OTR Tires Market worth $5.58 billion by 2032 | MarketsandMarkets
DELRAY BEACH, Fla., May 2, 2025 /PRNewswire/ -- The global OTR tires market is projected to grow from USD 3.66 billion in 2025 to USD 5.58 billion by 2032 at a CAGR of 6.2%, according to a new report by MarketsandMarkets. The US had recently increased the tariffs from the baseline of 10% on all imports of goods and at a significantly higher rate for specific countries like China, up to 125%, and is expected to disrupt global trade, making trade between countries harder and more expensive. The trade between the US and major countries such as China and Canada may slow down because of the recent increase in import tariffs. For the OTR tire business, higher import costs are likely to raise the prices for locally available finished products in the US. This would also lower the profit margins and potentially delay some infrastructure projects. The increase in tariffs may benefit the local manufacturers of OTR tires in the US. In contrast, the other key players might shift their attention to emerging economies in the OTR tire business.
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31-70 HP tractors hold the largest market share for OTR tires.
31–70 HP tractors dominate the OTR tires market. The market share for 31-70 HP tractors is more than 80% in the Asia Pacific region, with China, India, and Japan contributing most of the demand. Further, North America, including the US and Canada, is witnessing high demand for 31-70 HP tractors. The higher demand in these regions is mainly attributed to smaller agricultural land availability, ranging from 5 to 50 acres. These tractors support essential field operations, including plowing, seeding, harvesting, and other supplementary functions. They usually have different tire sizes at the front and rear axles. The front axle is generally offered with a range of 11.2-28 to 13.6-28-inch OTR tires, whereas 12.4-28 to 16.9- 28-inch OTR tires are provided in the rear axle. In the Asia Pacific region, the demand for bias OTR tires is more than 65% due to the price-conscious market, which is shifting slowly toward radial OTR tires. In North America, the OTR tires offered are mostly radial tires with extended warranties and are primarily used in cattle farming, turf applications, and farm fields.
Rigid dump truck is the fastest-growing equipment type segment of the OTR tires market.
Rigid dump trucks, or haul trucks, are built to move a massive amount of materials across rugged terrain in mining and construction. These rigid dump trucks are mostly offered with radial tires, designed to dissipate heat, and are crucial for heavy-duty applications that involve high loads and intense operating conditions. Rigid dump trucks are typically offered with rim sizes ranging from 320/85R24 to 800/70R38. The demand for these trucks is increasing due to large-scale mining (critical minerals for EV batteries) and infrastructure projects globally, particularly in regions like Asia Pacific, Latin America, Australia, and Africa. Due to the increase in infrastructure and mining projects, high-capacity rigid dump trucks, such as Caterpillar 797 and Komatsu HD785, are used in many projects that rely on large-diameter, heavy-duty radial OTR tires.
North America is the second-largest regional-level OTR tires market.
The OTR tires market in North America is growing due to robust mining and construction activities, government investments in infrastructure, and the growing agriculture industry. The demand for lower-HP tractors is high in North America. Considering the difference in the size of OTR tires in tractors, radial tires are in higher demand than bias tires in this region. In the US, the demand and sales for skid-steer loaders, RTLT-Telescopes, and wheel loaders are high, and they are used in the construction and mining industries. The new US tariffs, announced on April 10, 2025, will significantly benefit the US local OTR tire manufacturers. According to the White House fact sheet, the tariffs have increased for importing OTR tires, effectively increasing the cost of foreign-made tires and creating a more favorable market environment for domestic manufacturers. This protectionist measure has led to a 15% increase in domestic OTR tire production, where the major key players (Goodyear and Titan International) will benefit from domestic manufacturing.
Key Market OTR Tires Industry:
Prominent players in the OTR Tires Companies include as Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), the Yokohama Rubber Co., Ltd. (Japan), and Pirelli C. S.p.A (Italy), Titan International, Inc. (US), Nokian Tyres (Finland), CEAT (India), CMA, LLC. (US), Sumitomo Rubber Industries (Japan), MRF Tyres (India), Balkrishna Industries Ltd (India), and Eurotire Inc. (US).
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This report provides insights on:
- Analysis of critical drivers (infrastructure development and growth in construction and mining activities, shift toward mechanization, and expanding off-highway equipment rental market), restraints (availability of low-cost tires from unorganized markets and commercialized use of integrated advanced sensor-based technologies), opportunities (focus on sustainability manufacturing techniques, rise in adoption for retreading method, and increase in sales of all-terrain vehicles), and challenges (high R&D cost, stringent emission regulations) influencing the growth of the OTR tires market
- Product Development/Innovation: Detailed insights into upcoming technologies and products launched in the OTR tires market
- Market Development: Comprehensive market information – the report analyzes the authentication and brand protection market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the OTR tires market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the OTR tires market, such as Continental AG (Germany), Bridgestone Corporation (US), Michelin (France), The Yokohama Rubber Co., Ltd. (Japan), and Pirelli & C. S.p.A. (Italy).
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