DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “OTR Tire Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), By Demand Category, By Tire Construction Type, By Region” report has been added to ResearchAndMarkets.com’s offering.
The global OTR tire market was valued at USD23,772.68 million in 2021 and is forecast to register a CAGR of 6.66% to reach USD35,281.43 million in the year 2027. The growth in the market is a result of the improvements in the infrastructure sector. The rapid globalization, and rising public, and private investments in infrastructure are expected to increase the demand for construction and mining machinery, hence contributing to the growth of Global OTR Tire Market.
These factors are also likely to boost the replacement OTR tire market because of the increased utilization of such vehicles in the industry. The increase in the usage of agricultural vehicles in farming activities because of the rise of medium-sized farms is also influencing the market trends. All these factors are expected to provide a boost to the global OTR tire market. Increasing labor costs are also leading the industry to adopt advanced machinery for better productivity, and this will also lead to the higher adoption of such vehicles in the industry and will provide significant growth to the global OTR tire market.
Increasing Demand for OTR tires
The impact of globalization is seen in most emerging nations, with significant growth in infrastructural development. A developing transportation network, significant investments in highways, bridges, and tunnels for convenient travel, a strengthened supply chain network for better trade, expanding manufacturing industries, and increasing construction are all examples of infrastructure. With rising labor costs, the need for greater efficiency, and the need to ensure the best use of resources, the demand for advanced machines is likely to drive up demand for mining and construction equipment. The Global Infrastructure Outlook estimates that infrastructural development investments will be worth USD 2.8 trillion in 2021, compared to a projected USD 3.2 trillion in investment needs for the same period. The development of the Asian Infrastructure Investment Bank (AIIB), which offers funding to construction and mining companies for capital goods investments and other inventories at marginalized lending rates, is one factor driving the growth of the market for OTR tires.
Rise in Farming and Related Activities
With the rapid growth in the population and increasing rural and urban income levels, there has been a surge in the demand for agriculture products. This has led to increase in farming activities and the advancement in the agricultural sector. Owing to increase in farming activities OTR vehicle ownership will also grow correspondingly, and this will lead to the increase in demand for OTR tires globally. The growth in the farm income and the diverse agricultural products are the factors that are fueling the demand for OTR tires in the agricultural sector.
Changes in OTR Tire Composition Trends
The OTR tire industry is focusing on using more sustainable materials in the OTR tire production as there is a change in the OTR tire composition trends like the usage of active reagents and composites helping, which help OTR tire manufacturers in reducing the material demand and overall cutting the production cost of the OTR tires. Tire industry is focusing on developing light weight OTR tires with low rolling resistance which are fueling the market demand dynamics and are leading global OTR tire industry towards sustainable, innovate and a cost-effective products in the market. The change in the labeling standards is also leading the industry towards the standardized and more reliable products in the global OTR Tire market.
In this report, global OTR tire market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
OTR Tire Market, By Vehicle Type:
- Agriculture Vehicles
- Construction & Industrial Equipment
OTR Tire Market, By Demand Category:
OTR Tire Market, By Tire Construction Type:
OTR Tire Market, By Region:
- North America
- United States
- United Kingdom
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- South America
A selection of companies mentioned in this report includes
- 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 Corporationn
- Zhongce Rubber Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/33c0e4-tire-market?w=5
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