The Asia Pacific OTR tire market size reached 47.3 Million Units in 2023. Looking forward, the publisher expects the market to reach 76.3 Million Units by 2032, exhibiting a growth rate (CAGR) of 5.46% during 2023-2032. The rising improvement in the automobile industry, technological advancements in the OTR tires, and the increasing traction of heavy-duty vehicles for recreational purposes represent some of the key factors driving the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated with the presence of few international players accounting for the majority of the market share. The volume of new entrants is moderate as the low product differentiation and switching cost attract new entrants while high capital investments, consolidated market structure and moderate market growth prevent many players to enter the market.
What is OTR Tire?
Off the road (OTR) tire refers to a deeply treaded tire that is designed to provide high traction over rugged terrains, such as mud, rock, loose dirt, sharp stones, and wet, abrasive, or complex terrain. It is widely available as a radial and bias tire that offers better durability, enhanced vehicular performance, optimum stability, easy mobility, and reduced contact patch area.
It is heat and rolling resistant and can be installed in various vehicles, such as cranes, wheel loaders, telescopic handlers, tractors, all-terrain vehicles (ATVs), military trucks, and specialized purpose vehicles. It is utilized in articulated or rigid loaders, dump trucks, reach stackers, forklifts, and other specialty vehicles. As it is easy to monitor tire pressure and temperature and proactively addresses any potential hazards in OTR tire, it is employed in the agriculture, construction, industrial, recreation, and mining industries across the globe.
In addition, the overall demand from various end-user industries, such as construction, agriculture, and mining, for OTR tire has declined due to the shutting down of construction, industries and warehouses, along with the economic slowdown and supply-side issues. Furthermore, imports of primary feedstocks, such as natural rubber, carbon black, and fabrics, for manufacturing off-the-road tire have been affected due to the pandemic. The coronavirus outbreak severely disrupted the value chain in the Asia Pacific region as China is the major raw material supplier for the feedstocks.
Apart from this, the increasing focus on developing new polymers and tread compounds that ensure sustainable manufacturing of OTR tiresto offer enhanced speed, load capacity, and performance over longer distances is offering lucrative growth opportunities to industry players. Additionally, the rapid implementation of automated technologies in tire production to improve production capacities and reduce downtime is offering a favorable market outlook. Furthermore, increasing improvements in the automobile industry are contributing to the growth of the market.
2. What is the expected growth rate of the Asia Pacific OTR tire market during 2024-2032?
3. What are the key factors driving the Asia Pacific OTR tire market?
4. What has been the impact of COVID-19 on the Asia Pacific OTR tire market?
5. What is the breakup of the Asia Pacific OTR tire market based on the demand?
6. What is the breakup of the Asia Pacific OTR tire market based on the tire type?
7. What is the breakup of the Asia Pacific OTR tire market based on the tire size?
8. What is the breakup of the Asia Pacific OTR tire market based on the vehicle type?
9. What are the key regions in the Asia Pacific OTR tire market?
10. Who are the key players/companies in the Asia Pacific OTR tire market?
Rising Demand for OTR Tires in Recreational Sector Supporting Market Growth
The OTR tire market has been experiencing continuous growth. The rising demand for OTR tires in the recreational sector represents one of the primary drivers resulting in the increasing sales of OTR tires. Besides this, the growing number of amusement parks, country clubs, fitness and recreational sports centers, bowling arenas, and arcades is offering a favorable market outlook. In addition, the rising traction of heavy-duty vehicles for recreational activities is positively influencing the market.Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated with the presence of few international players accounting for the majority of the market share. The volume of new entrants is moderate as the low product differentiation and switching cost attract new entrants while high capital investments, consolidated market structure and moderate market growth prevent many players to enter the market.
What is OTR Tire?
Off the road (OTR) tire refers to a deeply treaded tire that is designed to provide high traction over rugged terrains, such as mud, rock, loose dirt, sharp stones, and wet, abrasive, or complex terrain. It is widely available as a radial and bias tire that offers better durability, enhanced vehicular performance, optimum stability, easy mobility, and reduced contact patch area.
It is heat and rolling resistant and can be installed in various vehicles, such as cranes, wheel loaders, telescopic handlers, tractors, all-terrain vehicles (ATVs), military trucks, and specialized purpose vehicles. It is utilized in articulated or rigid loaders, dump trucks, reach stackers, forklifts, and other specialty vehicles. As it is easy to monitor tire pressure and temperature and proactively addresses any potential hazards in OTR tire, it is employed in the agriculture, construction, industrial, recreation, and mining industries across the globe.
COVID-19 Impact:
The COVID-19 pandemic outbreak has caused a severe problem for the OTR tire industry and imposed unprecedented challenges on numerous countries. Various production plants have temporarily suspended their manufacturing operations. Social distancing and lockdown measures have also caused companies to downscale or temporarily pause output. Moreover, operational capacities scaled down significantly due to labor shortages and disruption in supplies of raw materials. Apart from this, the demand for OTR tires has been hampered in the initial period of the pandemic due to the shutting down of manufacturing operations across many countries in the Asia-Pacific region.In addition, the overall demand from various end-user industries, such as construction, agriculture, and mining, for OTR tire has declined due to the shutting down of construction, industries and warehouses, along with the economic slowdown and supply-side issues. Furthermore, imports of primary feedstocks, such as natural rubber, carbon black, and fabrics, for manufacturing off-the-road tire have been affected due to the pandemic. The coronavirus outbreak severely disrupted the value chain in the Asia Pacific region as China is the major raw material supplier for the feedstocks.
Asia Pacific OTR Tire Market Trends:
At present, the increasing demand for OTR tires in the agriculture industry due to the rising trend of farm mechanization represents one of the major factors influencing the market positively in the Asia Pacific region. Besides this, the growing number of mining activities across the region is offering a positive market outlook. In addition, the rising demand for OTR tires due to high investments in various commercial construction projects, such as highways, power supply grids, bridges, and dams, is propelling the growth of the market.Apart from this, the increasing focus on developing new polymers and tread compounds that ensure sustainable manufacturing of OTR tiresto offer enhanced speed, load capacity, and performance over longer distances is offering lucrative growth opportunities to industry players. Additionally, the rapid implementation of automated technologies in tire production to improve production capacities and reduce downtime is offering a favorable market outlook. Furthermore, increasing improvements in the automobile industry are contributing to the growth of the market.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the market report, along with forecasts at the regional and country levels from 2024-2032. Our report has categorized the market based on demand, tire type, tire size and vehicle type.Demand Insights:
- OEM
- Replacement
Tire Type Insights:
- Radial Tire
- Bias Tire
Tire Size Insights:
- Top Tire Sizes in 24’’-30’’
- Top Tire Sizes in 31’’-35’’
- Top Tire Sizes in 36’’-39’’
- Top Tire Sizes in 40’’-50’’
- Top Tire Sizes in 51’’-55’’
- Top Tire Sizes in 56’’-63’’
Vehicle Type Insights:
- Agriculture Vehicles
- Construction and Industrial Vehicles
- Mining Vehicles
- Others
Country Insights:
- China
- India
- Japan
- Australia
- Indonesia
- New Zealand
- Others
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the market. Some of the companies covered in the report include:
- Apollo Tyres Ltd.
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT Limited
- Cheng Shin Rubber Industry Co. Ltd.
- Guizhou Tyre Co. Ltd.
- JK Tyre and Industries Ltd
- Michelin
- MRF Limited
- PT Gajah Tunggal Tbk
- Sumitomo Rubber Industries Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co. Ltd.
- Toyo Tire Corporation
- Triangle Tyre Co. Ltd
Key Questions Answered in This Report
1. What was the size of the Asia Pacific OTR tire market in 2023?2. What is the expected growth rate of the Asia Pacific OTR tire market during 2024-2032?
3. What are the key factors driving the Asia Pacific OTR tire market?
4. What has been the impact of COVID-19 on the Asia Pacific OTR tire market?
5. What is the breakup of the Asia Pacific OTR tire market based on the demand?
6. What is the breakup of the Asia Pacific OTR tire market based on the tire type?
7. What is the breakup of the Asia Pacific OTR tire market based on the tire size?
8. What is the breakup of the Asia Pacific OTR tire market based on the vehicle type?
9. What are the key regions in the Asia Pacific OTR tire market?
10. Who are the key players/companies in the Asia Pacific OTR tire market?
Table of Contents
1 Preface3 Executive Summary15 Policy and Regulatory Landscape
2 Scope and Methodology
4 Introduction
5 Asia Pacific OTR Tire market
6 Market Breakup by Demand
7 Market Breakup by Tire Type
8 Market Breakup by Tire Size
9 Market Breakup by Vehicle Type
10 Market Breakup by Country
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Apollo Tyres Ltd.
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT Limited
- Cheng Shin Rubber Industry Co. Ltd.
- Guizhou Tyre Co. Ltd.
- JK Tyre
- Industries Ltd
- Michelin
- MRF Limited
- PT Gajah Tunggal Tbk
- Sumitomo Rubber Industries Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co. Ltd.
- Toyo Tire Corporation
- Triangle Tyre Co. Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 128 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value in 2023 | 47.3 Million Units |
| Forecasted Market Value by 2032 | 76.3 Million Units |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 16 |
