APAC to Drive OTR Tire Market to $ 31 Billion by 2025
Increasing
use of farm equipment
in agriculture and heavy machineries in mining and industrial sectors coupled
with growing infrastructure and construction sectors to drive global OTR tire
market through 2025
According to TechSci Research report, “Global OTR
Tire Market By Vehicle Type, By Demand Category, By
Region, Competition, Forecast & Opportunities, 2015-2025”, the global
OTR tire market is projected to surpass $ 31 billion by 2025, on account of growing
OTR vehicle sales, increasing OTR vehicle fleet size and steadily rising OTR
tire prices. With increasing number of development activities being witnessed
across the globe, especially in construction, mining and industrial sectors,
demand for OTR tires is expected to increase at a healthy pace during the
forecast period. On account of modernization and increasing use of latest
technology, agriculture sector in emerging economies is also witnessing growth.
Various types of advanced OTR vehicles are being introduced for farming, which
help in overcoming the problems associated with manual labor and aid in
achieving higher productivity.
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Tables and 174 Figures spread through 345 Pages and an in-depth TOC on "Global
OTR Tire Market"
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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 USD26 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.
About TechSci Research
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