Smithers study tracks changing demand in OTR tires

Smithers study tracks changing demand in OTR tires

The market for off-the-road (OTR) tires is worth $34.4 billion in 2024, and is forecast to grow by 4.9% CAGR to $43.8 billion, according to a new study from Smithers, the worldwide authority for the tire industry.

Based on primary research and expert market analysis, The Future of OTR Tires to 2029 breaks down the market by value and volume; end-use market and size; and geographic region, with five-year forecasts to 2029. The study also examines the latest technologies and trends in tire design, and provides strategic profiles of the top 20 OTR tire OEMs.

The transition to electric and hybrid vehicles – major users of lithium-ion batteries – is driving the expansion of mining activities in all regions, particularly Asia-Pacific. This expansion is stimulating sales of new equipment, and placing new demands on OTR tires.

OTR vehicles are also transitioning to electric, with electric powertrains already established in some OTR settings. Industrial forklifts and tractors represent the first of these, and specific tire developments are expected to follow.

OTR tire technology is constantly evolving, especially in terms of sustainability. Advances in materials, manufacturing practices, use, and disposal of OTR tires are all key areas where improvements are being made to reduce environmental impact. This trend is expected to continue as broader technological changes push for more sustainable solutions, and will favour the larger OTR suppliers with greater technical capabilities and capacity.

Mining, construction and ports vehicle tires are the largest end uses for OTR tires, followed by agricultural tires. Industrial tires make up the smallest segment. The agricultural market is mechanising and industrialising, moving towards more technically advanced solutions. All end uses are accelerating versus 2019–24, supported by broader population growth and global economic growth.

The share of OTR tire product volume will continue its ongoing shift away from the mature economies of North America and Europe and towards emerging and developing economies, particularly those in Asia-Pacific; this region will approach 50% of global market share by 2029.

Growth in OTR tire market value, 2019–24 and 2024–29 (CAGR %)
Source: Smithers

The new Smithers market report The Future of OTR Tires to 2029 examines global market performance and opportunities for OTR tires by end use and geographic region. It discusses current and emerging tire technology trends affecting tire design to 2029. 

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