The global market for off-the-road tires will increase steadily across the next five years, according to the latest exclusive market data from Smithers Rapra.
Its new report, The Future of Off-the-Road Tires to 2022 provides analyses on how economic, environmental, regulatory and technological influences are at work in OTR tires, both today and looking out over the next five years.
The study reports that the largest use for off road tires is in mining and construction. The study said this segment will continue to represent well over half the market in volume and value terms. The analysis shows the key drivers shaping the global market for off-the-road tires estimated to be more than 3.7 million tons in 2017, with a value of $24.8 billion. It is expected to show an overall five-year compound growth rate of of 4% to 2022 in volume terms and 5.2% per year in value terms.
“Despite their relatively small sizes and prices, there continue to be growing opportunities in medium and small OTR tires, particularly for the small rim sizes: 25in and under. Much of the growth in this segment will come from tires for vehicles associated with infrastructure improvement, such as skid steers, telehandlers, backhoes and small loaders,” said Arthur Mayer, author of the report.
In addition, all regions are expected to grow over the next five years, as global economies variously recover, stabilize and resume growth.
