As per a report from TechSci Research titled “OTR Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2017-2027,” it is anticipated that the Global OTR Tire Market will experience a robust growth rate of 5.01% by volume during the forecast period. This growth can be attributed to the increased global demand and manufacturing of OTR tires. Within the APAC region, which holds dominance in this market, China, along with India and Japan, stands as the largest producer and market for OTR tires. Specifically, the China OTR tire market is predicted to achieve a volume-based Compound Annual Growth Rate (CAGR) of 5.18% within the forecast period spanning from 2022 to 2027.
Categorized by vehicle type, demand category, tire construction type, and region, the Global OTR Tire Market exhibits its diversity. The market is divided by vehicle type into Mining, Construction & Industrial Equipment, Agriculture Vehicles, and Others (encompassing All-Terrain Vehicles, Sports Vehicles, etc.). With an upswing in the sales of these vehicles, a corresponding surge in the global demand for OTR tires is expected.
Browse over 180 market data Figures and spread through 265 Pages and an in-depth TOC on “ Global OTR Tire Market” – https://www.techsciresearch.com/report/otr-tire-market/3725.html
In terms of demand category, the replacement segment is poised to be the fastest-growing during the forecast years, followed by the original equipment manufacturers (OEMs). The replacement sector’s positive growth rate can be attributed to the extensive use and higher utilization of OTR tires globally. As OTR tire manufacturers strive to adopt new technologies and implement sustainable production methods, the global market is poised to expand. This trajectory will yield more dependable products, with companies also anticipated to augment their production capacities to cater to the escalating global demand for OTR tires.
The initial implementation of COVID-19-related lockdowns led to a decline in OTR tire sales due to the halt in mining, construction, and agricultural activities. However, the industry is now witnessing a resurgence in demand as these activities return to pre-pandemic levels. This trend is expected to persist throughout the forecast period, resulting in a global surge in demand for OTR tires. The ongoing technological advancements in the industry are projected to yield positive outcomes for the global OTR tire market in the upcoming years.
Segmented by tire construction type, the market comprises radial OTR tires and bias OTR tires. Bias OTR tires possess a larger market share due to their higher rubber content, rendering them more resistant to cuts and punctures. Moreover, their increased flexibility contributes to their market prominence. Conversely, the radial OTR tire segment is poised for higher growth during the forecast period of 2022 to 2027.
The leading OTR tire producers and markets on a global scale encompass China, the US, India, and Germany. The APAC region holds the foremost position in the global OTR tire market, followed by North America and Europe. Notably, these regions are also home to significant 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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