OTR Tire Market to Register CAGR of 5.01% in terms of Volume until 2027

Growing mining and construction activities leading to the growth of the Global OTR Tire Market.

According to TechSci Research report, “OTR Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2017-2027”, the Global OTR Tire Market is anticipated to register a robust growth rate of 5.01% by volume during the forecast period, owing to increased manufacturing & demand for OTR tires globally. APAC is the largest OTR tire producer and market, as China holds dominance in the region along with India and Japan. The China OTR tire market is expected to grow at a CAGR of 5.18% by volume in the forecast period 2022E-2027F.

The Global OTR Tire Market is classified based on vehicle type, demand category, tire construction type, and region. Based on vehicle type, the market is segmented into Mining, Construction & Industrial Equipment, Agriculture Vehicles, and Others (which includes All-Terrain Vehicles, Sports Vehicles, etc.). The increasing sales of these vehicles is expected to see a surge in the demand for OTR tires globally.

In terms of demand category, replacement is the fastest growing segment in the forecast years, followed by the original equipment manufacturers (OEM). The replacement segment is projected to exhibit a good growth rate because of the higher utilization and usage of OTR tires globally. The global OTR tire market will continue to grow as the OTR tire manufacturers are focusing on adopting new technologies and are also developing sustainable methods for their production facilities. This will lead the industry towards more reliable products, and the companies are also expected to increase their production capacities to meet the rising demand for OTR tires globally.

The implementation of the lockdown to prevent the spread of the COVID-19 pandemic resulted in the decline of OTR tire sales because all the mining, construction, and agriculture activities were stopped, but now the industry has started to see the rise in demand for the OTR tires as all the activities are resumed to the pre covid levels, and in forecast period the demand is expected to surge globally. The undergoing technological developments in the industry will provide positive results in the coming years for the global OTR tire market.

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Based on the tire construction type, the market is segmented into radial OTR tires and bias OTR tires. The bias OTR tires have a higher market share because, comparatively, bias tires are manufactured with more rubber and that makes them more resistant to cuts and punctures. They are also more flexible. Because of all these factors, bias OTR tires have a higher market share globally. whereas the radial OTR tire segment has a higher growth rate for the forecast period 2022-2027F.

China, the US, India, and Germany are the largest OTR tire producers and markets across the globe, and overall, APAC holds the top position in the global OTR tire market, followed by North America and Europe. These regions also have key OTR tire manufacturers.

Some of the major companies operating in the Global OTR Tire Market include:

• Apollo Tyres Ltd.
• Bridgestone Corporation
• The Michelin Group
• Continental AG
• Goodyear Tire and Rubber Company
• Madras Rubber Factory Ltd.
• The Yokohama Rubber Co., Ltd.
• Balkrishna Industries Limited (BKT)
• Toyo Tire Corporation
• Zhongce Rubber Group Co., Ltd.
  
  

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“An increase in the demand for agricultural vehicles, construction equipment, mining activities, industrial operations will drive the market, and the increasing infrastructure investments across the globe will also help the market grow in the forecast time period, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Global OTR Tire Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Region,” has evaluated the future growth potential of Global OTR Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global OTR Tire Market.

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