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OTR Tire Market (Sales Channel - Aftermarket, and OEM; Industry Type - Construction & Mining, Agricultural, and Industrial; Tire Type - Radial, Bias, and Solid): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2020

  • Rep Id : AT00210

  • Category : Automotive, Aerospace & Defence

  • Status : Published

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.

 

Market Insight

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.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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