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3. OTR Tires companies - Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tire & Rubber Company (US) and Pirelli C . S.p.A (Italy) are Leading Players

The OTR tires market is estimated to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030 at a CAGR of 6.5% during the forecast period. Increasing demand for off-highway vehicles due to increased infrastructure development activities, higher demand for mining products, and improved agricultural mechanization. With these, the average work hours for this equipment have also increased, leading to growth and advancements in the OTR tires OE and aftermarket.

OTR tire is a consolidated market where the top 4 players contribute 40%-45%. Bridgestone Corporation (Japan), Michelin (France), Goodyear (US), and Yokohama Rubber Company (Japan) are the prominent players in the OTR tires market. The Goodyear Tire & Rubber Company has announced a transformation plan called "Goodyear Forward" to optimize its portfolio, expand margins, reduce debt, and enhance shareholder value. The plan includes pursuing strategic alternatives for its chemical business, the Dunlop brand, and the off-the-road equipment tire business. It expects gross proceeds above USD 2 billion from portfolio optimization. Goodyear is closing the OTR business entirely, but they are looking to exit ownership where the future of the Goodyear OTR tire business will depend on the outcome of their strategic review process.

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The three most popular tactics used by big players between 2021 and 2024 were joint ventures, partnerships, and new product development. These tactics allowed them to expand their clientele and reinvent their product offerings.

Bridgestone Corporation runs its business in two main segments: tyres and other items. Through its tyres division, the company offers tyres and tubes for a variety of vehicles, including passenger cars, trucks, buses, construction and mining equipment, industrial and agricultural machinery, aircraft, motorbikes, scooters, and others. Tyre R&D is Bridgestone Corporation's primary priority. The corporation has consistently invested in innovation and development at its sixteen global research and development locations. It created innovative ENLITEN tyre technology, which limits resource use and increases fuel efficiency to lower carbon dioxide emissions while boosting driving performance and safety. A MasterCore Tyre range for mining and construction vehicles was also produced by them. This line offers the quality, durability, and optimal performance needed in a variety of mining and construction locations since it is constructed with a robust steel cord, other cutting-edge rubber compounds, a flexible structure, and agile process architecture. Bridgestone Corporation expanded its line of Off-the-Road (OTR) snow tyres in July 2022 with the introduction of the VSWAS 23.5R25. This tyre is designed primarily for use with loaders and graders in deep snow conditions. Because of its distinctive tread shape, it may be used all year round without the requirement for studs or chains. In July 2022, Bridgestone Corporation launched the VSWAS 23.5R25, expanding its Off-the-Road (OTR) snow tire range. This tire caters specifically to graders and loaders operating in deep snow. Its unique tread design eliminates the need for studs or chains while allowing year-round use.

The business increased the manufacturing capacity of its retreading factory in Texas, which has been growing rapidly lately. The company will be able to generate new revenue thanks to this expansion. With more than 180 production sites and research and development centres, Bridgestone Corporation operates in 150 countries.

Michelin Michelin produces tyres suitable for a large range of automobiles. Tyres for a variety of vehicles, including off-road vehicles, are produced by Michelin. Its OTR tyres are available in a variety of sizes, with distinctive features, and are intended for use with construction and agricultural equipment. Mining tyres are produced at seven industrial locations owned by Michelin. It produces goods and services within the following three business divisions: Specialty, Road Transportation, and Automotive. The Specialty business area provides tyres for off-road vehicles, two-wheelers, aircraft, tractors, harvesting machines, sprayers, slurry tank trailers or handling trucks and more. About 170 countries are home to Michelin's 117 production facilities spread throughout 26 nations. The corporation operates 7,600 franchised centres across 30 countries and research and development facilities throughout 9 nations. Michelin stated in March 2023 that it will invest more than USD 100 million in the Kansas factory to increase the production capacity of tracks used in agricultural machinery. With this development, Camso hopes to boost production of agricultural rubber tracks and satisfy the changing needs of original equipment manufacturers as well as aftermarket clients.

To enhance its reputation for sustainability in the market, the company purchased a sustainable rubber plantation area in Indonesia. This lessens the company's carbon footprint and enables it to adequately sell its products. Michelin worked with the Swedish firm Enviro to design a recycling facility in Chile's Antofagasta region. Thirty thousand tonnes of earthmoving tyres would be recycled annually by the factory. Enviro generates recyclable products such as steel, gas, pyrolysis oil, and carbon black. Rubber-based goods including tyres, conveyor belts, and vibration-reducing products all use reusable materials.

The Goodyear Tire & Rubber Company (Goodyear) is a tire manufacturer specializing in the development, production, distribution, and global marketing of a diverse array of rubber tires and associated products and services. The company manufactures and distributes various rubber-related chemicals. Goodyear also maintains a significant presence in commercial truck operations and is recognized as a leader in tire retreading services for automobiles and the production of tread rubber and other materials essential for tire retreading. Moreover, it offers automotive repair services and various miscellaneous services. Its products cater to industries relying heavily on vehicles for logistical needs. It operates through five segments: tire unit sales, other tire & related sales, retail services & services-related sales, chemical sales, and others. The company also offers tread rubber, tire retreading materials, and chemical products.

For electrified and shared fleets of consumer vehicles as well as autonomous vehicles, the Goodyear Tyre & Rubber Company provides analytics, products, tools, and services. The company has about 1,000 corporate-owned stores and sells its tyres both offline and online. Worldwide repair and other services are also provided by it. It owns a number of brands, including private-label products like Dunlop, Kelly, Debica, Sava, and Fulda. Aside from its two research and development centres in Colmar-Berg, Luxembourg, and Akron, Ohio, the firm operates 57 production locations across 23 nations. The company has about 1,000 corporate-owned stores and sells its tyres both offline and online. Worldwide repair and other services are also offered by it. Goodyear Tyre & Rubber Company has declared that it will pursue strategic alternatives for its off-the-road (OTR) equipment tire business, the Dunlop brand, and its chemical business as part of its Goodyear Forward transformation plan. This strategic plan aims to optimize Goodyear's portfolio, expand margins, reduce debt, and enhance shareholder value. The company expects this plan to generate gross proceeds exceeding USD 2 billion from portfolio optimization, along with cost reduction and top-line actions totaling USD 1.3 billion by the end of 2025. The decision to divest these three businesses is part of a comprehensive assessment of all assets.

Pirelli & C. S.p.A. (Pirelli) is an OTR tire market player known for high-quality tires designed for demanding construction, mining, and agricultural applications. The company offers a wide range of OTR tire sizes and tread patterns to suit specific needs, whether for earthmoving equipment, loaders, backhoes, or industrial vehicles. Prometeon Tyre Group (Italy), a subsidiary of Pirelli, provides industrial products such as tires for trucks and agriculture vehicles. The tires supplied by Pirelli offer increased uptime and low cost of ownership, setting the company apart from its competitors. With 18 production facilities in 12 countries, the company has a global footprint and a presence in 160 countries.

Pirelli & C. S.p.A. focuses on R&D by improving environmental efficiency and increasing innovations in raw materials. Its R&D expenditure for 2023 was 4.3% of its total revenue. It has over 11,952 patents covering product, process, and materials innovations. It has partnerships with strategic suppliers and universities to develop innovative materials with low environmental impact. This initiative helps the company access raw materials for tires with a lesser environmental impact, creating a brand image for its tire product portfolio. In March 2024, Pirelli & C.S.p.A. launched a new agriculture OTR tire named Pirelli PHP. This tire is specifically designed for the agricultural sector and leverages Pirelli's extensive experience in the field. The PHP tire offers higher fuel savings, longer duration, lower land compaction, higher safety and comfort, and improved force transmission. This tire was specifically designed for the European market.

Related Reports:

OTR Tires Market by Application & Equipment (Construction & Mining, Agriculture Tractors By Power Output, Industrial Vehicle, ATVs), Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket & Region - Global Forecast to 2030

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