Report Overview

Thailand OTR Tire Market – Industry Trends & Forecast Report, 2030

The Thailand OTR Tire Market size by value was estimated at USD 73.9 million in 2023. During the forecast period between 2024 and 2030, the Thailand OTR Tire Market size is expected to expand at a CAGR of 9.50% reaching a value of USD 127.7 million by 2030. The Thailand OTR (Off the Road) Tire Market is driven by the expansion of the construction and mining sectors, which demand durable and high-performance tires. Infrastructure development projects and the rise in mining activities are significant contributors. Additionally, the agricultural sector's growth boosts the need for specialized OTR tires. Technological advancements in tire manufacturing and increasing investments in automation and mechanization in these industries further stimulate market growth. Economic stability and government initiatives supporting industrial development also play crucial roles in propelling the Thailand OTR Tire Market.

OTR (Off the Road) Tires – Overview

Off the Road (OTR) tires are heavy-duty tires built for tough environments, not regular roads. Imagine the kind of tires on tractors, construction equipment, or forklifts. OTR tires have deep treads for gripping dirt, mud, and rocks, and strong constructions to resist punctures and carry heavy loads. They keep industrial machines moving in challenging conditions.

Thailand OTR Tire Market

Growth Drivers

Infrastructure Development Projects across Thailand

The burgeoning infrastructure development in Thailand is significantly propelling the growth of the OTR (Off the Road) Tire Market. Government initiatives focusing on extensive construction projects, including highways, railways, and urban development, are driving the demand for robust and durable OTR tires. This surge in infrastructure activities necessitates heavy machinery and vehicles, thereby increasing the need for high-quality tires capable of withstanding harsh terrains. Additionally, Thailand's strategic emphasis on enhancing its transportation network to support economic growth further cements the OTR tire market's expansion, making it a critical component of the country's developmental agenda.

Challenges

High Competition from Retreaded Tires

The Thailand OTR (Off the Road) Tire Market faces significant challenges due to the rising competition from retreaded tires. These cost-effective alternatives are gaining popularity, particularly in sectors like mining and construction, where heavy machinery demands durable tires. Retreaded tires offer comparable performance at a lower price, appealing to budget-conscious operators. This trend pressures new tire manufacturers to innovate and reduce costs to maintain market share. Consequently, the OTR tire market is witnessing a dynamic shift as the preference for retreaded tires grows, impacting overall sales and profitability for traditional tire companies.

Impact of Escalating Geopolitical Tensions on Thailand OTR Tire Market

Escalating geopolitical tensions impact the Thailand OTR (Off the Road) Tire Market by disrupting supply chains and increasing production costs due to tariffs and trade restrictions. Import and export difficulties affect raw material availability, leading to potential shortages and price volatility. The market's reliance on global trade means regional conflicts can hinder investment and economic stability, reducing demand from key industries like mining and construction. Additionally, heightened political risks can deter foreign investors, affecting overall market growth and innovation. Therefore, companies may need to seek alternative suppliers or markets to mitigate these risks.

Thailand OTR Tire Market

Segmental Coverage

Thailand OTR Tire Market – By Tire Size

Based on tire size, the Thailand OTR Tire Market is divided into Below 25 inches, 25–49 inches, and Above 49 inches segments. The 25–49 inches tire size is the largest segment in the Thailand OTR Tire Market. The segment dominates due to its widespread application across various industries, including construction, mining, and agriculture, which demand robust and versatile tire solutions for heavy machinery and equipment. The growth of infrastructure projects and industrial activities in Thailand further boosts the demand for OTR tires in this size range, making it the most significant segment in the market. These tires offer a balance of durability, load-bearing capacity, and performance, essential for the challenging conditions encountered in these sectors.

Thailand OTR Tire Market – By Tire Type

Based on tire type, the Thailand OTR Tire Market is divided into Radial Tire and Bias Tire segments. The radial tire segment holds a larger share in the Thailand OTR Tire Market. The dominance is attributed to radial tires' superior benefits, including enhanced durability, better traction, reduced fuel consumption, and a longer lifespan compared to bias tires. These advantages make radial tires the preferred choice for heavy machinery used in construction, mining, and agriculture, driving their higher adoption rate in the market. Consequently, the increasing demand for efficiency and performance in these industries propels the radial tire segment to the forefront of the Thailand OTR tire market.

Thailand OTR Tire Market – By Sales Channel

Based on sales channel, the Thailand OTR Tire Market is divided into OEMs (Original Equipment Manufacturers) and Aftermarket segments. The aftermarket sales channel holds a higher market share in the Thailand OTR (Off the Road) Tire Market. The dominance is attributed to the high demand for replacement tires driven by the country's extensive construction and mining activities, which cause significant tire wear and tear. The aftermarket segment benefits from a broad range of tire options and competitive pricing, appealing to businesses seeking cost-effective and reliable tire solutions. Additionally, the frequent need for tire replacements in heavy machinery and vehicles used in these industries further bolsters the aftermarket segment's prominence in the market.

Thailand OTR Tire Market – By Vehicle Type

Based on vehicle type, the Thailand OTR Tire Market is divided into Agriculture Vehicles, Construction & Industrial Vehicles, and Mining Vehicles segments. The mining vehicles segment typically represents the largest vehicle type in the Thailand OTR Tire Market, due to the extensive use of OTR tires in mining operations, where vehicles operate in rugged terrains and require durable tires capable of withstanding harsh conditions. The demand for OTR tires in the mining sector is driven by the need for reliability, longevity, and performance under challenging environments, making it a significant contributor to the overall market size in Thailand.

Competitive Landscape

Major players in the Thailand OTR Tire Market include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Yokohama Rubber Co Ltd, Sumitomo Rubber Industries, Ltd, Pirelli & C. SpA, Cheng Shin Rubber Industry Co Ltd (Maxxis). To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Tire Size

• Below 25 inches

• 25–49 inches

• Above 49 inches

By Tire Type

• Radial Tire

• Bias Tire

By Sales Channel

• OEMs (Original Equipment Manufacturers)

• Aftermarket

By Vehicle Type

• Agriculture Vehicles

• Construction & Industrial Vehicles

• Mining Vehicles

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand OTR Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Booming Construction and Mining Sectors
         2. Rising Infrastructure Development
         3. Surge in Demand for Eco-Friendly Tires
      2. Restraints
         1. High Competition from Retreaded Tires
         2. Large Scale OTR Tire Disposal Challenges
      3. Opportunities
         1. Technological Advancements in OTR Tires
         2. Growing Focus on Sustainable Practices
      4. Challenges
         1. Fluctuations in Raw Material Prices
         2. Stringent Environmental Regulations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand OTR Tire Market: Marketing Strategies
5. Thailand OTR Tire Market: Pricing Analysis
6. Thailand OTR Tire Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Tire Size
         1. Below 25 inches
         2. 25–49 inches
         3. Above 49 inches
      2. By Tire Type
         1. Radial Tire
         2. Bias Tire
      3. By Sales Channel
         1. OEMs (Original Equipment Manufacturers)
         2. Aftermarket
      4. By Vehicle Type
         1. Agriculture Vehicles
         2. Construction & Industrial Vehicles
         3. Mining Vehicles
         4. Others
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Thailand OTR Tire Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions on Thailand OTR Tire Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Bridgestone Corporation
   2. Michelin Group
   3. Goodyear Tire & Rubber Company
   4. Continental AG
   5. Yokohama Rubber Co Ltd
   6. Sumitomo Rubber Industries, Ltd
   7. Pirelli & C. SpA
   8. Cheng Shin Rubber Industry Co Ltd (Maxxis)
   9. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Country
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Thailand OTR Tire Segmentation

Figure 2       Thailand OTR Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Thailand OTR Tire Market Size, By Value (USD Million), 2019–2030

Figure 5       Thailand OTR Tire Market Share, By Demand, By Value, 2019–2030

Figure 6       Thailand OTR Tire Market Share, By Tire Type, By Value, 2019–2030

Figure 7       Thailand OTR Tire Market Share, By Sales Channel, By Value, 2019–2030

Figure 8       Thailand OTR Tire Market Share, By Vehicle Type, By Value, 2019–2030

List of Tables

Table 1        Thailand OTR Tire Market Size, By Value (USD Million), 2019–2030

Table 2        Thailand OTR Tire Market Size, By Demand, By Value, 2019–2030

Table 3        Thailand OTR Tire Market Size, By Tire Types, By Value, 2019–2030

Table 4        Thailand OTR Tire Market Size, By Sales Channel, By Value, 2019–2030

Table 5        Thailand OTR Tire Market Size, By Vehicle Type, By Value, 2019–2030

Table 6        Bridgestone Corporation Company Overview

Table 7        Bridgestone Corporation Financial Overview

Table 8        Goodyear Thailand, Inc. Company Overview

Table 9        Goodyear Thailand, Inc. Financial Overview

Table 10      Michelin Company Overview

Table 11      Michelin Financial Overview

Table 12      Continental AG Company Overview

Table 13      Continental AG Financial Overview

Table 14      Yokohama Rubber Co Ltd Company Overview

Table 15      Yokohama Rubber Co Ltd Financial Overview

Table 16      Sumitomo Rubber Industries, Ltd Company Overview

Table 17      Sumitomo Rubber Industries, Ltd Financial Overview

Table 18        Pirelli & C. SpA Company Overview

Table 19        Pirelli & C. SpA Financial Overview

Table 20        Cheng Shin Rubber Industry Co Ltd (Maxxis) Company Overview

Table 21        Cheng Shin Rubber Industry Co Ltd (Maxxis) Financial Overview