Press Release

OTR Tire Market Set to Cross $30 Billion Mark by 2022

Growing construction, mining and agriculture industries and continuous expanding infrastructure and industrial sectors to drive Global OTR tire market through 2022

According to TechSci Research report, Global OTR Tire Market Forecast & Opportunities, 2022”, the global OTR tire market is estimated to grow at a CAGR of over 8%, in value terms, during 2017-2022 and surpass $ 30 billion by 2022, on account of increasing OTR vehicle sales, expanding OTR vehicle fleet size and consistently increasing OTR tire prices. In 2016, mining, construction & industrial segment dominated global OTR tire market, followed by agriculture vehicles tire segment. Mining, construction & industrial tire segment dominated global OTR tire market over the past few years and this trend is anticipated to continue through 2022. Asia-Pacific and Europe & CIS cumulatively accounted for the lion’s share in global OTR tire market, followed by North America, South America and Middle East & Africa.

Browse 33 market data Tables and 142 Figures spread through 346 Pages and an in-depth TOC on "Global OTR Tire Market, 2012-2022"

https://www.techsciresearch.com/report/global-otr-tire-market-forecast-opportunities/1023.html

 

With large-scale development activities being witnessed across the globe, especially in construction, mining and industrial sectors, demand for OTR tires globally is anticipated to grow at a healthy pace through 2022. Asia-Pacific OTR tire market is the largest across the globe, owing to continuous expanding infrastructure and construction of megaprojects across the Asia-Pacific region. National Development and Reform Commission (NDRC) of China approved investment of $ 15 billion for construction of eight infrastructure projects in 2015. In 2015, federal government of Germany planned an investment of $ 300 billion under the national infrastructure plan, Bundesverkehrswegeplan. On account of such initiatives, taken by governments in various countries across the globe, demand for OTR tires is expected to grow through 2022.

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“Over the past few years, demand for OTR tire across the world witnessed moderate growth owing to rising demand for OTR vehicles for mining and construction activities. Thereby, fueling OTR tire sales. Moreover, this trend is expected to continue further in the coming years, with growth majorly emanating in Asia-Pacific.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

 “Global OTR Tire Market Forecast & Opportunities, 2022” has analyzed the potential of global OTR tire market, and provides information and statistics on market structure, imports and trends. The report intends in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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