The OTR tires market is projected to grow from USD 8.7 billion in 2022 to USD 11.4 billion by 2027, at a CAGR of 5.5% during the forecast period. Increasing demand of the off highway vehicles due to growth in infrastructure development activities, higher demand of mining products and increased agricultural mechanization are driving the growth and advancements in the OTR tires market.
OTR tires is a consolidated market where top 4 players, who contribute to 45%-48% of the market. Bridgestone Corporation (Japan), Michelin (France), Goodyear (US), and Yokohama Rubber Company (Japan) are the prominent players in the OTR tires market. New product development, partnership and joint venture strategy have been the most dominating strategy adopted by major players from 2019 to 2022 which helped them to innovate on their offerings and broaden their customer base.
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Bridgestone Corporation operates through 2 broad business segments: tires and diversified products. Through the tires segment, the company provides tires and tubes for passenger cars, trucks, buses, construction & mining vehicles, industrial machinery, agricultural machinery, aircraft, motorcycles, scooters, and others. Bridgestone Corporation is focused on the R&D of tires. The company has persistently directed efforts into innovation and development in its 16 R&D facilities across the globe. It developed new ENLITEN tire technology, reducing CO2 emissions by limiting resource use and enhancing fuel efficiency while improving safety and driving performance. It also developed a MasterCore Tire line for construction and mining vehicles. This line is built with a strong steel cord and other advanced rubber compounds, structure, and agile process engineering, thus offering quality, durability, and optimal performance required in various construction and mining sites. The company expanded the production capacity of its Texas retreading facility, which has been witnessing a high growth rate in recent years. This expansion will allow for a new stream of revenue for the company.
Michelin manufactures tires for a wide variety of vehicles. It manufactures products and solutions under three business segments: Automotive, Road Transportation, and Specialty. The Specialty business segment offers tires for tractors, harvesting machines, sprayers, slurry tank trailers or handling vehicles, off-road vehicles, two-wheelers, and aircraft. Michelin is present in about 170 countries, with 117 production plants in 26 countries. The company has research and development facilities in 9 countries and 7,600 franchised centers in 30 countries. The company bought a sustainable rubber plantation area in Indonesia to improve its sustainability image in the market. This allows the company to market its products well and reduce its carbon footprint. Michelin collaborated with Enviro, a Swedish manufacturer, to develop a recycling plant in the Antofagasta region of Chile. The plant would recycle 30,000 tons of earthmover tires a year. Enviro produces reusable materials like carbon black, pyrolysis oil, gas, and steel. The reusable material is used in various rubber-based products, such as tires, conveyor belts, and anti-vibration products.
Goodyear is one of the world’s largest tire companies. It develops, manufactures, and distributes tires for various industries. The company engages in tire unit sales, other tire and related services, retail services and service-related sales, chemical sales, etc. It operates through two segments: Consumer Tires and Specialty Tires. The company also offers tread rubber, tire retreading materials, and chemical products. Goodyear offers analytics, products, tools, and services for autonomous vehicles, electric vehicles, and fleets of shared and connected consumer vehicles. The company offers its tire products online and offline with approximately 1,000 company-owned outlets. It also offers repair and other services across the globe. Goodyear is continuously expanding to increase its production capacity and regional footprint. In April 2019, the company enhanced its production capacity of OTR tires in its Colmar-Berg plant in Luxembourg with an investment of around USD 36 million. The production plant offers high-quality OTR tires, thus enhancing its customer base.
OTR Tires Market by Application & Equipment (Construction & Mining, Tractors, Industrial Vehicle, ATV), Tractor Tracks by Power Output, Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket, Region - Global Forecast to 2027
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