A recent report by the Industrial Growth Forecast shows significant growth projections for the global OTR tire market between 2019 and 2025. The report provides unique insights into the key players in OTR tire manufacturing, how their competitors are expected to perform in upcoming years, and some of the key reasons for industry growth. Additionally, the report reveals regionally specific information, illustrating the top contributors to the market worldwide.
Reasons for Projected Growth of U.S. OTR Tire Market
According to the report, the global market is expected to exceed $26 billion by 2023. One of the main reasons for this widespread industry surge is the increase in construction and infrastructure projects occurring worldwide. In addition, mechanization of the farming sector and strides in the mining industry have also contributed to expected growth in the OTR tire market.
Other factors leading to market growth include advancements in technology and an expanding distributor-dealership network. Fleet managers worldwide are also increasing their adoption of radial tires and Chinese tires, which could be responsible for the market’s projected growth. The most noteworthy manufacturers according to the report are Michelin, Bridgestone, the Goodyear Tire & Rubber Company, and the Yokohama Rubber Co., Ltd., to name a few.
Benefits of Using OTR Tires
OTR tires are used among construction vehicles and articulated dumps trucks. These tires are specially designed to improve stability and performance on more dangerous road surfaces, including sand, dirt, mud, snow, ice, and more. Off-the-road tires come with a host of benefits for fleet managers, including the following:
- Better traction in inclement conditions
- Increased resistance to punctures, cuts, and blowouts
- More flexibility for a smoother ride
- Higher heat tolerance means faster speed capabilities
As fleet managers working in more compromising conditions look to add vehicles with OTR tires to their operations, the market’s projected growth will come to fruition. Especially as demand for construction, infrastructure updates, and farming mechanization continue to grow, the compounded annual growth rate for the OTR tire market can be expected to reach nearly 6% in coming years.
For heavy-duty fleets working in these segments, partnering with an OTR tire product and service provider can be a strategic move. By partnering with a provider, they can assure regular access to the industry’s top-quality products andservice .
STTC OTR Tire Products & Services
For the highest quality products and services at a price you can afford, STTC is a great choice for fleet managers. Offering the industry’s top-rated OTR tire products and services, our OSHA-certified technicians have the skills and expertise you need to get the right tires for your operation. Contact STTC to find out more about how our team can help connect you to the best OTR tire solutions for your fleet.