HOME Research Insight Continental (Germany) and Bridgestone (Japan) are the Top Players in the OTR Tires Market

Continental (Germany) and Bridgestone (Japan) are the Top Players in the OTR Tires Market

The OTR tires market is projected to grow to USD 7.68 Billion by 2025 at a CAGR of 4.64% during the forecast period. This growth is attributed to factors such as increasing demand for agriculture tractors and construction & mining equipment due to mechanization and high infrastructural development in developing countries. Also, as the life of the equipment varies between 12 to 15 years, which requires at least three cycles of tire replacement on average. As the new tires cost significantly high, the OTR tires market is also influenced by the retreading industry.

The OTR tires manufacturers have adopted the strategies of new product development and geographical expansion to gain traction in the OTR Tires market. While new product development helps a company to have a technological advantage, expansion helps to formulate a better business strategy as it enables a strong global footprint. For example, Yokohama launched 5 new tires with dual service markings for loader and transport applications. Dual service markings allow one tire to serve 2 separate applications. This will help dealers reduce inventory cost and space. Goodyear established a tire plant in San Luis Potosi, Mexico. The 1 million square foot facility has 1,000 employees. It has an annual capacity of 6 million tires and was built to serve the North American market.

On the basis of revenue generation, product branding strategy, geographic footprint, and organic and inorganic strategies, the top players in the OTR Tires market are Continental  (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), and Pirelli (Italy)

Continental has a strong presence in the European and North American markets. It has been adopting multiple strategies such as new product development, expansion, and agreements to strengthen its position in the OTR tires market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. For instance, in September 2017, Continental expanded its portfolio of specialty tires with the launch of the premium radial tires. Also, the company launched the Telemaster tire for telehandlers used in the construction industry. The company has also decided to expand its plant in Thailand with an initial investment of USD 290 million. On completion in 2022, the plant will cater to the Asia Oceania market.

Bridgestone has strong R&D and production capacities. Strong presence in the developed markets of North America and Europe has made the company a formidable competitor in the global OTR Tires market. The company’s key strengths are high revenue and advanced R&D capabilities, which have helped it to adopt the strategy of new product development and expansion. In September 2015, Bridgestone Americas established a 1.5 million-square-foot manufacturing facility in South Carolina, US.  The company has also launched Firestone branded rubber tracks for agricultural equipment. The tracks have better traction and durability.

Related Reports:

OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region - Global Forecast to 2025

Mr. Rohan
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441 

Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support

US : 1-888-600-6441

Search reports