Asia Pacific OTR Tire Market

Market Overview:

The Asia Pacific OTR tire market reached a volume of 42.99 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 58.72 Million Units by 2027, exhibiting at a CAGR of 5.43% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Off-the-road (OTR) tires stand for deeply treaded tires that are specifically designed to provide high traction on unlevelled surfaces, such as loose dirt, mud, rock, and gravel. Some of the common vehicle types that use OTR tires include rigid dump trucks, loaders, reach stackers, cranes, monster trucks, etc. These tires offer numerous benefits associated with high heat and rolling resistance, better durability, improved vehicle performance and stability, easy mobility, reduced contact patch area, etc. As a result, OTR tires are widely adopted across various sectors, including construction, mining, recreation, agriculture, etc.

Asia Pacific OTR Tire Market Trends:

The rising number of large-scale projects, including the development of roads, highways, power plants, industrial facilities, commercial complexes, etc., is primarily driving the OTR market in the Asia Pacific region. OTR tires find extensive applications in loaders, excavators, bulldozers, trenchers, etc., for construction activities across diverse geographical locations. Apart from this, the wide presence of metal, mineral, and coal mines across several countries, such as China, Australia, India, and Indonesia, is also propelling the demand for OTR tires in mining and quarrying vehicles, such as large haul trucks. Moreover, a significant growth in the agriculture sector, coupled with the growing prominence of farm mechanization trends, is further augmenting the market growth in the region. Besides this, the rising popularity of dirt bikes and quads for several recreational purposes is acting as another significant growth-inducing factor. Furthermore, growing integration of sensor-based technologies with OTR tires to monitor tire pressure and temperature and reduce the risk of potential hazards by providing real-time data analysis, is expected to drive the growth of the Asia Pacific tire market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific OTR tire market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on demand, tire type, tire size and vehicle type.

Breakup by Demand:

• OEM
• Replacement
   

Breakup by Tire Type:

• Radial Tire
• Bias Tire
   

Breakup by Tire Size:

• Top Tire Sizes in 24’’-30’’
• Top Tire Sizes in 31’’-35’’
• Top Tire Sizes in 36’’-39’’
• Top Tire Sizes in 40’’-50’’
• Top Tire Sizes in 51’’-55’’
• Top Tire Sizes in 56’’-63’’
   

Breakup by Vehicle Type:

• Agriculture Vehicles
• Construction and Industrial Vehicles
• Mining Vehicles
• Others
   

Breakup by Country:

• China
• India
• Japan
• Australia
• Indonesia
• New Zealand
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Apollo Tyres Ltd, Balkrishna Industries Limited (BKT), Bridgestone Corporation, CEAT Limited, Cheng Shin Rubber Industry Co., Ltd, Gajah Tunggal Tbk, Guizhou Tyre Co.,Ltd., JK Tyre and Industries Ltd, Michelin, MRF Limited, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Toyo Tire Corporation and Triangle Tyre Co. Ltd.

Report Coverage: