The global Off-the Road [OTR] Tire market gathered revenue around USD 9.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 2.9% during the prediction period 2021 to 2027.
![Off-the Road [OTR] Tire Market Size 2020 to 2027](../reportimg/Off-the-Road-[OTR]-Tire-Market-Size-2020-to-2027.jpg "Off-the Road [OTR] Tire Market Size 2020 to 2027")
Growth Factors:
Advancements in technology, including two tire technology, smart tires, TreadStat, and rim management system, help to track the performance of tires, which help to avoid breakdown of vehicles. The rate of adoption of agriculture tractors and equipment has increased globally. Rise in affordability of tractors and income of farmers are driving the demand for OTR tires for agriculture tractors, which is anticipated to boost the off-the-road (OTR) tire market across the globe.
Expansion of industries is propelling the demand for minerals and metals, which are extracted from their ores. This is boosting the mining industry, which requires mining equipment such as shovels, loaders, haul trucks, and draglines, which, in turn, is likely to increase the demand for off-the-road tires across the globe.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Off-the Road [OTR] Tire market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Off-the Road [OTR] Tire market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 9.1 Billion by 2027 |
| Growth Rate | CAGR of 2.9% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Tire Type, Industry Type, Rim Size, Sales Channel And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | 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. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Off-the Road [OTR] Tire market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Challenges for Off-the-Road (OTR) Tire Market analysis:
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry are codependent and are a part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe is likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
Raw material prices usually represent 35.1% of the tire cost. Thus, volatility in raw material prices severely affect the costing of the bias tire. Prices of raw materials, such as natural rubber and synthetic rubber, fluctuate due to shortage of natural rubber cultivation or rise in Brent crude price.
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.
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.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
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:
Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Off-the Road [OTR] Tire market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Off-the Road [OTR] Tire market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Off-the Road [OTR] Tire markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Off-the Road [OTR] Tire market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers