OTR Tire Market to reach USD 31 Billion by 2025
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 Market By 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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