IMARC Group has recently released a new research study titled "Europe Off-the-Road (OTR) Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The Europe off-the-road (OTR) tire market is expected to exhibit a CAGR of 4.52% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Market Outlook:
Off-the-road (OTR) tires consist of blocky, heavy-duty tread patterns and puncture-resistant sidewalls that can withstand damage from hitting through rocks and maintain traction in mud and loose sediment. OTR tires offer better durability, improved heat and rolling resistance, enhanced vehicular performance, easy mobility, reduced contact patch area, and optimum stability. Due to these advantages, these tires are most widely used for large-scale machinery at construction, mining, and other sites with no roads.
Challenges and Trends in the Europe OTR Tire Market
With the increasing infrastructure development projects and the rising construction industry, the Europe OTR tire market growth is expected to increase in Europe. Moreover, the development of various infrastructural projects, like dams, bridges, highways, and power supply grids, across the region is expected to support the market growth.
Additionally, the increasing adoption of radial OTR tires is projected to drive the market growth due to the associated benefits, such as lesser fuel consumption, better mileage, and improved road grip. Furthermore, the growing mining industry is encouraging the demand for large haul trucks in numerous mining and quarrying applications, which is further anticipated to augment the demand for OTR tires. In addition, substantial growth in the agriculture industry, coupled with the increasing adoption of farm mechanization trends, is expected to boost the market growth during the forecast period.
Request to Get the FREE Sample Report: https://www.imarcgroup.com/europe-off-the-road-tire-market/requestsample
Who are the key players/companies/manufacturers in the Europe Off-the-Road (OTR) tire market?
Some of these key players include:
- Balkrishna Industries Limited
- Bridgestone Corporation
- Continental AG
- Double Coin Tyre Group Ltd.
- Michelin
- Nokian Tyres
- Pirelli
- The Goodyear Tyre & Rubber Company
- Trelleborg
- Triangle Tires
- Yokohama Rubber Company Limited
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Mining Vehicles
- Construction & Industrial Vehicles
- Agricultural Vehicles
- Others
Breakup by Tire Type:
- Radial Tire
- Bias Tire
Breakup by End Use:
- OEM
- Replacement
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Rim Size:
- Below 24 inches
- 24-30 inches
- 31-35 inches
- 36-39 inches
- 40-50 inches
- 51-55 inches
- Above 56 inches
Breakup by Country:
- Germany
- France
- Russia
- United Kingdom
- Italy
- Spain
- Others
Ask Analyst for 10% free customized report: https://www.imarcgroup.com/request?type=report&id=3979&flag=C
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: [email protected]
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com
Market Analysis The Global OTR Tire Market is predicted to touch USD 27.3 billion at a 4.92% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis.
Off the road or OTR tires, simply put, are deep treaded tires that offer high traction on unlevelled surfaces such as gravel, loose dirt, mud, or rock.Get free sample pdf @ https://www.marketresearchfuture.com/sample_request/5029Various factors are propelling the global off the road tire market share.
According to the recent MRFR report, such factors include increasing population, need for higher yield due to the demand for agriculture equipment vehicles and tractors, rising preference to use modern equipment for farming activities, increased infrastructural development and mechanization in developing countries, rising automation in industrial processes, and rise in average machine hours.On the contrary, need for significant capital investments to manufacture giant off the road tires, availability of low-cost tires in unorganized markets, high cost of research and development activities, demand and supply gap, increasing commodity prices of natural rubber, and the impact of the current COVID-19 pandemic are factors that may impact the global off the road tire market growth over the forecast period.Market SegmentationThe MRFR report highlights an inclusive segmental analysis of the global off the road tire market size based on distribution channel, construction type, and vehicle type.By vehicle type, the global off the road tire market is segmented into construction and industrial equipment, agriculture vehicle, mining, and others.
Of these, the agriculture vehicle and construction & industrial equipment segment will lead the market over the forecast period.By construction type, the global off the road tire market is segmented into belted bias, radial, and bias.
Of these, the aftermarket segment will have a major share in the market over the forecast period.Browse complete report @ https://www.marketresearchfuture.com/reports/off-the-road-tire-market-5029Regional Analysis Based on the region, the global off the road tire market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA).
The presence of one of the largest automotive aftermarkets, the booming automotive industry in Japan, China, and India, burgeoning demand for off the road tires, demand for fuel-efficient technologies, industrial development, and growing construction activities are adding to the global off the road tire market growth in the region.The global off the road tire market in Europe is predicted to hold the second-largest share over the forecast period.
Due to the 2008 financial crisis and COVID-19, the construction industry has been especially sluggish in developed countries.
It is expected that developing countries will pick up the slack soon as their need for critical urban infrastructure remains unmet.
For More Insights into the Market, Get Sample Copy of this Report:https://www.fairfieldmarketresearch.com/report/off-the-road-tire-otr-market/ Thrill-seeking Customers Indulge in Off-road Trips Benefiting Off-the-road Tire MarketThere has been a significant government push towards developing public infrastructure – particularly in emerging economies.
Unabated Demand in the Agriculture Industry Key for the Off-the-road Tire MarketCOVID-19 has turned the global supply chain model upside down.
Mainstream suppliers have faced unprecedented challenges with domestic and international logistics bottlenecks.
The agricultural industry has been able to withstand the turbulence caused by COVID-19 and has balanced the plunge in demand in the construction sector.
OTR(Off the road) Tires Tire Market:WiseGuyReports.com adds “Global OTR(Off the road) Tires Tire Market Research Report 2020 Analysis and Forecast 2026” reports to its database.Executive SummaryGlobal OTR Tire Market is valued approximately at USD 5.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.80% over the forecast period 2019-2026.
The OTR tire market is primarily driven owing to surging sales of off-highway vehicles, surging construction sector in both developed and developing countries, escalating utility of commercial vehicles along with government subsidies on agricultural equipment’s.
However, the impact of Covid-19 has negatively impacted the transportation & logistics sector in both developed and developing countries which is anticipated to be a restraining factor for the surge and demand of OTR tires.
Around 23846003 units of commercial vehicles were produced in the year 2017 as compared to 72105435 units in the year 2016 on the global scenario.
However, the high cost of OTR Tires impedes the growth of the market over the forecast period of 2020-2026.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5278116-global-otr-off-the-road-tires-tire-marketThe regional analysis of global OTR Tire market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
North America is the leading/significant region across the world in terms of market share owing to the surging construction sector which include both residential and commercial vehicles along with subsidies provided by federal government for agricultural equipment.
