Rise in developmental activities and introduction of advanced OTR vehicles for farming, and construction activities to drive global OTR Tire market through 2025
According to TechSci Research report, “Global OTR Tire MarketBy Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2015-2025”, the global OTR tire market is projected to surpass USD 31 billion by 2025, owing to increasing usage of farm equipment and heavy machinery in industrial and mining activities, major technological innovations in OTR tires, and modernization. Overcoming the problems associated with manual labor and enhancing productivity, various advanced OTR tires are being introduced for farming activities, which is contributing to the increase the growth of global OTR tire market at a steady rate during the forecast period.
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In 2018, mining, construction & industrial equipment segment dominated global OTR tire market and the trend is anticipated to continue during the forecast period. Owing to the introduction of various plans and programs for the development of infrastructure by the governments of various countries, demand for OTR vehicles used in the construction projects is also increasing and consequently fueling the demand for their tires. Garnering support from increasing surface and underground mining and increasing quarrying activities across the world, the demand for dump truck, excavators, loaders, etc. is rising considerably, which in turn is propelling the market for OTR tires, globally.
Asia-Pacific accounts for nearly half of the market, backed by several infrastructure and construction projects across the region. Projects like “One Belt One Road” (OBOR) project in China, which would involve an investment of USD4-6 trillion, is in pipeline, while ongoing projects such as Beijing Shanghai High Speed Railway project, Xiluodu Dam project, Delhi-Mumbai Industrial Corridor, East Coast Rail Link, Kuala Lumpur-Tumpat projects, Kayan River Hydropower Project and North Kalimantan are boosting demand for construction equipment, which in turn is aiding the global OTR tire market. According to the Asian Development Bank report, Asia will need to invest USD 26 trillion between 2016 to 2030 on developing sectors such as power, transport, telecommunication, water supply, etc., to maintain its targeted growth rates.
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“Expanding construction, mining and agriculture sectors coupled with expansion in agriculture vehicle fleet will continue to propel demand for OTR tires, globally, in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Michelin is the leader in the global OTR tire market, backed by a varied product portfolio and wide dealership network across the globe. Moreover, presence of various companies like Bridgestone, BKT and Yokahama is intensifying competition in the global OTR tire market, as they are coming with competitive pricing strategy and advanced OTR tire technology. Moreover, continuous developments in tire technology are also projected to increase demand for radial OTR tires across the world. Chinese companies such as Zhongce Rubber, Triangle, etc., are also expanding their product offering and distribution network to gain market share in the global OTR tire market.
“Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2015-2025” has analyzed the potential of OTR tire market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the global OTR tire market.
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