Asia Pacific OTR Tire Market to Reach 62.0 Million Units by 2028, Catalyzed by Increasing Number of Large-Scale Construction Projects

The latest report by IMARC Group, titled "Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the Asia Pacific OTR tire market size reached 45.1 Million Units in 2022. Off-the-road (OTR) tires, also known as mud-terrain tires, are a type of vehicle tires that have blocky, heavy-duty tread patterns and puncture-resistant sidewalls. They are designed to provide traction between the road and the vehicle for propulsion on unlevelled or irregular surfaces, such as rough terrains, rock, loose dirt, mud, and gravel. They also offer enhanced vehicle performance and stability, easy mobility, improved durability, excellent heat and rolling resistance, better grip, and reduced contact patch area. As a result, OTR tires are widely used in cranes, dump and monster trucks, wheel loaders, tractors, excavators, bulldozers, military trucks, and specialized purpose vehicles across the Asia Pacific region. 

Asia Pacific OTR Tire Market Trends:

The expanding construction industry and the increasing number of large-scale construction projects, such as highways, roads, bridges, tunnels, commercial complexes, industrial facilities, and power plants, represent the primary factors driving the market growth. Besides this, the rising mining activities due to the widespread presence of metal, mineral, and coal mines across various Asia Pacific countries, including China, India, and Australia, have catalyzed the demand for OTR tires in mining and quarrying vehicles. Additionally, the growing number of medium-sized farmers and the emerging trend of farm mechanization have escalated the demand for agricultural equipment and tractors. Along with this, the increasing usage of dirt bikes and quads for recreational purposes has accelerated the adoption of OTR tires. Furthermore, several product innovations, such as the integration of OTR tires with sensor-based technologies to monitor tire pressure and temperature while reducing the risk of potential hazards by providing real-time data analysis, have catalyzed the market growth. Other factors, including the rising investments in infrastructure development, favorable government initiatives, rapid urbanization, technological advancements, and extensive research and development (R&D) activities, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market to reach 62.0 Million Units by 2028, expanding at a CAGR of 5.56% during the forecast period (2023-2028).

Market Summary:

• Based on the demand, the market has been bifurcated into OEM and replacement.
• On the basis of the tire type, the market has been classified as radial and bias tires.
• Based on the tire size, the market has been divided into top tire sizes in 24’’-30", 31’’-35", 36’’-39", 40’’-50", 51’’-55", and 56’’-63".
• The market has been segregated based on the vehicle type into agriculture, construction and industrial, mining, and other vehicles.
• Country-wise, the market has been segmented into China, India, Japan, Australia, Indonesia, New Zealand, and others. 
• The competitive landscape of the market has also been analyzed, with some of the key players being Apollo Tyres Ltd., Balkrishna Industries Limited (BKT), Bridgestone Corporation, CEAT Limited, Cheng Shin Rubber Industry Co. Ltd., Guizhou Tyre Co. Ltd., JK Tyre and Industries Ltd, Michelin, MRF Limited, PT Gajah Tunggal Tbk,Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. Ltd.,Toyo Tire Corporation and Triangle Tyre Co. Ltd.

Report Scope:

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