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 were used to identify and collect helpful information 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), and the OTR tires related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles. Additionally, secondary research and model mapping was 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 were 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 was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify and validate the segmentation, industry trends, key players, competitive landscape, and market dynamics, such as drivers, restraints, opportunities, challenges, and key strategies. Extensive qualitative and quantitative analyses were performed on the complete market engineering process to list key information/insights throughout the report.
After interacting with industry experts, we also conducted brief sessions with highly experienced independent consultants to reinforce the findings from primary interviews. This, along with the opinions of in-house experts, led us to the conclusions described in the remainder of this report.
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenues are more than USD 10 billion; tier 2 companies’ revenues range between USD 1 and 10 billion; and tier 3 companies’ revenues range between USD 500 million and USD 1 billion.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
A detailed market estimation approach was followed to estimate and validate the value and volume of the OTR tires market and other dependent submarkets, as mentioned below:
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The bottom-up approach was used to estimate and validate the size of the OTR tires market. The OTR tires market size by application, in terms of volume, was derived by estimating the annual sales (units) of construction and mining equipment and agriculture tractors at the country level.
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The number of OTR tires in each application (construction and mining equipment, farm tractors, and others) was estimated through an indicative model mapping different OTR tire sizes, aspect ratio, horsepower, and rim sizes from secondary sources and validated through primary sources at a regional level.
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This was further multiplied by the regional-level sales and the number of tires used in each application (construction and mining equipment, agriculture tractors, industrial equipment, and ATVs).
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The market was projected based on various parameters such as analysis of historical data, market trends, and growth of drivers such as increasing off-highway equipment sales, an increase in infrastructural development activities, and growing aftermarket sales. The forecast was based on equipment sales, dependent on economic conditions and market demand. Also, with increased infrastructure and agricultural activities, the working hours for equipment increased. Factors like future infrastructure projects, investments, and farm mechanization rates were studied while estimating the aftermarket demand.
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The country-level OTR tires market by application (volume) was multiplied by the country-level average selling price (ASP) for each application to derive the OTR tires market by value for each application.
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The summation of the country-level market would help derive the regional level. Then, further additions were provided to the global OTR tires market through applications (construction and mining, agriculture tractors, industrial equipment, and ATVs). The total value of each country was then summed up to derive the total value of the OTR tires market by application.
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All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative and qualitative data.
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The market data was consolidated and added with detailed input, analyzed, and presented in this report.
OTR Tires Market : Top-Down and Bottom-Up Approach
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 data was triangulated by studying various macro indicators and regional trends from both the demand and supply-side participants.
Market Definition
OTR Tires: Tires used for OTR equipment are known as off-the-road (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 done 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 that replace a vehicle's original tires. The aftermarket is divided into Original Equipment Supplier (OES) and Independent Aftermarket (IAM). The cost of replacement tires is higher than that of retread tires.
Stakeholders
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Aftermarket and Tire Retreading Associations
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Construction, Mining, and Agriculture Equipment 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 Truck, Asphalt Finisher, Backhoe Loader, Motor Grader, Rigid Dump Truck, RTLT-Telescope, Skid-steer Loader, Wheeled Excavator, Wheeled Loader <80 HP, Wheeled Loader >80 HP, Agriculture Tractor, and Other Equipment Types)
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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 Tractor Tracks, By Power Output (131–250 HP and >250 HP)
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Industrial Equipment By Type (Forklift, Tow Tractor, and Container Handler)
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Tire Type (Radial, Bias, and Solid)
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OTR Tires for Construction Equipment, By Tire Type (Radial, Bias, and Solid)
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Rim Size (14-24 Inches, 25-30 Inches, 31–50 Inches, and > 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 Truck, Asphalt Finisher, Backhoe Loader, Motor Grader, Rigid Dump Truck, RTLT-Telescope, Skid-steer Loader, Wheeled Excavator, Wheeled Loader (<80 HP), Wheeled Loader (>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, Key Buying Criteria, Trade Analysis, Technology Analysis, ASP Analysis, Case Study Analysis, Supply Chain Analysis, Regulatory Analysis, Key Conference and Events, OEM Analysis, Bill of Materials, and Investment Scenario
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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
Available Customizations
OTR TIRES MARKET, BY ASPECT RATIO
HIGHEST CAGR BY 2032
INDIA: FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in OTR Tires Market