The Global OTR Tires Market was worth US$ 9.27 billion in 2022 and is anticipated to reach a valuation of US$ 12.55 billion by 2028 and is predicted to register a CAGR of 5.45% during 2023-2028.

Heavy-duty trucks are typically fitted with off-the-road (OTR) tires for use in the construction and mining industries. The development of the housing sector in developing nations has increased demand for construction and material handling equipment and is likely to drive significant growth in the OTR tire market. Customers in the mining and construction industries are increasingly looking for supplemental services, such as tire tracks when buying tires. Construction of power plants, housing infrastructure, industrial buildings, and other developments have influenced the economic development of numerous nations worldwide. There is a possibility to renegotiate with suppliers because OTR tire demand for mining is falling. However, it is anticipated that by 2020, the demand for OTR tires from the mining industry will soar and take a sizable share.

The prediction for the OTC tire market indicates that a rise in demand is projected due to market circumstances. Increasing commodity prices and the current plentiful supply of large OTR tires would be the main drivers of the global economy. The prediction for the off-road tire market reveals that the continued advancement of new technologies is expected to result in a significant seismic shift in the way the OTR tire market operates, abandoning the traditional paradigm of selling and maintaining such tires.

Market Drivers and Restraints:

In the upcoming years, it is anticipated that the expansion of the mining and quarrying sector as well as the expanding fleet and sales of off-road vehicles will boost OTR tire sales. Improved utilization of agricultural equipment as a result of growing mechanization of fields to increase agricultural productivity and lower labour costs is further boosting global demand for OTR tires. Technological advancements, expanded distributor and dealership networks, expanding radial tire use, and increased penetration of Chinese tires are just a few of the important variables that could favorably impact the global market for OTR tires. In the medium and large OTR tire segments, rising construction demand is expected to attract new suppliers, giving end users more options and making it more important for them to choose their supply partner.

The move toward renewable energy generation in the energy sector, which is anticipated to have a negative effect on the expansion of coal and other non-renewable fossil fuels mining activities, is one problem facing the global market for OTR tires.

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The report is segmented as follows:

The OTR Tires Market is segmented by Hardware; the Market is segmented by Product Type; the Market is segmented by Vehicle Type; the Market is segmented by End-Users; the Market is segmented by Target:

By Product Type (Radial Tires, Bias Tires, Non-Pneumatic Tires)

By Vehicle Type (Earthmovers, Loaders and Dozers, Graders, Material Handling Equipment, Tractors and Agricultural Equipment)

By End-Users (Construction, Industrial, Mining, Agriculture, Ports, Others)

By Target (OEMs, Aftermarket)

Market Regional Segmentation:

Up until 2020, the OTR tire market in Asia-Pacific will have the highest development potential globally. To reduce customers' total cost of ownership, there has been a noticeable change in the market's emphasis from products to services across all major areas.

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Impact of COVID-19 pandemic on the market:

COVID-19 is an unprecedented global public health emergency that affected almost every industry, and the long-term impacts are projected to reflect on the growth of various end-use industries during the forecast period.

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