The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 23, 2023 /PRNewswire/ — As per The Business Research Company’s OTR Tires Global Market Report 2023, the global OTR tires market size will grow from $14.8 billion in 2022 to $16.4 billion in 2023 at a compound annual growth rate (CAGR) of 11%. The OTR tires market size is then expected to grow to $22.8 billion in 2027 at a CAGR of more than 8%. Going forward, the growth in the agricultural industry, the rising urbanization and the rising infrastructure investment will drive the OTR tires market growth.
The OTR tires market is highly concentrated, with a few large players. The Goodyear Tire & Rubber Company was the largest OTR tire manufacturer with 12.6% share of the market, followed by the Yokohama Rubber Co Ltd., Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co. Ltd., Apollo Tyres Ltd., Sumitomo Rubber Industries, Ltd., Balkrishna Industries Limited (BKT) and Aeolus Tyre Co., Ltd.
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There is a growing trend towards using tire sensors and artificial intelligence in the OTR tires market to monitor tire performance and predict maintenance needs. This technology allows companies to optimize tire usage and reduce downtime, improving overall efficiency and productivity. In 2021, Goodyear, a US-based company that manufactures tires and OTR tires for a wide variety of applications, launched its SightLine solution, to assist in enabling ‘safe’ and ‘reliable’ vehicle mobility, starting with cargo vans used by the field service, construction and last-mile delivery sectors. For last-mile delivery and cargo vehicles, a tire solution has been introduced that uses sensors and artificial intelligence (AI) to help detect breakdowns. SightLine will assist fleet managers and drivers in predicting breakdowns, minimizing downtime and tracking tire pressure and wear, for safer and more economical travel.
In addition, sustainability is gaining popularity in the OTR tires market. There is a growing awareness of the environmental impact of the tire industry, and companies are increasingly focusing on developing tires with sustainable and green materials, such as bio-based rubber and recycled materials, as well as taking efforts to reduce waste and emissions in the production process. For example, in August 2022, Global Rubber Industries Pvt. Ltd. (GRI), a Sri Lanka-based manufacturer of specialized tires for material handling, launched its Green XLR Earth series of radial agricultural tires. These tires are made from 37.5% sustainable materials to protect the environment.
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As per TBRC’s report, Asia Pacific was the largest region in the OTR tires market, accounting for 41.9% of the total in 2022. It was followed by the North America, and then the other regions.
To capitalize on this growth potential in these regions, The Business Research Company recommends players in the OTR tires market to adopt strategies such as enhancing business operations through the launch of new products, strategic investments, adopting advanced technologies and through capacity additions.
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