TREADING CAREFULLY

Off-the-road tyres are not being taken lightly anymore

- Molly R

The off-the-road (OTR) tyres market size is expected to reach $18.11 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.48% from 2024 to 2032. This growth is attributed to global infrastructure development including roads, bridges, and urban expansions which necessitate the use of large equipment like excavators and dump trucks that rely on OTR tyres. The expanding mining sector, driven by the global demand for minerals and metals, also contributes to increased tyre usage. Additionally, the mechanisation of the agricultural sector, especially in areas with large farmland, has increased the demand for tractor and harvester tyres. The ongoing trend of electrification could potentially revolutionise the OTR industry by raising the need for batteries, charging stations, and electric vehicle engines.

The India off-the-road tyre market size reached 11.3 million units in 2023 and looking forward, the market is projected to reach 20 million units by 2032, exhibiting a growth rate (CAGR) of 6.55% during 2023-2032. In India, a significant growth in the construction industry has led to increasing infrastructural development activities across diverse geographic locations. Owing to this, there is a growing demand for heavy-duty construction vehicles which is further catalyzing the market for OTR tyres. Additionally, the Indian government is heavily investing in the development of various commercial infrastructures across the country, such as highways, power supply grids, bridges, dams, etc., thereby augmenting the demand for OTR tyres.