Market Research Report
OTR Tires - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||928578|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|OTR Tires - Global Market Outlook (2018-2027)|
|Published: February 20, 2020||Content info: 150 Pages||
According to Stratistics MRC, the Global Off-The-Road (OTR) Tires Market is accounted for $5.51 billion in 2018 and is expected to reach $9.22 billion by 2027 growing at a CAGR of 5.9% during the forecast period. Some of the key factors influencing the market growth include increasing demand for agriculture tractors and construction & mining equipment caused by mechanization, increasing sales of off-highway vehicles and an increase in manufacturing activities. However, fluctuating raw material prices is restricting the market growth.
OTR (Off-the-Road) tires are designed to improve performance and stability and provide traction on different unpaved surfaces including sand, mud, dirt, and others. OTR tires are widely used at dam construction sites, civil engineering sites, sand and gravel at mining, agriculture sector, and others.
Amongst end-user, the construction and mining segment has significant growth during the forecast period. The advancements in construction & mining equipment, such as automation and electrification, have helped the fleet operators to use the equipment in multiple shifts. This has led to decreased tire replacement duration, thereby to the increased demand for aftermarket tires.
By Geography, North America is estimated to have a lucrative growth during the forecast period. North American economy has finally recovered from the setbacks of recession. In North America, the growth of the Off the Road Tire Market will be driven by infrastructure development, availability of state-of-the-art technology, increasing demand for green vehicles, and the presence of a large base of tier-1 companies and OEMs.
Some of the key players in global Off-The-Road (OTR) Tires market are JK Tyre, Bridgestone, Hawk International Rubber, Pirelli, Continental, Hankook Tire, MRF, Ceat, BKT, Michelin, Sumitomo, Doublestar, Apollo, Fujian Haian Rubber, Yokohama Tire, Alliance Tire Group, Double Coin Holdings, Dunlop, Prometeon Tyre Group S.R.L., and The Good Year Tire Company.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.