OTR Market to Reach $7.68 Billion by 2025 - Tire Review Magazine

OTR Market to Reach $7.68 Billion by 2025

A new report states the OTR tire market, by value, is projected to grow from  5.34 Billion USD in 2017 to 7.68 Billion USD by 2025.

A new report states the OTR tire market, by value, is projected to grow from  $5.34 billion in 2017 to $7.68 billion by 2025.

The report “OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region – Global Forecast to 2025”, was published by MarketsandMarkets.

The market is projected to grow due to an increased demand for agriculture tractors, construction and mining equipment caused by mechanization and high infrastructural development in developing countries. The increase in manufacturing activities in developing economies is projected to drive the market for industrial equipment tires.

OTR Agriculture Tractor Tires

Among all the applications agriculture tractors segment is expected to account for the largest market share in 2017. The <30 hp tractors segment is estimated to have the largest demand for OTR tires during the forecast period. China and India are estimated to be the key markets for tractors in the power output range up to 100 hp. The growth in the Chinese market can be attributed to the significant rise in the agricultural mechanization level; whereas, in India, factors such as small farm sizes and price sensitivity play a vital role.

Construction and Mining Equipment

The construction and mining equipment tires are expected to have a major share in the retreading market compared with agriculture and industrial equipment tires. The fleet operators are choosing retreading of tires over replacement as the cost of retreaded tires is significantly lower than that of newly replaced tires. The OTR tire retreading market is estimated to grow at the fastest rate owing to the increase in mechanization and the average working hours of machine. This leads to the wear and tear of tires.

Infrastructure Development and Government Subsidies

According to Global Property Guide, the number of residential and commercial buildings in Asia Oceania is expected to increase over the next decade due to the boom in the real estate market. Infrastructural activities are also projected to increase as they form a critical part in improving connectivity and promoting sustainable growth. Due to these factors, the market in Asia Oceania is expected to be the largest during the forecast period.

The key companies profiled in the study are as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian Tyres (Finland), and CEAT (India)

The full report can be found here.

You May Also Like

Aperia’s Halo Tire Inflator accrues over 100 billion miles

The company said its Halo Tire Inflator has saved over 716,000 metric tons of CO2.

Aperia-Halo-Tire-Inflator

Aperia Technologies revealed that its Halo Tire Inflator has traveled over 100 billion miles by customers spanning North America, Australia and Europe. According to Aperia, the Halo Tire Inflator is an inflation device that uses a wheel's rotation to maintain optimal tire pressure in dual and wide-base tires on tractors and trailers.

Electronic Specialties releases Pro Auto Test Lead Kit

The kit includes a full range of accessory test leads designed for automotive, heavy-duty and marine electrical troubleshooting

Electronic-Specialties-Test-Lead-Kit
Nokian Tyres produces first tire in new Romanian factory

The annual capacity of the Nokian Tyres Romania factory will be 6 million tires once the factory is fully operational.

Nokian-Tyres-Romania-factory
Rain Alliance launches the Rain RFID Training Program

The training program responds to the demand for certified practitioners who can offer vendor-agnostic skills.

Stock-Rain-Alliance-RFID-training
Wiygul Automotive Clinic to expand into Fauquier County, Virginia

The store is expected to open late this summer and will be the ninth location for the Wiyguls in the Washington Metropolitan area.

Wiygul-auto-clinic-expansion
Other Posts
VIP Tires & Service technician reaches World Class Technician status

John Bemis is the seventh VIP employee to achieve World Class status.

VIP-Tire-John-Bemis
AME International introduces portable tire press for industrial tires

the company says this tool now supports a range of multi-piece industrial tire assemblies.

AME-Portable-Tire-Press
Scott’s U-Save Tires & Auto Repair acquires Knight Automotive

The company now has over 50 team members and the organization has 35 total service bays.

Scotts-Auto-Knight-Auto-acquisition
Hankook’s iON Race tire crosses the finish line during Formula E race weekend in Portland

Drivers achieved an average speed of 152 m/h on the 1.9 mile track at Portland International Raceway.

Hankook-De-Costa-Portland-Race