OTR Tires Market

Market Leader - OTR Tires Market

The OTR tires market is projected to grow from USD 8.7 billion in 2021 to USD 11.0 billion by 2026, at a CAGR of 5.0% during the forecast period. Increasing demand for 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 contribute to 40-45% of the market. Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (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 2018 to 2021, which helped them to innovate on their offerings and broaden their customer base.

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OTR tire manufacturers are investing in R&D activities to introduce advanced and eco-friendly manufacturing processes to reduce the carbon footprint. For instance, Bridgestone corporation developed new ENLITEN tire technology, reducing CO2 emissions by using limited resource use and enhancing fuel efficiency while improving safety and driving performance. The company also developed a MasterCore Tire line for the construction and mining tires. This line is built with a strong steel cord and other advanced rubber compounds, structure, and agile process engineering, which offers the quality, durability, and optimal performance required in various construction and mining sites.

For instance, in October 2021, Yokohama announced the addition in its commercial tire lineup. The company released its new commercial tires named 124R and 505C. The 124R radial tire comes in sizes of 17.5-inch, 19.5-inch, and 22.5-inch. The 505C tire comes in 385/65R/22.5, 425/65R/22.5, and 445/65R/22.5. The 505C tire is characterized by wide blocks & ribs, step grooves, and a high strength belt. These features in the tire offer traction, powerful braking, and durability, which is required in off-highway applications.

Michelin is taking various strategic initiatives to drive growth. It is focusing on mergers and acquisitions to achieve growth, innovation, and a competitive edge over its competitors. In July 2018, the company acquired Camso, a leader in off-road mobility solutions. The acquisition focuses on the development of a new division of off-road products. With this acquisition, it aims to strengthen its service business in Canada. In January 2021, it launched its new line of Xtra Load OTR, consisting of two products, Xtra Load Protect and Michelin Xtra Load Grip. For instance, In May 2021, Michelin expanded its agricultural OTR tires range with its new product TRAILXBIB. The tire is designed with agriculture equipment capacity and innovative technology to preserve soil as well as ensure even weight distribution through the tire contact patch and high levels of soil protection.

Goodyear acquired Cooper Tire, which enhanced its product portfolio and brands, namely Cooper, Mastercraft, Roadmaster, and Mickey Thompson. The acquisition helped the company offer enhanced product offerings, greater manufacturing capacity, and better customer service. In November 2020, Goodyear introduced RH-4A+ large haulage tire. The new OTR tire features a wider bead design and molded rim width, enhancing productivity and operational efficiency in hard rock underfoot conditions. The newly designed tire is available in three sizes 59/80R63, 46/90R57, and 27.00R49, which can be fitted in various construction and mining equipment.

Bridgestone Corporation focuses on tire manufacturing with various standards, including MaaS (Mobility as a Service and CASE (Connected, Autonomous, Shared, and Electric). These standards improve the company products to the digital era and include integrating IoT, reducing emissions, reducing environmental impact, and adopting the change in the entire tire product portfolio.

Related Reports:

OTR Tires Market by Application & Equipment (Construction & Mining, Industrial, Agriculture Tractors), Type (Wheeled, Track), Rim Size, Process (Mold & Pre-Cure), Retreading Market by Process & Application and Region - Global Forecast to 2026

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Report Code
AT 5918
RI Published ON
12/16/2021
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