APAC OTR Tire Market Set to Grow at CAGR 9.32% till 2021
Growing large scale construction, mining
and industrial activities followed by governmental support to drive sales of
OTR tire in Asian countries
According
to TechSci Research report “Global OTR
Tire Market By Vehicle Type, By Demand Category,
By Region, Competition Forecast and Opportunities, 2011 – 2021” Asia-Pacific
is the most dominating region in the global OTR tire market. Due to presence of
major economies like China, India, Japan, Thailand, Malaysia, etc. this region
is the largest contributor to the global OTR tire market. China and India are
the most dominating OTR tire markets in the Asia-Pacific region, with both the
countries cumulatively having captured more than 80% volume share in
Asia-Pacific in 2015.
Asia-Pacific
OTR tire market witnessed a revenue CAGR of around 2.53% during 2011-2015.
Asia-Pacific countries like China, India, Thailand, Malaysia, etc. are some of
the fast developing economies of the world and are therefore undergoing major
transformations. Asia-Pacific OTR tire volume sales exhibited a CAGR of 5.43%
during 2011-2015.
With
large-scale development activities being witnessed across the region,
especially in the construction, mining and industrial sectors. Also, the region
has the largest agriculture land across the globe. Consequently, the region
demand for OTR tires has been growing at a healthy pace. Furthermore, with
continuing government support in the form of tax subsidies & incentive
policies for infrastructure development and megaprojects in the Asia-Pacific
region, the market for OTR tires is projected to witness robust growth during
the forecast period till 2021.
Browse 103 market data Tables and
182 Figures spread through 441 Pages and an
in-depth TOC on "Global OTR Tire Market"
http://www.techsciresearch.com/report/global-otr-tire-market-by-vehicle-type-mining-construction-and-industrial-equipment-agriculture-vehicles-and-others-by-demand-category-oem-vs-replacement-by-region-competition-forecast-and-opportunities-2011-2021/637.html
Average
prices of OTR tires in Asia-Pacific region are on the rise. Consistent increase
in average selling prices of OTR tire in OEM as well as replacement segment,
coupled with rising sales volumes, is projected to drive revenue growth in
Asia-Pacific OTR tire market during the forecast period. OTR tire market in the
region is anticipated to grow at a CAGR of 9.32% during 2016-2021.
OTR
tire market in Asia-Pacific region is divided majorly into three segments viz.
tires for Mining, Construction & Industrial Equipment, Agriculture Vehicles
and Others. Mining, construction & industrial equipment such as loaders,
bulldozers, tractors, forklifts, backhoes, cranes, excavators, wheeled loaders,
industrial trucks, skid steer loaders, etc., are being employed for various
megaprojects and other small & medium sized projects in Asia-Pacific, which
is driving demand for OTR tires in the region.
On
account of huge and increasing public as well as private investments, the
construction sector in Asia-Pacific is expected to grow during the forecast
period, which would consequently drive construction equipment tire demand.
Rising demand for construction equipment tires is expected to result in the
cumulative volume share of mining, construction & industrial segment to rise
in the Asia-Pacific OTR tire market by the end of 2021.
Majority
of the countries in the region relies on agriculture as primary occupation.
However, the volume share of agriculture vehicle tires is expected to
marginally decline by 2021. The Others segment comprising tires for all-terrain
vehicles, sports vehicles, etc. captured minor share in 2015, which is forecast
to witness a slight decline during next five years.
“Global
OTR
Tire Market By Vehicle Type, By Demand Category,
By Region, Competition Forecast and Opportunities, 2011 – 2021” has
analyzed the potential of global OTR tire market, and provides statistics and
information on market sizes, market share, trends & forecast at global,
regional and country level for 24 countries. 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 analyzes emerging trends along with essential drivers and key challenges
faced by the industry.
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