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Market Overview
Off-Road tires are large tires capable of driving on and off paved surfaces and are equipped with flexible suspension, deep and open treads to support the vehicle movement in high terrains.
According to the MarkNtel Advisors’ research report, “Global Off the Road (OTR) Tire Market Analysis, 2021”, the market is expected to grow at a CAGR of around 4.8% during 2021-26. The proliferation of mining activities and the rising number of OTR vehicle fleet is expected to gradually fuel the OTR Tire market during 2021-26. Due to the increased machine hours, the demand for OTR tires in agricultural tractors, construction and, mining equipment is expected to drive the growth of the market. Along with this, the rising trend of automation in the industrial process is expected to drive the growth of the OTR tire market across the world.
| Report Coverage | Details |
| Study Period | Historical Data: 2016-20 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| Regions Covered | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa | |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
COVID-19 has massively impacted the Global Off the Road (OTR) tire market. The pandemic had brought global construction activities to a standstill in the first half of 2020. Lockdowns, reverse labour migration in APAC and the Middle East, improper logistics support to construction equipment in North America and Europe, etc., massively impacted the construction industry. Further, the downward spiral of crude oil prices and supply glut during the same period choked the construction activities in several economies in the Middle East and Africa eventually, negatively impacting the new orders for OTR tires.
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Market Segmentation
Agricultural Equipment Accounted for the Largest Market Share
Based on the Type of Equipment, Agricultural Equipment holds the largest market share in the global off the road (OTR) tire market owing to increasing preference for the usage of modern equipment to perform agricultural activities. Apart from this, rising population and escalating demand for higher yield are, in turn, propelling the growth of the market as revealed by the MarkNtel Advisors’ research report “Global Off the Road (OTR) Tire Market Analysis, 2021”.
Aftermarket Segment Dominates the Market
Based on Demand Type, the Aftermarket segment acquired the largest share in the global off the road (OTR) market in 2019 owing to the relatively lower life span of OTR tires leading to an increase in the demand for tires for the vehicle. Further, increasing investment by giant companies to enhance their production facility and service and the constant need of replacing the OTR tire is propelling the growth of the market.
Regional Landscape
Asia-Pacific Accounted for the Highest Market Share
Based on Region, Asia-Pacific has accounted for the highest market share in the global off the road (OTR) market in 2019 owing to the rapidly growing automotive industry in the countries such as India and China. Along with this, the rise in construction activities and burgeoning mechanization rate in agriculture in these regions leads to an increase in the demand for OFF-Road vehicle. Thus, fueling the growth of the market.
Market Driver
Burgeoning Agricultural Mechanization Drives the Market Growth
Off-the-road tire machines are used to perform day-to-day agricultural operations crop plotting and scouting, for irrigation purposes, etc. Moreover, the increasing trend of using machines to carry out agricultural tasks rather than performing them manually leading to reduce the time taken and labour cost and increases the efficiency of the task. Thereby, increasing the demand for OTR tire machines.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Off the Road (OTR) Tire market are Yokohama Rubber Co., Goodyear Tire and Rubber Company, Apollo Tyres Ltd., Bridgestone Corporation, Promotion Tyres Group S.R.L, China National Tyre and Rubber, Michelin, Hankook Tyre Co. Ltd., Cooper Tires, Toyo, Continental, Balkrishna Industries Limited, Triangle, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year, and forecast year considered in the research report Global Off the Road Vehicle Tire Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR Global OTR Tire Market during 2021-26?
A. The market size of the Global OTR Tire Market during 2021-26 is forecast to be around 4.8%.
Q. Which region would grab the highest market share during 2021-26?
A. North America and the Asia Pacific seized the largest market share for the OTR tire market due to the presence of OEMs and the ever-rising construction activities.
Q. Who are the key competitors or players operating in the Global OTR Tire Market?
A. 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., Cooper Tires, Toyo, Continental, Balkrishna Industries Limited, Triangle,etc. are the leading players in the Global OTR Tire Market.
Q. Which region would grab the highest market share during 2021-26?
A. North America and the Asia Pacific seized the largest market share for the OTR tire market due to the presence of OEMs and the ever-rising construction activities.
Q. Which end-user segment would emerge as an opportunity area for players in Global OTR Tire Market? A. Earthmoving Equipment grabbed the highest market share in the Global Construction Equipment Market.
