The global OTR tires industry is projected to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030, at a CAGR of 6.5% during the forecast period. Growing infrastructure development activities, increased mining activities, & farm mechanization, and growing investments in new ports and extension of existing ports will drive the demand for off-highway equipment. This is projected to drive the OTR tires industry in the coming years.
Mold cure tires are expected to be the fastest-growing retreading process for OTR tires. Retreading offers a cost-effective method for consumers to reuse existing tires. The mold cure retreading method is often preferred over the pre-cure process due to its ability to better customize the tread patterns according to specific tire requirements. The customization capability made in mold cure is of higher quality and durability than the finished products, making the mold cure retreading particularly suitable for the large and heavy tires used in construction, mining, and other off-road environments. As a result, mold cure retreading has become the fastest-growing market segment, as operators seek cost-effective solutions without compromising performance or safety. Initially, retreading of tires was done by local players; however, considering the massive potential in the retreading tires market, Continental AG (Germany), Michelin (France), and Goodyear (US) established their respective business units for retreading.
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Radial tires are thefastest-growing tire type segment for construction equipment. Compared to bias tires, radial off-road tires have a more significant load-carrying capability, produce less heat when hauling over longer distances and at higher speeds, and are more resilient. Because they last longer, consume less fuel, and transfer more horsepower to the ground, radial OTR tires are the better choice for use in grading, earthmoving, and construction operations. Due to their lower cost compared to radial tires, bias tires dominate the cost-sensitive Asia Pacific market. In the upcoming years, the market for bias tires is anticipated to contract due to the rise in demand for radial tires. Chinese companies’ inexpensive radial tires pose a severe threat to bias tires. According to Bridgestone, the bias tire manufacturing facility in South Africa is to close.
In the construction equipment sector, radial tires are increasingly popular in Asia due to their efficiency, safety, and cost-effectiveness. They offer enhanced performance characteristics that align with the needs of modern construction equipment, supporting the industry’s move towards more productive and sustainable practices.
The Middle East, Africa, and South America are projected to be the most prominent in the OTR tires industry, with Brazil leading the rest of the world’s OTR tires industry, which Suadi Arabia follows. Brazil, Argentina, South Africa, Peru, Chile, UAE, and Saudi Arabia are other prominent markets for OTR Tires. Government initiatives in infrastructural developments for sports events and mega exhibitions in these countries have tremendously bolstered the infrastructural spending in the region. Investments from the private sector in countries like Brazil are boosting infrastructure development, whereas the mining industry in South Africa will create higher demand for mining equipment. Similarly, the growing population generated the demand for higher output from the agricultural sector, which has changed preferences toward farm mechanization. These factors are likely to grow the demand for off-highway vehicles. Since the industry depends on the OEM market, sales of off-highway vehicles will increase demand for OTR tires during the forecast period.
Key Market Players:
Key players in the OTR tires industry are Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tire & Rubber Company (US), and Pirelli, The Yokohama Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden), Balkrishna Industries Limited (India), Magna Tyres (Netherlands), The Carlstar Group, LLC. (US), and The Firestone & Rubber Company (US). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence.
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