A recent report published by Infinium Global Research on the OTR tire
market provides an in-depth analysis of segments and sub-segments in the global as
well as regional OTR tire market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional OTR tire
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecast, and dollar values of global OTR tire market.
According to the report, the global OTR tire market is projected to grow at a
CAGR of 4.2% over the forecast period of 2020-2026.
Off-the-road tires or, OTR tires are mainly used to take a
gigantic amount of weight. It is manufactured from steel, rubber compounds, and
other synthetic or textile reinforcements. There are various types of OTR tires
available in the market includes radial, bias, and solid, depending on the
exact application the tires will be used. Apart from this, many more OTR tire
varieties available that are designed for special environments and conditions.
The growth of the global OTR tire market is driven by the growth
in infrastructure development activities worldwide. Additionally, increasing
demand for OTR tires from several sectors such as agriculture, mining,
construction, and industrial coupled with rapid development in the housing
infrastructures, road, and railway network is expected to have a positive
impact on the market growth. Furthermore, companies operating in the global OTR
tires market are increasingly focusing on the production of the new OTR tires
to fulfill the requirements of their customers and also adapting evolving
vehicle designs. Additionally, due to the environmental concerns among the OTR
tires manufacturers concentrating on developing new using environment-friendly
materials instead of conventional oil-based synthetics and natural rubber and
also launching innovative or tires with a different size that will increase
fuel savings, and improve road handling. Moreover, rising government subsidies
on several agriculture types of equipment across the world drive the demand for
growth of the market.
On the other side, fluctuation in raw material prices and
increasing commodity prices of natural rubber is expected to have a negative
impact on the growth of the OTR tire market over the forecast period. Product
launch and high investment by OTR tire manufacturers in the research and
development activities create immense opportunities for the OTR tires market in
the coming years. For instance, in October 2019, Maxam Tire North America Inc.
has launched three OTR tires for open pit mining applications. Currently, the
construction, mining, and agriculture industry is facing unprecedented
uncertainty owing to the outbreak of COVID-19. The uncertainty surrounding the
pandemic across the globe and enforcing lockdowns and restricting trade
activities is expected to have a negative impact on the OTR tire market.
Among the region, the Asia Pacific is accounting substantial share
in this market throughout the forecast period followed by Europe. The growth of
the Asia pacific OTR tire market is driven by the large use of agriculture
tractors and construction equipment and increasing mining and construction
activities. Additionally, economies such as China and India are focusing on the
automation for farming which has a positive impact on the growth of the market.
North America is expected to be the fastest-growing region in the global tire
market owing to the presence of a large number of OTR tires manufacture. The
Middle East and Africa and Latin America are developing at a rapid pace and
witnessing considerable development of infrastructure. That, in turn, drives
the growth of the market in this region.
The report on the global OTR tire market covers segments such as sales
channel, industry type, and tire type. On the basis of the sales channel, the
sub-markets include the aftermarket, and OEM. On the basis of the industry type, the
sub-markets include construction & mining, agricultural, and industrial. On
the basis of tire type, the sub-markets include radial, bias, and solid.
The report provides profiles of the companies in the market such
as Triangle Group, Double Coin Tyre Group Ltd, Titan International, Inc,
Qingdao Rhino Tyre Co., Ltd., Apollo Tyres Ltd, Balkrishna Industries Limited,
China Chemical Rubber Co., Ltd., Trelleborg AB, Nokian Tyres, and Sumitomo
Rubber Industries, Ltd.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of OTR tire
market. Moreover, the study highlights current market trends and provides
forecast from 2020-2026. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.