Asia Pacific OTR Tire Market Witnesses Dynamic Growth 2022-2027

IMARC Group, a leading market research company, has recently releases report titled “Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the Asia Pacific OTR tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Asia Pacific OTR Tire Market?

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.

Off-the-road (OTR) tire, also known as mud terrain tire, provides high power on unpaved surfaces, including gravel, mud, rock, and loose dirt. It is manufactured using materials, including natural or synthetic rubber, steel, carbon black, wire, vulcanization accelerator, and silica. It assists in improving durability, enhancing vehicle performance, rolling resistance, reducing tread, and offering stability. It requires high air pressure to support heavy loads and prevent sidewall damage.

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What are the growth prospects and trends in the Asia Pacific OTR Tire industry?

There is an increase in the use of OTR tires in heavy equipment, including bulldozers, excavators, and loaders. Along with this, the rising number of construction projects in residential and commercial areas represents one of the primary factors strengthening the market growth in the Asia Pacific region.

Moreover, expanding individual spending on recreational activities and adventure sports is favoring the growth of the market in the region. In addition, the growing usage of OTR tires in numerous mining and quarrying vehicles, such as large haul trucks, is influencing the market positively across the region.

Apart from this, the increasing installation of OTR tires in tractors, combines, sprayers, harvesters, and irrigation equipment for conducting farm-related activities like field plowing, animal handling, and material transporting is creating a positive outlook for the market in the region.

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What is included in market segmentation?

The report has segmented the market into the following categories:

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

Who are the key players operating in the industry?

The report covers the major market players including: 

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.

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