The technological and market changes in the OTR tire industry presently and over the next five years are presenting several challenges to manufacturers and suppliers alike. Some of these challenges originate in one or more end-use market as a result of underlying market growth; or in the nature of OTR equipment or the manner in which OTR tires are used; or in technological changes in the tire or related industries; in the supply chain; or in the political and regulatory environments. Off-the-road tires or, OTR tires, are being built for the purpose of taking a massive amount of weight & roll through the conditions which would stop most of the cars dead. The global market for off-the-road (OTR) tires is estimated to be touch over 3.5 million tonnes in the year 2017, corresponding to the value of around $24.7 billion, and is estimated to show an overall five-year (CAGR) of around 4.2 % to 2022 in terms of volume, & 5.4% per year In terms of value.
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The stability, long life, high load-carrying capacity & puncture-proof nature of the OTR tires make them the perfect solution to support these businesses where the cutting costs is very critical. In 2017, imports of the OTR tires, including the ag implement tires, treaded construction tires of all sizes, solid tires & off-highway truck tires below 16-inch rim diameters increased over 2016, often dramatically.
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Only imports of the ag drive tires & off-highway truck tires with the 16-inch rim diameters & greater showed declines in comparison to 2016. OTR industry is very closely associated with GDP, because a huge part is dependent upon the construction. Hurricanes Irma & Harvey had devastating effects in Texas, Florida & the southeast region. It is expected that there’ll be a big flurry of activity and then it will become more of a progression. Those areas are going to have to rebuild for a large amount of time.
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The global OTR tire market has been segmented based on industry, tire type, rim type, aftermarket industry type, and sales channel. In terms of industry, the OTR tire market has been classified into construction & mining, agriculture, and industrial. Agriculture segment held the major market share In Asia Pacific and North America region.
The ecosystem of the OTR tires market consists of the manufacturers & Tier 1 suppliers like Continental , Bridgestone , Michelin , Goodyear , Pirelli , Sumitomo , Yokohama, Hankook , Nokian , & CEAT .