According to market research agency Smithers' projections, the global OTR (Off-The-Road) tire market will continue to demonstrate robust growth momentum, anticipated to expand at a compound annual growth rate (CAGR) of 4.9% until 2029, further enlarging the market size. This forecast indicates that the OTR tire market holds significant potential for growth in the coming years.
A separate report from Hengzhou Bozhi reveals that the global sales of steel radial OTR tires reached US6.308billionin2023andisprojectedtoreachUS7.767 billion by 2030, with a CAGR of 3.1% (2024-2030). This further corroborates the steady growth trajectory of the OTR tire market.
As one of the largest OTR tire markets globally, China's market dynamics attract significant attention. In recent years, China's OTR tire market has exhibited rapid growth fueled by both favorable policies and increasing market demands. For instance, policies such as the "Notice on Promoting the Implementation Plan for Renewal of Construction and Municipal Infrastructure Equipment" issued by the Ministry of Housing and Urban-Rural Development and the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" approved by the State Council Executive Meeting have infused new vitality into the OTR tire market.
Amidst evolving market demands and intensified competition, OTR tire enterprises have intensified their efforts in technological innovation and product upgrades. They have garnered high praise in the market for features such as explosion-proof tires, high wear resistance, anti-chipping, and cut resistance.
With the market maturing and consumer demands diversifying, the OTR tire market is gradually evolving into a segmented and differentiated competitive landscape. Companies need to formulate differentiated development strategies and product strategies based on market demands and their unique characteristics to excel in the fiercely competitive market.
In conclusion, the OTR tire industry has recently demonstrated positive development trends in market dynamics, corporate activities, and industry trends. With continually growing market demands and technological advancements, the OTR tire market is poised to maintain a steady growth trajectory in the years ahead.
