Unlike normal tires, Off-the-Road (OTR) tires have deep tread patterns that provide better traction on unpaved surfaces like rocks, boulders, sand, dirt, snow, & mud. These tires comprise broader grooves between tread blocks and reinforced sidewalls, which provide higher puncture resistance. With high heat & rolling resistance and superior durability, OTR tires are utilized extensively across different sectors like construction, mining, recreation, & agriculture, among others.
The Global Off-the-Road (OTR) Tire Market is projected to grow at a CAGR of around 4.8% during the forecast period, i.e., 2022-27. Most of the market expansion is driven by the expanding fleet size of heavy-duty vehicles, especially construction & material handling equipment, across the agriculture, building & construction, and mining industries.
With increasing infrastructural developments & construction activities associated with bridges, highways, ports, dams, power plants, etc., the construction industry is rapidly expanding worldwide, i.e., generating a constant demand for heavy equipment and, consequently, for OTR tires, in order to attain excellent traction on challenging road conditions at these project sites.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Turkey, United Kingdom, Germany, Italy, France, Poland, Ukraine, Hungary, Spain, Sweden, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Malaysia, Philippines, Thailand, Singapore, New-Zealand, Indonesia|
|South America: Brazil, Argentina, Chile, Colombia, Cuba|
|Middle East & Africa: Saudi Arabia, UAE, Iran, South Africa, Algeria, Morocco, Nigeria, Ethiopia, Sudan, Somalia|
|Key Companies Profiled||Yokohama Rubber Co., Goodyear Tire and Rubber Company, Apollo Tyres Ltd., Bridgestone Corporation, Prometeon Tyres Group S.R.L, China National Tyre and Rubber, Michelin, Hankook Tyre Co. Ltd., Toyo, Continental, Balkrishna Industries Limited, Triangle|
|Unit Denominations||USD Million/Billion|
Moreover, the mining sector, especially across the Middle East, is also flourishing at a significant pace and contributing to the off-the-road tire market growth owing to increasing oil exploration activities that require mining equipment, which, consequently, is infusing the demand for OTR tires. Furthermore, the increasing trend of automation in several industries, the proliferating farm mechanization, and growing consumer inclination toward recreational activities on dirt bikes & quads are other prominent aspects predicted to boost the off-the-road tire industry over the forecast years.
Covid-19 Impact on the Global Off-the-Road (OTR) Tire Market
The advent of Covid-19 caused significant disruptions to several industries worldwide, and the Off-the-Road (OTR) Tire Market was no exception. With the lockdown imposition by governments worldwide to control the crisis, all business operations & construction activities came to a standstill position.
Reverse labor migration in Asia-Pacific & the Middle East and improper logistics support to construction equipment across North America, Europe, etc., were some after-effects of the pandemic that disrupted the construction industry and, in turn, hampered the demand for OTR tires. Further, the downward spiral of crude oil prices and supply glut also choked the construction activities across several economies, especially in the Middle East & Africa, which eventually negatively impacted the production & sales of OTR tires.