OTR tires Market Analysis by Goldstein Research-Report Sample by Goldstein Market Intelligence

Global OTR (Off-the-Road) Tires Market Outlook

Global OTR (Off-the-Road) Tires Market Outlook 2024: Opportunity & Growth Analysis, 2016-2024 Request Full Sample Re port

Report Code :AM 1335

+1-646-568-7747 +1-437-886-1181 +44-203-318-6627 +91-120-473-0422, +91-991071-6331 sales@goldsteinresearch .com

99 Wall Street, Suite No:- 527, New York, NY 10005 United States of America Office No:- 504, 5th Floor, C-51, BSI Business Park, Sector-62, Noida, PIN:- 201301 India

www.goldsteinresearch.com

Published By: Goldstein Research Copyright

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Outlook Global OTR (Off-the-Road) Tires Market Share(%), By Region-2016-2024

Global OTR (Off-the-Road) Tires Market Size USD (Billion). 2016-2024 XX XX

XX% CAGR: (2016-2024)

XX XX

Request Full Sample Re port 6.8622.55 7.84 7.00 % % 5.00 % 36.0 %% 2024 27.0 2016 0% 28.43 0% % 34.31 25.0 % 0% Asia Pacific

XX 2016e 2017e 2018f

2019f

Source: Goldstein Research

m a S 2020f

2021f

2022f

2023f

2024f

22.00%

45.00% 48.00%

Asia Pacific

XX%

With share in 2016, dominated the global OTR (Off-the-Road) Tires market

Global OTR (Off-the-Road) Tires Global OTR (Off-the-Road) Tires Market Share(%), By Product Type- Market Share (%), By Vehicle Type2016 2016

30.00%

15.00%

Global OTR (Off-the-Road) Tires Market Share (%), By End Users2016

9.00% 15.00% 12.00% 12.00% 22.00% 30.00%

15.00%18.00% Earthmovers Loader and Dozers

Radial Tires

Bias Tires

Graders

Non-Pneumatic Tires

Material Handling Equipment

Construction

Industrial

Mining

Other (Defense etc.)

Tractors and Agricultural Equipment

Source: Goldstein Research

Latin America

Middle East and Africa

Road) Tires market

7.00%

Europe

Source: Goldstein Research

Mining Sector accounted for the highest market share XX% in global OTR (Off-the-

In 2016,

e l p North America

Source: Goldstein Research

www.goldsteinresearch.com

Agriculture

Ports

Global OTR (Off-the-Road) Tires Market Outlook  With approximately half of today's construction fleets running on bias-ply tires and the other half shod with radials, it's important to understand the benefits and impact on operating costs of each type. While North American construction fleets lag Europeans in the adoption of radial tires, their market share continues to grow. Increase in

Request Full Sample Re  The larger the equipment, the higher the percentage of radials. "It continues Mining Activity to go toward radials. It's just a matter of how long will it take to completelyport change over. port

 The replacement market demonstrates the different adoption rates by size. "For the smaller machines that have a 23.5 R 25 or smaller, the market is about XX percent radials, but it's climbing. "You get into the bigger machines with a 26.5 or a 29.5 and it's about XX percent. The large mining trucks are XX-percent plus.“This trend is being driven by the advantages of radials in many applications. "While the upfront purchase price of a radial is slightly more than a bias, in the end the total cost of ownership is almost always lower. "Radials offer lower fuel consumption, better traction and flotation and improved cut resistance in the tread area, and run much cooler than bias."

m a S

e l p

• Work tools such as wheel loaders and scrapers are now moving toward radials. "The work tool tires have taken longer to switch over. "In Europe, loaders are XX percent on radials due to longer tread wear and ultimately operator comfort. In North America, the changeover has been much slower, we think due to the fact that the stability is not the same.“

Environmental Concerns

Product Innovation

• Demand for a new off-the-road tire size is contributing to the growth of the market for small OTR tires, which defines as tires on 25- inch and smaller rims. • The trend in tire sizes depends on the specific machine or application. The tire segment is evolving with several different solutions to meet the various demands of this segment. Radial tires continue to grow, airless options continue to evolve and track machines are also becoming widely accepted for some uses. The tread designs also continue to evolve from the standard R-4.

Global OTR (Off-the-Road) Tires Market Size (USD Billion) Europe North America

2016

USD XX Billion

2024

USD XX Billion

Growing Agricultural Tractors Demand

Asia-Pacific

USD XX Billion

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Size (USD Billion) & Growth Analysis Global OTR (Off-the-Road) Tires Market Size (USD Billion)-2016-2024 XX

Request Full Sample Re XX port XX

XX XX

XX 2016e

2017e

Source: Goldstein Research

m a S

2018f

2019f

2020f

e l p

2021f

2022f

2023f

2024f

Global OTR (Off-the-Road) Tires Market

is anticipated to expand at a compound annual growth rate of XX% during the forecast period i.e. 2016-2024. Demand for Off-the Road Tires is expected to improve due to the increase in metal production, construction activities, and upsurge in new mines. Further, demand is also expected to come from regions such as India, China and Africa. For instance, iron ore output in India increased by XX percent in 2015–2016 compared to same period a year ago. This trend is expected to continue in the upcoming years which will augment the mining activities in the region and demand for OTR tires. In compact construction some sizes reappear on different machines. For instance, some skid steer tires can go on the front axle of a backhoe loader. Original equipment manufacturers are adopting and adapting common tire sizes to fit different machines. The same tire sizes can fit on different compact construction equipment. For instance, multipurpose or MPT tires (which are more popular in Europe) refer to a range of compact construction equipment using mostly the same tires but handling a range of different jobs: agriculture, road building, residential and commercial construction, scrap yards, landscaping, snow removal and more. We’re talking about compact telehandlers, compact wheel loaders and mini-dumpers, backhoe loaders, concrete truck mixers and rough terrain forklifts. Copyright

www.goldsteinresearch.com

Growth Drivers Growing Research and Development Activities by Major Players 



Increased Versatility Through Improved Load-Bearing Capabilities and Driving Performance. Companies are further optimizing the spoke structure by using high-strength but flexible high-performance resin as a material and employing finite element method (FEM) simulations in the design to reduce stress and deformation in the inner part of the tire. By doing so, the second generation of "Air Free Concept tire" has increased versatility through improved load-bearing capabilities and driving performance compared with the first generation . High-speed travel (maximum 60 km/h) in ultralight vehicles has also become possible.

Request Full Sample Re Pursuing Low Rolling Resistance to Reduce CO2 Emissions: About 90% of port energy loss from tire rolling resistance

comes from repeated changes in the shape of tires as they roll. In the second generation of airless tires, many companies have succeeded in making a significant reduction in energy loss by using proprietary materials technologies and simplifying the structure of the tires. As a result, these "Air Free Concept tire" have achieved the same level of low rolling resistance as our pneumatic fuel-efficient tires, making possible a contribution to reductions in CO2 emissions.

m a S

CONTINENTAL USD XXX million to boost capacity at its 6-year-old car tire plant in Hefei, China, by XX percent to XX million tires a year. The Phase 4 project will add 6 million units of annual capacity for passenger tires, Conti said. The new manufacturing area will cover more than a quarter of the Hefei site's XX million sq.-ft. area. The factory's annual capacity will reach XX million passenger tires and XX million twowheeler tires by 2022.

e l p

Capital Spending Trends: Fiscal 2016

Bridgestone USD XXX million to expand capacity at plants in Pune and Indore, India, over the coming five years. The projects will boost daily capacity nearly 60 percent by 2022 to about 41,000 tires and enable Bridgestone India Pvt. Ltd. to enhance the product mix.

COMPANY

Capital Spending (USD Million)

% Change vs. 2015

% of sales

Continental AG

XXX

XX%

Group Michelin

XXX

XX%

Bridgestone Corp.

XXX

XX%

Goodyear Tires

XXX

XX%

Apollo Tyres

XXX

XX%

Sumitomo Rubber

XXX

XX%

Pirelli

XXX

XX%

Source: Goldstein Research

Impact Analysis:-

 The world's leading tire makers committed more than USD XX Billion in the past year (2016-17) toward new plants and capacity expansions, a measurable drop from record spending of USD XX Billion-plus in 2015-16 but still ahead of the annualized average for the past decade.  The expansion projects collectively represent more than XX million units of new passenger and light truck tire capacity and XX million units of truck, bus and OTR tires per year. Copyright

High

Medium

Impact on Global OTR (Off-the-Road) Tires Market

www.goldsteinresearch.com

Low

Market Restraints Lack of Effective System and Infrastructure to Recycle Tires  End-of-life tires (ELT) or waste tires are a chronic environmental issue in western countries and so now in developing countries. The only difference is that these countries have started tackling this issue recently, but not effectively as its western counterparts. As BRIC nations are riding on robust growth, more and more vehicles are hitting the roads, so are tires. In the last five fiscals (FY10 to FY15), the tire industry in these countries has grown at a CAGR of 12%. On the flip side, the impressive growth has brought in its wake more challenges to the environment. 

Request Full Sample Re Knowing the impact of waste tires on environment and cumbersome processes to dispose portthem of, developed countries have not only banned imports of waste tires, but also are aggressively pushing exports of such tires to developing countries such as China, India, Southeast Asian countries, Middle-East and some African nations. Countries which are less serious about waste tires` impact are the preferred destination for disposal of waste tires.

Waste Collection Rates (%) by Regions, 2016

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

e l p 98%

72%

78%

45%

m a S

Impact Analysis: By their very nature, off-the-road tires and large mining tires are difficult to manage and recycle. But new initiatives and technologies are making nonpneumatic tires processing and recycling both more feasible and more profitable, increasing sustainability within that market.

83%

63%

Impact on Global OTR (Off-the-Road) Tires Market High

Medium

 The OTR tire market is a fast-growing sector in the tire market, OTR sales totaled USD 5.34 billion globally in 2017, and are expected to grow to USD 7.68 billion in 2025.

www.goldsteinresearch.com

Low

Global OTR (Off-the-Road) Tires Market Outlook : 2016-2024 Global OTR (Off-the-Road) Tires Market Share (%), By Product Type, 2016-2024

Request Full Sample Re port

8.57% XX%

Radial Tires

XX%

By value, the listed 15 countries shipped almost three-quarters (XX %) of global rubber tires exports in 2017. Three top exporters grew their international sales of new tires since 2013 namely Thailand (up XX %), Slovakia (up XX%) and the Netherlands.

48.57%

2024

e l p

Among continents, Asian countries accounted for the highest dollar XX% worth of tires exports during 2017 with shipments amounting to USD NonPneumatic XX billion or XX% of exported tire Tires sales. European exporters shipped XX% of the global total, while XX% of the value of new rubber tire Source: Goldstein Research shipments came from North Global OTR (Off-the-Road) Tires Market Y-O-Y Growth, By Product America.

2016

Bias Tires

42.86%

Type, 2016-2024

XX%

2016e

2017e

2018f

m a S XX%

2019f

XX%

2020f

2021f

2022f

2023f

XX%

2024f

Source: Goldstein Research

An increasing number of mining projects, a growing demand for mining vehicles and an expanding vehicle fleet are expected to drive the global mining tire market as well through 2024. Reinforcement of mining activities across the globe is the key growth factor of the global mining tire market and providing significant growth opportunities for non-pneumatic tires in mining industry.

Global OTR (Off-the-Road) Tires Market Size (USD Billion), By Product Type, 2016-2024 XX

2016 Radial Tires

2024 Bias Tires

Non-Pneumatic Tires

Source: Goldstein Research

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Outlook , By Product Type: 2016-2024 Global OTR (Off-the-Road) Tires Market Size (USD Billion), By Radial Tires, 2016-2024 XX XX XX XX

XX XX XX 2016e

2017e

m a S

2018f

2019f

2020f

2021f

2022f

Request Full Sample Re port

2023f

Source: Goldstein Research

e l p

2024f

Global OTR (Off-the-Road) Tires Market Y-O-Y Growth, By Radial Tires, 2016-2024

XX%

2016e

2017e

2018f

XX%

2019f

XX%

2020f

2021f

2022f

2023f

The ranking of the world’s largest tire manufacturers is dominated by European and Asian manufacturers. Third–ranked Goodyear Tire and Rubber Co. and twelfth–ranked Cooper Tire and Rubber Co. were the key tire makers with headquarters in the United States. Since labor costs are the second largest driver of tire production costs, Asian manufacturers are able to benefit from low wages in the majority of their plants. In terms of tire-related sales revenue, Japan's Bridgestone continues to be the main player in the tire manufacturing business, while Germany's Continental is the major player based on overall revenue. In North America “the forklift industry is really, really solid,” based on shipment data. Sales of new forklift trucks surged about a year ago, and now those vehicles are requiring replacement tires. So the aftermarket is very healthy going forward as well.

XX%

2024f

Source: Goldstein Research

The world's largest tire manufacturers in 2017, based on tire-related sales (in billion U.S. dollars) Sumitomo Rubber Industries (Japan) Continental (Germany) Goodyear (U.S) Mechelin (France) Bridgestone (Japan)

Source: Goldstein Research

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Attractiveness and BPS Analysis by Product Type, 2016-2024 Global OTR (Off-the-Road) Tires Market Attractiveness-By Product Type, 2016-2024 4.50% 4.00%

Request Full Sample Re port

CAGR (%)

3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

Market Size (USD Billion) Bias

Radial

Non-Pneumatic Tires

Source: Goldstein Research

e l p

Water based adhesive segment holds the largest revenue share in the global OTR (Off-the-Road) Tires market as this segment constitutes which is impacted by the rising cognizance among the household users and thus it is likely to expand at XX% CAGR during the forecast period. OTR (Off-the-Road) Tires market is relying on the adoption of EHR (Electronic health record) software by various healthcare facility providers in order to stand ahead in future. Behavioral health EHR creates a world of difference to the staff and patients and goes the extra mile giving advanced capabilities such as it include support for documenting violence risk factors, suicide risk factors, or sadness scales.

m a S

Global OTR (Off-the-Road) Tires Market BPS Analysis- By Product Type, 2016-2024 XX%

XX%

XX% XX% XX%

48.00%

XX% XX% XX%

Non-Pneumatic Tires

Bias Tires

XX%

40.00%

Radial Tires

XX%

45.00%

XX% XX%

51.00%

XX%

Source: Goldstein Research

2016

2024

www.goldsteinresearch.com

North America OTR (Off-the-Road) Tires Market Size (USD Billion) & Y-O-Y growth (%), By Region- 20162024 North America OTR (Off-the-Road) Tires Market Size (USD Billion)-2016-2024

Request Full Sample Re port XX%

XX%

CAGR: (2016-2024)

XX XX

XX%

XX XX

e l p XX% XX%

XX%

XX XX

XX%

XX XX XX 2016e

2017e

Source: Goldstein Research

XX%

2019f

North America OTR (Off-the-Road) Tires Market Size (USD Billions), By Country-2016-2024

2020f

XX% XX%

m a S 2018f

XX%

2021f

XX% XX% XX%

2022f

2023f

North America OTR (Off-the-Road) Tires Market Size (USD Billion), By Product Type-2016-2024

XX%

XX% XX%

XX% XX

XX% XX%

XX% 2016

2024 Radial Tires US

Bias Tires

Non-Pneumatic Tires

Canada

Source: Goldstein Research

2024

Source: Goldstein Research

www.goldsteinresearch.com

United States OTR (Off-the-Road) Tires Market Size (USD Billion) & Y-O-Y growth (%), 2016-2024 United States OTR (Off-the-Road) Tires Market Size (USD Billion), Compound Annual Growth Rate (%), Y-O-Y Growth Rate (%), 2016-2024 XX% XX

XX%

XX XX XX 2016e

XX%

m a S XX%

2017e

Request Full Sample Re port

XX%

CAGR: (2016-2024)

XX XX

XX%

2018f

2019f

Source: Goldstein Research

Key Insights

We are also typically seeing that the machines entering the market are have higher horsepower than previous models as well as increased weights. Because of higher horsepower machines, there is some trending to see â&#x20AC;&#x153;largerâ&#x20AC;? tires becoming more standard on some machines, i.e., seeing more 17.5R25 tires than 14.00R24 than in the past and new dimensions becoming more popular on some loader models such as the 875/65R29 vs 29.5R25; this allows higher carrying capacity as well as some stability enhancements for the machine. Small OTR has been the slowest segment of OTR tires to convert to radials, and even today the figure is less than half - around 45% radial. That leaves a lot of room for growth, especially as the radial options become better and more competitive than ever.

2020f

e l p

XX%

2021f

2022f

XX% XX% XX% XX% XX% XX% XX% XX% XX%

2023f

Projected Tire Shipments (in millions of tires) 2017 Final

2018 Forecast

% Change

Passenger

XX%

Light Truck

XX%

Truck

XX%

Passenger

XX%

Light Truck

XX%

Truck

XX%

Total Shipments

XX%

OEMs

Replacemen t Tires

Bridgestone Americas Inc. will spend USD XX million to expand production at its Bloomington, Ill., offthe-road tire plant. The expansion means for the first time the company's 29-, 33- and 35-inch OTR tires will be made outside of Japan. This investment also includes increasing the workforce at the Bloomington plant by XX employees. The last major investment in the plant was USD XX million for a radial and giant loader expansion in 2011 and 2014. The facility makes tires for mining and construction applications. Copyright

www.goldsteinresearch.com

North America OTR (Off-the-Road) Tires Market Attractiveness-By Country, 2016-2024 North America OTR (Off-the-Road) Tires Market Attractiveness-By Country, 2016-2024 XX

Request Sample Report

CAGR (%)

XX XX

e l p m

Market Size (USD Billion) Canada Source: Goldstein Research

United States

According to the above graph, US OTR (Off-the-Road) Tires market is anticipated to be the most attractive market across the region, for new entrants looking to enter in the market, existing players looking for business expansion and investors seeking investment opportunities over the forecast period i.e. 2016-2024 With an increased dependency on rental companies to cost-effectively provide a greater variety of equipment types to customers who will work the equipment liberally and often aggressively, having tires that avoid flats is key. Thatâ&#x20AC;&#x2122;s where solid tire come into play. Solid tire have been popular for skid steer loaders used in puncture-prone and severe or environmentally challenging applications for years, but thanks to newer options, solid tires are now viable for telescopic handlers, compact wheel loaders and even full-sized wheel loaders. With the price now similar to that of foam-filled tires, the rental market is leading the shift to solid tires.

a S

North America North America OTR (Off-the-Road) Tires Market BPS Analysis- By Country, 20162024 XX% XX%

30%

XX%

40% Canad a

XX% XX% XX% XX%

70%

XX%

US 60%

XX% XX% XX% 2016

2024

Source: Goldstein Research

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Outlook Michelin (Company Overview & Business Strategy)

Founded 1889

Employees 111,700

Request Full Sample Re Website www.michelin.com port

Headquarters France

Company Overview  Michelin is a leading tire company in the world, dedicated in improving mobility, designing, sustainably and distributing the most suitable tires, services and solutions to its clients’ and producing high-technology materials that serve the industry. Michelin is headquartered in Clermont-Ferrand, France, operating in 170 countries, operates through 68 production facilities in 17 countries which in total produced 187 million tires in 2016.  Michelin has entered into TREC (tire recycling) initiative in 2014 that has a budget of USD 69 million for over eight years, aiming to produce both chemical and mechanical recovery of scrap tires.  The strength of its brand and its technological leadership helped to drive 2.6% growth and deliver historically high net income of USD 1977.92 million, demonstrating the Group’s agility in a more challenging business environment. Michelin is pursuing the acquisitions that will support its ambitions for growth and value creation

Key Business Segments

Passenger car/Light truck tires & related distribution

e l p m a S

Truck tires & related distribution

Specialty businesses

Business Strategy



The European market rose by XX% over the year, led by demand from the freight and construction industries. The overall gain reflected growth in France (up X%), Turkey (up X%) and Russia (up XX%), flat demand in Germany and declines in Italy (down X%) and Spain (down X%).



In terms of specialty businesses, the operating income from recurring activities in 2017 was up by more than XX% and showed strong growth across each division.



The strength and technological leadership of the company has helped to drive XX% growth which is historically high net income of USD XXX million, showing the company’s agility in challenging business environment.



Replacement radial and bias tire markets in Asia (excluding India) leveled off during the year. Demand edged up just XX% in China, held back by the robust OE market and by the impact of emissions controls.

www.goldsteinresearch.com

Vision

Value

Visibility

About Us

Request Full Sample Re port market research firm with vast reach across America, Asia and parts of Europe Based in U.S., Goldstein Research is a young business consulting and and the Middle East. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

With 30+ domain experts and 50+

employees working day and night to crunch numbers and bring out the best and detailed market reports and forecasts, we strive to enable you to foresee upcoming market challenges and develop a robust business model and strategies, which would add to your profitability and market visibility as a brand. Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts.

www.goldsteinresearch.com

Global OTR (Off-the-Road) Tires Market Outlook

Request Full Sample Re port

Thank you Connect With Us: