionally, construction and mining equipment require a strong load-bearing OTR tire with a robust design and treads for excellent traction, whereas agriculture equipment requires a variety of tires, including tractors.
In the case of OTR tires, usage patterns and conditions determine whether they need to be retread or replaced. Tire sizes vary based on the application and terrain, necessitating developing and testing a wide range of tire sizes. Customizations, a broad product variety, technological advancements, and demand fluctuations drive increasing R&D expenditures. Because research expenses are higher, manufacturers concentrate on their existing product lines, limiting the growth of the OTR tires market's newest divisions.
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Industry Dynamics
Growth Drivers
Product launches with innovations and major players' development of tire recycling plants. For instance, in March 2021, The EV-4M Port Handler was introduced by Goodyear. The new tire features a strong bead bundle, side inserts, a stronger wedge, and a durable casing. Higher efficiency, improved treadwear, stability, durability, comfort, and operational efficiency benefit these qualities.
Container handlers, stackers, carriers, sprinter carriers, and other equipment can use the new EV-4M Port Handler, which comes in new 450/95R25 sizes. In addition, in February 2021, Michelin announced that it is working on the recycling plant alongside Environ, a Swedish firm. The factory is located in Chile's Antofagasta area. A total of 30,000 tons of earthmover tire would be recycled each year at the facility. Carbon black, for example, is a reusable substance produced by the corporation. Thus, these are the factors that boost market growth during the forecast period.
Report Segmentation
The market is primarily segmented based on equipment, application, construction, process, and region.
By Equipment |
By Application |
By Construction |
By Process |
By Region |
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Insight by Type
Based on the construction market segment, the bias tires segment is expected to be the most significant revenue contributor in the global market in 2021 and is expected to retain its dominance in the foreseen period. The global OTR tires market was led by biased tires. Compared to spiral tire, bias tire provides a smoother ride on rough surfaces. In addition, as compared to other spiral tires, bias tires are less expensive.
Geographic Overview
North America had the highest share in the global OTR tires market in 2021. Infrastructure development in North America is developing on a large scale, resulting in the adoption of heavy vehicles equipped with OTR tire for best performance. Furthermore, significant competitors in the U.S. are successfully driving the market's expansion.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2021. Infrastructure projects are expected to expand as they are an important aspect of increasing connectivity and encouraging long-term growth. The need for residential buildings has increased in recent years due to population expansion and migration to large cities. According to the Asian Development Bank, Asia Pacific countries will need to invest USD 1.7 trillion per year in infrastructure development between now and 2030 to meet infrastructural development needs. These factors are predicted to increase demand for construction equipment and positively impact OTR tire.
Further, emerging economies like China and India are driving the mining market in this region. In recent years, the mining industries in India and China have expanded significantly. According to the Indian Brand Equity Foundation, India will be the world's second-largest coal producer in 2021 and the world's second-largest producer of crude steel in 2021. Because these countries are densely populated, local demand for metals and minerals is substantial.
As a result, these countries' mining investments have expanded dramatically. Due to the modest field sizes and reliance on seasonal rains for irrigation, mechanical farming is not widely employed in this region, unlike in the west. Therefore, the agricultural OTR tires market in this region is underserved compared to the West. The increased use of irrigation for agriculture and rising per capita income would improve the market for agriculture equipment and, by extension, OTR tire in this region.
Competitive Insight
Some of the major players operating in the global market include Bridgestone Corporation, Ceat, Continental AG, Double Coin Tire Group Ltd, Goodyear Tires, Hankook Tire, Michelin, MRF, Nokian, Pirelli, Sumitomo, Techking Tires Ltd, Titan International, Inc., Trelleborg AB, and Yokohama, among others.
不RTires市场报告范围
Report Attributes |
Details |
Market size value in 2021 |
USD 8.74 billion |
Revenue forecast in 2030 |
USD 13.55 billion |
CAGR |
5.2% from 2022 - 2030 |
Base year |
2021 |
Historical data |
2018 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
Segments covered |
By Equipment, By Application, By Construction, By Process, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Key companies |
Bridgestone Corporation, Ceat, Continental AG, Double Coin Tire Group Ltd, Goodyear Tires, Hankook Tire, Michelin, MRF, Nokian, Pirelli, Sumitomo, Techking Tires Ltd, Titan International, Inc., Trelleborg AB, and Yokohama. |
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