Off-the-road tires set to grow over the next five years by a compound growth rate of 4% (CAGR) according to Smithers Rapra

The global market for off-the-road tires will increase steadily across the next five years, according to the latest exclusive market data from Smithers Pira.

Its new report, The Future of Off-the-Road Tires to 2022  Smithers Rapra’s critical analysis of the key drivers shaping the global market for off-the-road tyres estimated to be over 3.7 million tons in 2017, with a value of $24.8 billion.  It is expected to show an overall five-year compound growth rate of (CAGR) of 4% to 2022 in volume terms and 5.2% per year in value terms.

The largest use for off-the-road tires (OTR tires) is in what some consider being core, true (narrow) definition of OTR: mining and construction, which also includes some larger industrial applications such as ports and handling (where the largest forklift trucks are used). Altogether, this segment will continue to represent well over half of the market in volume and value terms. When measured in tons (as units vary widely and are not comparable), demand stands at just over 3.7 million tons in 2017, corresponding to a market value of $25 billion.

Despite their relatively small sizes and prices, there continue to be growing opportunities in medium and small OTR tires, particularly for the small rim sizes: 25in and under. 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.

Arthur Mayer, author of the report.

The technological and market changes in the OTR tire industry presently and over the next five years are presenting several challenges to manufacturers and suppliers alike. Some of these challenges originate in one or more end-use market as a result of underlying market growth; or in the nature of OTR equipment or the manner in which OTR tires are used; or in technological changes in the tire or related industries; in the supply chain; or in the political and regulatory environments.

All regions are expected to grow over the next five years, as global economies variously recover, stabilise and resume growth. As with many other tire markets, the relatively strong economic performance of the emerging and developing economies greatly influences the distribution of growth opportunities.

The Future of Off-the-Road Tires to 2022 provides analyses on how economic, environmental, regulatory and technological influences are at work in OTR tires, both today and looking out over the next five years.  It will look at the diverse threats, opportunities and some emerging disruptive technologies will shape both tire supply and demand.

Notes for Editors: 
The Future of Off-the-Road Tires to 2022 is available for £4,500.
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