Leatherhead, UK – The global market for off-the-road tires will enjoy a five-year compound annual growth rate of 4% by volume and 5.2% by value, according to a new report from Smithers Rapra.
"The Future of Off-the-Road Tires to 2022" is Smithers' critical analysis of the key factors shaping the global OTR tire market, the company said in a 24 July press release.
According to the report, more than 3.7 million tonnes of OTR tires will be sold worldwide in 2017, with a value of $24.8 billion (€21 million).
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.
There are growing opportunities in medium and small OTR tires, especially in rim sizes of 25 inches and smaller, Smithers said. Much of this growth will come from tires for vehicles associated with infrastructure improvement, such as skid steers, telehandlers, backhoes and small loaders.
Technological and market changes in the OTR tire industry will present challenges to OTR tire makers over the next five years, according to Smithers. Changes in end-use markets, changes in OTR equipment, technological changes in the tire and related industries, changes in the supply chain and political or regulatory changes will all be factors, it said.
"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.