Global OTR Tires Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
“Global OTR Tires Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global OTR tires market report has been segmented as per product type, application, and region.
Global OTR Tires Market: Overview
OTR (Off-the-Road) tires are designed to improve performance and stability and provide traction on different unpaved surfaces including sand, mud, dirt, and others. OTR tires are widely used at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others. In addition, different types of tires very popular across the globe including radial tires, bias tires, and non-pneumatic tires.
Global OTR Tires Market: Dynamics
Growing demand for Off-highway vehicles in developed and developing countries and increasing construction activities across the globe are major factors expected to fuel growth of the global OTR tires market during the forecast period. In addition, rising farm mechanization especially in emerging economies and increasing government subsidies on many agriculture equipments and machinery resulting in growing demand for OTR tires across the globe. These are other factors projected to drive growth of the target market.
Increasing industrialization and rapid urbanization especially in developing countries and rising demand for modern agriculture vehicles across the globe are among other factors projected to proliferate growth of the global OTR tires market. In addition, expanding agriculture, mining, construction, and other industries across the globe and increasing number of OTR tires manufacturers in developing countries are other factors expected to boost growth of the target market.
Increasing OTR tire manufacturers focus on the production of eco-friendly OTR tires and high investment in research and development activities are projected to create potential revenue opportunities for key players operating in OTR tires market over the forecast period.
However, changing raw material prices, rising gap between OTR tires demand and supply are key factors expected to hamper growth of the global OTR tires market.
Global OTR Tires Market: Segment Analysis
High adoption of radial tires in emerging economies due to expanding many industries and growing awareness about radial tire advantages such as reduced fuel consumption, less vibration, extended tire life, flexible sidewalls, and others. This is major factor expected to account major revenue share of the radial tires segment among the product type segments.
Among the application segments, construction segment is expected to register highest growth in the global OTR tires market, owing to growing number of construction activities and expanding construction industry across the globe.
Global OTR Tires Market: Region Analysis
The OTR tires market in North America is expected to dominate the global market in terms of revenue, owing to presence of major OTR tires manufacturers and increasing infrastructural development in countries in the region. Market in Asia Pacific is projected to register substantial growth in the global market followed by market in Europe. High adoption of agriculture tractor and other equipment and increasing mining and construction activities in countries in these regions.
The markets in Latin America and Middle East & Africa are forested to register moderate revenue growth over the forecast period.
Global OTR Tires Market Segmentation:
Segmentation by Product Type:
- Bias Tires
- Radial Tires
- Non-Pneumatic Tires
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Michelin Corporation
- Eurotire, Inc.
- Bridgestone Corporation
- MRF Limited
- The Goodyear Tire & Rubber Company
- Belshina Ltd.
- Yokohama Tire Corporation
- Pirelli & C. S.p.A.
- Nokian Tyres, Inc.
- Apollo Tyres Limited
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