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Allied Market Research

Off-the-Road (OTR) Tire Market by Product (Radial Tires, Bias Tires, Non-Pneumatic Tires), Vehicle Type (Earthmovers, Loader and Dozers, Graders, Material Handling Equipment, Tractors and Agricultural Equipment), End user (Construction, Industrial, Mining, Agriculture, Ports, Other (Defense etc.), OEMs (Original Equipment Manufacturers), and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2027

A10084
Pages: NA
Aug 2021 | 447 Views
 
Author(s) : NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Off-the-road (OTR) tires are largely utilized in heavy-duty vehicles for off-road applications in the mining, agriculture logistics, and housing industries. Off-the-road (OTR) tires are designed to improve performance and stability and provide traction on different unpaved surfaces including sand, mud, dirt, and others. The growth of the housing industry in developing countries has fueledthe demand for construction and material handling equipment, which in turn isexpected to boostthe growth of the off-the-road tires market significantly. Off-the-road (OTR) tires are widely used at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others. Moreover, the growth of the market is further driven by the rise inthe use of off-the-road vehicles such ascranes, wheel loaders, telescopic handlers, tractors, and special purpose vehicles.

Market scope and structure analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value (USD)

Segments covered

Product, Vehicle, End Users, Target Market, Geography

Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa

Companies covered

Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tire & Rubber, MRF, Continental, Belshina, Cheng-Shin Rubber, and Eurotire

COVID-19 scenario analysis:

  • With the shutdown of all the major industries there is almost zero demand for the tiers or vehicles, which is expected to hamper the market growth. In addition, the inventory kept with tire manufacturers has risen to one month’s worth of production.
  • Producers are working on strategies to reduce stockpiling such as with production cuts, laying off jobs, etc.
  • The tires industry is directly connected with the Original Equipment Manufacturers (OEM), hence it will face huge losses till the lockdown is over.
  • The producers are currently working on strategies, such as production cut, to reduce stockpiling as the tire manufacturers are also facing difficulties with the storage space due to the lockdown.
  • The slump in tire demand has also nullified the benefits of a sharp decline in natural rubber prices as farmers are unable to tap rubber because of lack of labor, due to which all major activities have been put to halt until further notice.

Top impacting factors: Market scenario analysis, trends,drivers, and impact analysis

The factorssuch as an increase inthe sales of off-highway vehicles and a rise in farm mechanizationboost the growth of the global off-the-road tire market. Moreover, extreme weather conditions and low-cost tires from an unorganized market restrain the growth of the global market.However,the introduction of eco-friendly off-the-road tires is anticipated toprovide lucrative growth opportunities for market expansion.

The global Off-the-road (OTR) tire markettrends are as follows:

Increase in the sales of off-highway vehicles

The off-the-road vehicles industry is currently witnessing a complete change in manufacturing globally. The majorfactor that boosts the growth of the off-the-road vehicles market isan increase inthe adoption of off-road vehicles in military and recreational operations. Off-road trucks are utilized in military operations to move cargo, fuels, and ammunition. These vehicles are also utilized for the transportation of heavy loaded weapons during wars. Furthermore, advanced technologies like Global Positioning System (GPS) on these vehicles, for creating field boundaries and marking field lines, permitto decrease soil compaction and save planting time by plotting the lines.

Increase in farm mechanization

Off-road machines are used to carry out major day-to-day operations in the farm and agriculture industry. Utility off-road vehicles are utilized for agricultural operations as an example in crop plotting and scouting, for selecting rocks, for irrigation purposes,and so on. Nowadays, most of the work is been carried out using this machinery in the fields, which leads to the replacement of tires at regular intervals which is expected to boost the growth of the global off the road tire market during the forecast period.

Key segments covered:

Segments

Sub-segments

Product

  • Radial Tires
  • Bias Tires
  • Non-Pneumatic Tires

Vehicle Type

  • Earthmovers
  • Loader and Dozers
  • Graders
  • Material Handling Equipment
  • Tractors and Agricultural Equipment

End User

  • Construction
  • Industrial
  • Mining
  • Agriculture
  • Ports
  • Other (Defense etc.)

Target Market

  • OEMs (Original Equipment Manufacturers)
  • Aftermarket

 

Key benefits of the report:

  • This study presents the analytical depiction of the global market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global off-the-road tire market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global off-the-road tire market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global off-the-road tire marketanalysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the off the road tire market research report:

  • Whichare the leading market players active in the off the road tire market?
  • What arethe current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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