Various secondary sources, directories, and databases have been used to identify and collect information for an extensive OTR tires market study. The study involved four main activities in estimating the current size of the OTR tires market: secondary research, validation through primary research, assumptions, and market analysis. Exhaustive secondary research was carried out to collect information on the market, such as different rim sizes, OTR tire types, and upcoming technologies and trends. The next step was to validate these findings, assumptions, and market analysis with industry experts across the value chain through primary research. The top-down approach was employed to estimate the complete market size for different segments considered in this study.
Secondary Research
In the secondary research process, various secondary sources have been used to identify and collect information useful for an extensive commercial study of the OTR tires market. Secondary sources include company annual reports/presentations, press releases, industry association publications [such as publications on Committee for European Electric Off-highway Vehicle (CECE), Environmental Protection Agency (EPA), Agriculture Equipment Manufacturers Union (AXEMA), Association of Equipment Manufacturers (AEM), Italian Agricultural Machinery Manufacturers Federation (FEDERUNACOMA), Japan Agricultural Machinery Manufacturers Association (JAMMA), China Agricultural Machinery Distribution Association (CAMDA), VDMA (Verband Deutscher Maschinen- und Anlagenbau), Russian Association of Specialized Machinery and Equipment Manufacturers (ROSSPETSMASH), Brazilian Association of Industrial Machinery and Equipment (ABIMAQ), Agricultural Engineers Association (AEA). The OTR tires related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles. Additionally, secondary research and model mapping have been carried out to understand the average cost of OTR tires, which come with different OTR tire rim sizes, and the historical sales of OTR tires.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included industry experts such as CXOs, vice presidents, directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.
In the primary research process, various sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as research and development experts, CEOs, CTOs, COOS, vice presidents, marketing directors, technology and innovation directors, and related key executives from different vital companies operating in the OTR tires market.
After the complete market engineering, which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation, extensive primary research has been conducted to gather information and verify and validate the critical numbers arrived at. Primary research has also been undertaken to identify and validate the segmentation, industry trends, key players, competitive landscape, and market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies. Extensive qualitative and quantitative analysis has been performed on the complete market engineering process to list key information/insights throughout the report.
After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter expert's opinions have led us to the conclusions described in this report's remainder.
Source: MarketsandMarkets Analysis Note: Tier I companies are tire manufacturers, Other companies are processed material suppliers, end users, aftermarket tire suppliers. The company tiers are based on the value chain; the revenue of the company was not considered. Other designations include sales managers, marketing managers, and product managers.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Data Triangulation
After arriving at the overall market size of the global market through the methodology mentioned above, this market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact data for the market by value for the key segments and subsegments. The extrapolated market dsata was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Market Definition
Off-the-road (OTR) Tires: Tires used for OTR equipment are known as OTR tires. These tires vary from automotive tires in size and durability. Tires used in off-highway equipment have a tread design with interlocked tread elements. This design offers the benefit of traction in various conditions, such as paved and gravel surfaces, mud, dirt, snow, and others. The OTR tires market study considers tires used in construction and mining equipment, agricultural tractors, and industrial equipment. The lifespan of off-highway tires is higher than that of automotive tires, and hence, these tires are more expensive. Retreading is carried out to recycle and reuse the tires for their optimum life span.
Retreading vs. Aftermarket:
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Retreading is defined as recycling the original tire casing and applying new treads to increase the service life of a tire. Retreading helps protect the environment by reducing oil consumption. The cost of retreading is less than the cost of a new tire. Hence, all commercial fleets and off-highway vehicles prefer retreading over replacement with new tires.
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The aftermarket or replacement market supplies new tires, which replace the original tire of a vehicle. The aftermarket is divided into Original Equipment Supplier (OES) and Independent Aftermarket (IAM). The cost of replacement tires is higher than retread tires.
Stakeholders
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Aftermarket and Tire Retreading Associations
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Automotive OEMs
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National and Regional Environmental Regulatory Agencies or Organizations
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Manufacturers of OTR Tires
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Organized and Unorganized Aftermarket Suppliers
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Raw Material Manufacturers of Tires/Tire Components (Suppliers for Tier I)
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Regional Manufacturers' Associations
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Tire Retreading Companies
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Traders, Distributors, and Suppliers of Tires, Tire Components, and Raw Materials
Report Objectives
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To define, describe, and forecast the off-the-road (OTR) tires market concerning individual growth trends and prospects and determine the contribution of each segment to the total market.
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To forecast the OTR tires market size by volume and value based on
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Equipment Type (Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Motor Graders, Rigid Dump Trucks, RTLT-Telescopic, Skid-steer Loaders, Wheeled Excavators, Wheeled Loaders <80 HP, Wheeled Loaders>80 HP, Agriculture Tractors, and Others)
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Agriculture Tractors Tires, By Power Output (<30 HP, 31-70 HP, 71-130 HP, 131-250 HP, and>250 HP)
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Agriculture Tractors Tracks, By Power Output (131-250 HP, and >250 HP)
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Industrial Equipment By Type (Forklifts, Aisle Trucks, Tow Tractors, and Container Handlers)
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Tire Type (Radial, Bias, and Solid)
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OTR Tires for Construction Equipment, By Tire Type (Radial, Bias, Solid)
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Rim Size (14-24 Inches, 25-30 Inches, 31-50 Inches, Above 50 Inches)
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Retreading By Process (Pre-cure and Mold Cure)
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Retreading By Application (Construction and Mining Equipment and Agriculture tractors)
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By Application (Construction and Mining Equipment, Agriculture Tractors, Industrial Equipment, and All Terrain Vehicles)
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Aftermarket, By Equipment Type [Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Motor Graders, Rigid Dump Trucks, RTLT-Telescopic, Skid-steer Loaders, Wheeled Excavators, Wheeled Loaders (<80 HP), Wheeled Loaders (>80 HP)]
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By Region - Asia Pacific (China, India, Japan, Australia, South Korea, Indonesia, and Rest of Asia Pacific), Europe (Germany, UK, France, Spain, Italy, Poland, Turkey, Russia, and Rest of Europe), North America (US, Canada, and Mexico), and Rest of the World (Brazil, Chile, Peru, Argentina, South Africa, UAE, Saudi Arabia)
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To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
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To understand the market dynamics (Drivers, Restraints, Opportunities, and Challenges) and conduct Patent Analysis, Pricing Analysis, Recession Impact, Key Buying Criteria, Trade Analysis, Technology Analysis, ASP Analysis, Trades and Conferences, Case Study Analysis, Supply Chain Analysis, Regulatory Analysis, Key Conference and Events, Bill of Material, Investment & Funding Scenario, Funding by Use Case Scenario, and Ecosystem Mapping
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To analyze the market share of leading players in the OTR tires market and evaluate the competitive leadership mapping
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To understand the dynamics of the market players and distinguish them into stars, emerging leaders, pervasive players, and participants according to their product portfolio strength and business strategies.
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To strategically analyze markets concerning individual growth trends, prospects, and contributions to the total market
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To analyze recent developments, such as partnerships, supply agreements, joint ventures/mergers and acquisitions, geographic expansions, and product developments of key players in the market
HIGHEST CAGR MARKET IN 2023
CHINA FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in OTR Tires Market