LEATHERHEAD, England — The global market for OTR tires will grow 4 percent annually by volume rate and 5.2 percent by value through 2022, according to a new report from Smithers Rapra.
"The Future of Off-the-Road Tires to 2022" is Smithers Rapra's analysis of the key factors shaping the global OTR tire market.
According to the report, the market in 2017 is estimated at 3.7 million metric tons of OTR tires worldwide, with a value of $24.8 billion.
The largest use of OTR tires will be in mining and construction, which include some larger industrial application such as ports and handling, where the largest forklift trucks are used, according to Smithers.
"Altogether, this segment will continue to represent well over half of the market in volume and value terms," the testing and consulting firm said.
Despite their relatively small sizes and prices, there are growing opportunities in medium and small OTR tires, particularly for the small rim sizes of 25 inches and under, Smithers said.
Much of the growth in this segment will come from tires for vehicles associated with infrastructure improvement, such as skid steers, telehandlers, backhoes and small loaders, according to Arthur Mayer, author of the report.
Technological and market changes in the OTR tire industry over the next five years will present several challenges to manufacturers and suppliers alike, Smithers said, including changes in end-use markets, changes in OTR equipment, changes in the supply chain and political or regulatory changes will all be factors.
"The Future of Off-the-Road Tires to 2022" is for sale at $6,500 per copy. To purchase the report or to get additional information visit smithersrapra.com.