TechSci Research has released a report titled "OTR Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2017-2027," predicting that the Global OTR Tire Market will see a robust growth rate of 5.01% by volume during the forecast period. This growth is attributed to the increased manufacturing and demand for OTR tires worldwide. The largest producer and market for OTR tires is the Asia-Pacific region, with China, India, and Japan dominating the market. The China OTR tire market is expected to grow at a CAGR of 5.18% by volume between 2022 and 2027.
The Global OTR Tire Market is classified according to vehicle type, demand category, tire construction type, and region. The market is segmented into Mining, Construction & Industrial Equipment, Agriculture Vehicles, and Others (which includes All-Terrain Vehicles, Sports Vehicles, etc.) based on the type of vehicle. The increasing sales of these vehicles are expected to drive the demand for OTR tires globally.
The replacement segment is expected to experience the fastest growth rate in the forecast years, followed by the original equipment manufacturers (OEM). The rise in demand for OTR tires globally is projected to continue as OTR tire manufacturers adopt new technologies and develop sustainable production methods. This will result in more dependable products, and the companies are anticipated to increase their production capacities to meet the growing demand for OTR tires worldwide.
The COVID-19 pandemic led to a decrease in OTR tire sales due to the implementation of lockdowns to prevent the spread of the virus, halting mining, construction, and agriculture activities. However, as these activities return to pre-pandemic levels, the industry is now witnessing a rise in demand for OTR tires, which is expected to surge globally in the forecast period. The ongoing technological advancements in the industry are expected to yield positive results for the global OTR tire market in the coming years.
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Based on the tire construction type, the market is segmented into radial OTR tires and bias OTR tires. The bias OTR tires have a higher market share because, comparatively, bias tires are manufactured with more rubber and that makes them more resistant to cuts and punctures. They are also more flexible. Because of all these factors, bias OTR tires have a higher market share globally. whereas the radial OTR tire segment has a higher growth rate for the forecast period 2022-2027F.
China, the US, India, and Germany are the largest OTR tire producers and markets across the globe, and overall, APAC holds the top position in the global OTR tire market, followed by North America and Europe. These regions also have key OTR tire manufacturers.
Some of the major companies operating in the Global OTR Tire Market include:
- Apollo Tyres Ltd.
- Bridgestone Corporation
- The Michelin Group
- Continental AG
- Goodyear Tire and Rubber Company
- Madras Rubber Factory Ltd.
- The Yokohama Rubber Co., Ltd.
- Balkrishna Industries Limited (BKT)
- Toyo Tire Corporation
- Zhongce Rubber Group Co., Ltd.
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“An increase in the demand for agricultural vehicles, construction equipment, mining activities, industrial operations will drive the market, and the increasing infrastructure investments across the globe will also help the market grow in the forecast time period, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global OTR Tire Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Region,” has evaluated the future growth potential of Global OTR Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global OTR Tire Market.
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According to the latest report by IMARC Group “Russia OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The Russia OTR tire market is expected to grow at a CAGR of around 3% during 2021-2026.Off-the-Road (OTR) tires are designed for vehicles that offer high traction over unlevelled terrains, including rock, mud, loose dirt, or gravel.
These tires are built to support large amounts of weight to guide vehicles, such as cranes, wheel loaders, telescopic handlers, tractors, all-terrain vehicles (ATVs), military trucks, through challenging conditions.Request for a free sample copy of this report: https://www.imarcgroup.com/russia-otr-tire-market/requestsampleNote: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
These observations will be integrated into the report.Market Trends:The Russia OTR tire market is primarily driven by various advantages, such as these tires offer better durability, optimum stability, easy mobility, enhanced vehicular performance, high heat and rolling resistance, and reduced contact patch area.
As a result, they are used in large haul trucks for numerous mining and quarrying applications.
Besides this, the rising construction of road and railway networks, industrial complexes andhousing facilities is also increasing the product demand across the country.
Moreover, the advancement in OTR tire technology, such as the introduction of various sensor-based technologies, mitigates any potential hazards, monitors tire pressure and temperature, and provides real-time data analysis, are expected to provide a positive outlook to the market in the coming years.Breakup by Vehicle Type:Mining VehiclesConstruction & Industrial VehiclesAgricultural VehiclesOthersBreakup by Tire Type:Radial TireBias TireBreakup by End-Use:OEMReplacementBreakup by Distribution Channel:Business-to-Business (B2B)Business-to-Consumer (B2C)Breakup by Rim Size:Below 29 inches29-45 inchesAbove 45 inchesCompetitive Landscape with Key Player:Belshina OAOBridgestone CorporationContinental AGHankook Tire & Technology Co. LtdMichelinNorTec TiresNokian TyresThe Yokohama Rubber Company LimitedPJSC TATNEFT.
Advancement strategies and small business data make it possible for clients to aid their clients with forthcoming activities and actions scheduled in the sector.Key Player Mentioned: Bridgestone, Goodyear, Dunlop, Continental, Pirelli, Sumitomo, Alliance, Carlisle, Cheng-Shin Rubber, MichelinRequest Sample Copy @t: https://introspectivemarketresearch.com/request/9743This Global Specialty Tire Market statistic report provides extensive research into in-depth insights, including the competitiveness of key players and trend players.
Product Segment Analysis: Product 1,Product 2,OtherApplication Segment Analysis: OTR tire, Tire Solutions for Harbor, Tire Solutions for Airports, OthersRegional Segment Analysis: North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.
), Asia-Pacific (China; India; Japan; Southeast Asia etc.
)This study is a superb explanation of the macro and micro economic factors that affect the expansion of the worldwide Specialty Tire Market.
In summary, analysts that appreciate info regarding investors, stakeholders, product managers, advertising executives, supply, demand, and predictions worth that the report.The key questions answered in the report: 1.
What are the risks and challenges in front of the market?
