AKRON — The global off-the-road (OTR) tire market, worth an estimated $34.4 billion in 2024, is expected to grow by 4.9% per year through 2029 to $43.8 billion, according to a new study from the Smithers Group.
The study, "The Future of OTR Tires to 2029," offers a five-year forecast to 2029 and examines the latest technologies and trends in tire design.
The transition to electric and hybrid vehicles — major users of lithium-ion batteries — is driving the expansion of mining activities in all regions, particularly Asia-Pacific, according to the report. This expansion is stimulating sales of new equipment and driving demand for OTR tires.
OTR vehicles are also transitioning to electric, with electric powertrains already established in some OTR settings. Industrial forklifts and tractors represent the first of these, and specific tire developments are expected to follow, according to Smithers.
OTR tire technology is constantly evolving, especially in terms of sustainability. Advances in materials, manufacturing practices, use and disposal of OTR tires are all key areas where improvements are being made to reduce environmental impact.
This trend is expected to continue as broader technological changes push for more sustainable solutions, and will favor the larger OTR suppliers with greater technical capabilities and capacity.
Mining, construction and ports vehicle tires are the largest end uses for OTR tires, followed by agricultural tires, Smithers said. Industrial tires make up the smallest segment. The agricultural market is moving towards more technically advanced solutions.
All markets are accelerating versus 2019-24, supported by broader population growth and global economic growth and the share of OTR tire product volume will continue its ongoing shift away from the mature economies of North America and Europe and towards emerging and developing economies, particularly those in Asia-Pacific, Smithers said.
The Asia-Pacific region is predicted to accouunt for up to half of the global market by 2029, according to the report.
The Smithers market report, which also examines global market performance and opportunities for OTR tires by end use and geographic region, is available to purchase for $6,750.
