Treading New Paths: Insights into the Off-the-Road (OTR) Tire Industry

Off-the-road (OTR) tires are largely utilized in heavy-duty vehicles for off-road applications in the mining, agriculture logistics, and housing industries. Off-the-road (OTR) tires are designed to improve performance and stability and provide traction on different unpaved surfaces including sand, mud, dirt, and others. The growth of the housing industry in developing countries has fueled the demand for construction and material handling equipment, which in turn is expected to boost the growth of the off-the-road tires market significantly. Off-the-road (OTR) tires are widely used at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others. Moreover, the growth of the market is further driven by the rise in the use of off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors, and special purpose vehicles.

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COVID-19 scenario analysis:

With the shutdown of all the major industries there is almost zero demand for the tiers or vehicles, which is expected to hamper the market growth. In addition, the inventory kept with tire manufacturers has risen to one month’s worth of production.Producers are working on strategies to reduce stockpiling such as with production cuts, laying off jobs, etc.The tires industry is directly connected with the Original Equipment Manufacturers (OEM), hence it will face huge losses till the lockdown is over.The producers are currently working on strategies, such as production cut, to reduce stockpiling as the tire manufacturers are also facing difficulties with the storage space due to the lockdown.The slump in tire demand has also nullified the benefits of a sharp decline in natural rubber prices as farmers are unable to tap rubber because of lack of labor, due to which all major activities have been put to halt until further notice.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The factors such as an increase in the sales of off-highway vehicles and a rise in farm mechanization boost the growth of the global off-the-road tire market. Moreover, extreme weather conditions and low-cost tires from an unorganized market restrain the growth of the global market. However, the introduction of eco-friendly off-the-road tires is anticipated to provide lucrative growth opportunities for market expansion.

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The global Off-the-road (OTR) tire market trends are as follows:

Increase in the sales of off-highway vehicles

The off-the-road vehicles industry is currently witnessing a complete change in manufacturing globally. The majorfactor that boosts the growth of the off-the-road vehicles market isan increase inthe adoption of off-road vehicles in military and recreational operations. Off-road trucks are utilized in military operations to move cargo, fuels, and ammunition. These vehicles are also utilized for the transportation of heavy loaded weapons during wars. Furthermore, advanced technologies like Global Positioning System (GPS) on these vehicles, for creating field boundaries and marking field lines, permitto decrease soil compaction and save planting time by plotting the lines.

Increase in farm mechanization

Off-road machines are used to carry out major day-to-day operations in the farm and agriculture industry. Utility off-road vehicles are utilized for agricultural operations as an example in crop plotting and scouting, for selecting rocks, for irrigation purposes,and so on. Nowadays, most of the work is been carried out using this machinery in the fields, which leads to the replacement of tires at regular intervals which is expected to boost the growth of the global off the road tire market during the forecast period.

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Key benefits of the report:

This study presents the analytical depiction of the global market along with the current trends and future estimations to determine the imminent investment pockets.The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global off-the-road tire market share.The current market is quantitatively analyzed to highlight the global off-the-road tire market growth scenario.Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.The report provides a detailed global off-the-road tire marketanalysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the off the road tire market research report:

Whichare the leading market players active in the off the road tire market?What arethe current trends that will influence the market in the next few years?What are the driving factors, restraints, and opportunities in the market?What are the projections for the future that would help in taking further strategic steps?