The global OTR tire market will enjoy a compound annual growth rate of 4.9%, according to a new study from Smithers.
“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,” say Smithers officials. “This expansion is stimulating sales of new equipment and placing new demands on OTR tires.
“OTR vehicles are also transitioning to electric, with electric powertrains already established in some settings. Industrial forklifts and tractors represent the first of these and specific tire developments are expected to follow.”
According to Smithers research, mining, construction and ports are the largest applications for OTR tires, followed by ag tires. “Industrial tires make up the smallest segment.”
Looking ahead, “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. This region will approach 50% of global market share by 2029.”
Click here for more information about Smithers’ latest study, “The Future of OTR Tires to 2029.”
