The Global Mining Tire Market Size was 4593.6 million USD In 2020 and it is projected to reach 4959.2 million USD in 2027, growing at a CAGR of 1.1% During 2021-2027. 2020 has been considered as the base year and 2021 to 2027 as the forecast period to estimate the market size for Mining Tire.
Despite supply chain constraints, the North American OTR tire market made a dramatic rebound in 2021. Infrastructure projects, elevated commodity prices and other factors will help ensure that demand for OTR tires remains robust in the new year 2022, according to OTR tire manufacturers.
Jaye Young, mining business line marketing director, Michelin Group: Tire demand was very strong in both the quarry and mining sectors, driven by recovery-focused infrastructure investments, increased energy consumption and demand for commodities like copper, iron ore and nickel needed to support the transition to sustainable energy sources like batteries, windmills and solar panels.
Bruce Besancon, vice president, marketing and strategy, Yokohama Off-Highway Tires America Inc.: The 2021 OTR tire business was like a gold rush and tires were the gold. After losing 20% to 30% of their sales in 2020, dealers and original equipment manufacturers came back strong in 2021 — gaining back what they’d lost and continuing to build strength right through the end of the year and into 2022. While customers were calling for tires, manufacturers were working hard to increase capacity, meet demand and shore up their partner-dealer relationships.
Mining Tough Task Should Be Supported by Tough Mining Tires
OTR China focus on high performance OTR tires manufacturing, supply chain and aftersale service to maintain the construction and mining fleets run well smoothly.