OTR tires are circular elastic rubber products used for the operation of construction vehicles, characterized by high load-bearing capacity, strong durability, and excellent wear resistance.
Overview of Market Development
With the development of global infrastructure construction and mining industry, the demand for OTR tires will continue to increase, and its market size will steadily grow. According to our research data, the global market size of OTR tires is expected to reach $25.34 billion in 2024, an increase of 4.92% compared to 2023.
In the coming years, the continuous emergence of new materials, processes, and technologies will drive the improvement of tire performance and quality, and further expand the market. It is expected that by 2029, the global market size of OTR tires will continue to increase to $31.31 billion. The CAGR for 2024-2029 is estimated to be 4.33%. In addition, from the perspective of development trends, green, low-carbon, and environmentally friendly will become important development directions for the tire industry.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global OTR tire market is low. Data shows that in 2023, the top 3 companies in the OTR tire market had a total revenue of $560 million, with a total revenue share of 17.10%; The total revenue of the Top 6 enterprises was $944 million, with a total revenue share of only 28.82%. The top three companies were Michelin, Bridgestone, and Goodyear. In 2023, these three companies accounted for 6.93%, 5.72%, and 4.45% of the global market revenue in the OTR tire market, respectively.
Global OTR Tire Market Size Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of downstream application patterns, OTR tires are widely used in fields and places such as construction, mining, ports, and agriculture. Among them, the construction industry is the largest downstream application market, with an estimated application share of 40.79% in 2024.
From a regional perspective, the global OTR tire market is dominated by three major regions: North America, Europe, and Asia Pacific. The total revenue of the OTR tire market in these three major regions accounts for nearly 90% of the global total revenue. Among them, the Asia Pacific region is the largest revenue market. Data shows that the revenue of the OTR tire market in the Asia Pacific region is expected to reach $12.33 billion in 2024, with an estimated market share of 48.67%.
Global OTR Tire Segment Market Revenue and Market Share Forecast in 2024
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Market Revenue (Billion USD)
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Market Share
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Segmented by Application
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Construction
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10.33
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40.79%
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Mining
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5.60
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22.09%
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Ports
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2.28
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11.39%
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Agriculture
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3.38
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13.34%
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Others
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3.14
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12.39%
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Segmented by Region
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North America
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5.25
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20.72%
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Europe
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5.12
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20.21%
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Asia Pacific
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12.33
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48.67%
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South America
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1.52
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5.98%
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Middle East & Africa
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1.12
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4.42%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global OTR Tire Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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