Rapid urbanization and industrialization, an increase in construction and infrastructure development activities, and a rise in demand for agricultural machinery are key factors driving the Europe OTR tire industry growth.
Rigid Dump Truck is the fastest growing sub-equipment type of the OTR Tires Market.
NEWARK, DE / ACCESSWIRE / July 4, 2024 / Europe OTR tire industry value is forecast to increase from USD 1,392.4 million in 2024 to USD 2,056.6 million by 2034. Over the assessment period, the demand for OTR tires in Europe is projected to rise at a CAGR of 4%.
OTR tires are gaining traction in various industries such as mining, construction, agriculture, and industrial sectors in Europe. Demand for OTR tires is influenced by the growth or decline of mining operations, the need for agricultural products, and the mechanization of farming methods.
The agricultural sector relies on OTR tires for tractors, harvesters, and sprayer equipment, while the construction industry relies on OTR tires for excavators, loaders, and bulldozers. Furthermore, demand for OTR tires is driven by increasing construction projects, especially in emerging nations.
Government policies and regulations are set to influence the adoption of OTR tire types, such as those for fuel efficiency or lower emissions. Technological advancements such as puncture-resistant materials, traction-enhancing tread designs, and pressure monitoring systems are projected to augment expansion. Sales of OTR tires are also influenced by economic trends, such as GDP growth, inflation rates, and currency fluctuations, which affect industrial operations.
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Key Takeaways from the Report
The demand for OTR tires in Europe expanded at a CAGR of 1.7% during the historical period from 2019 to 2023.
Poland is expected to showcase a CAGR of 5% in the Europe OTR tire business through 2034.
Italy is anticipated to register a CAGR of 4.6% in the Europe OTR tire business landscape during the forecast period.
The fabric radial tire segment by tire type is projected to showcase a decent CAGR of 4.8% during the assessment period.
The mining segment by application is expected to rise at a CAGR of 4.7% over the forecast period.
"Europe's OTR tire industry is projected to experience steady growth due to rising investments by countries in power infrastructure to meet their increasing power needs. Growing international government initiatives aimed at enhancing the reliability of filtration systems are set to boost the industry." Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Growth in Construction Sector
Rapid urbanization, a rising global population, and increased disposable income are key factors driving the off-the-road (OTR) tire market share. The rapid growth in the construction sector is a major factor augmenting the global demand for OTR tires.
Several governments, particularly in developing countries, are making significant investments in industrial development and smart city projects. Increased government investment in infrastructure development is further contributing to market progress.
Demand for OTR tires is increasing with the rise in the number of projects to construct bridges, highways, and buildings. The use of heavy construction machinery and OTR tires significantly reduces project expenses. The need for off-highway vehicles to support construction operations is rising across the globe, augmenting OTR tire market dynamics.
Contemporary off-highway EV vehicles are widely used in oil and gas exploration activities. Innovative technologies are being more frequently adopted in the production of OTR tires for vehicles that routinely traverse challenging terrain. The development of modern OTR products that can function on different terrains is another factor fueling market growth.
Competitive Landscape
Europe's OTR tire industry is moderately consolidated, with leading companies accounting for around 40% to 45% share. Bridgestone Corporation, Michelin, Continental AG, Yokohama Tire Corporation, Trelleborg AB, Goodyear Tires & Rubber Company, BKT, Apollo Tyres, Prometeon Tire Group SRL (PTG), and Magna Tyres are the leading manufacturers and suppliers of OTR tires listed in the report.
Key OTR tire companies are investing in continuous research for producing new products and increasing their production capacity to meet end-user demand. Leading companies are also inclined toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
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Recent Developments-
In April 2023, Bridgestone Corporation introduced the V-Steel Port Container Straddle (VPCS) radial tire, specially designed for straddle containers used in port terminals and intermodal yards.
In February 2023, Continental AG launched the VF TractorMaster in size VF900/60R42.
More Insights into the Europe OTR Tire Industry Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of Europe's OTR tire sector, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034.
The study reveals growth projections on the industry by tire type (bias tires, radial tires, and fabric radial tires), tire size (14" to 24", 25" to 30", 31" to 50", and above 50"), sales channel (OEM and aftermarket), application (agriculture, construction, mining, and industrial), and region (Europe [Germany, France, Italy, Spain, United Kingdom, Poland, and Türkiye])
Key Segments of Industry Report
By Tire Type:
As per tire types, the sector has been categorized into bias tires, radial tires, and fabric radial tires.
By Tire Size:
The industry is segregated into 14" to 24", 25" to 30", 31" to 50", and above 50".
By Sales Channel:
Two important sales channels include OEM and aftermarket.
By Application:
In terms of applications, the sector is divided into agriculture, construction, mining, and industrial.
By Region:
Industry analysis has been carried out in key countries of Europe, such as Germany, France, Italy, Spain, United Kingdom, Poland, and Türkiye.
Report Preview: https://www.futuremarketinsights.com/reports/otr-tire-industry-analysis-in-europe
About Future Market Research - Automotive
The Automotive division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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