According to the report, the global OTR tire market size is projected to reach US$ 26 Bn by 2027, expanding at a CAGR of 4% during the forecast period 2020 to 2027, primarily driven by an increased use of tractors globally.
Asia Pacific holds a leading share of the global market, owing to high demand for OTR tires in China and India. The market in developing regions such as Latin America & Middle East & Africa is anticipated to witness expansion, owing to increased government spending on infrastructure and increased mechanization rate in agriculture in these regions.
Drivers of OTR Tire Market
Challenges for OTR Tire Market
OTR Tire Market Segmentation
Companies Likely to Launch New Tires for Different Applications
Participants in the current OTR tire market are expected to formulate growth strategies that are a blend of both expansion of the product portfolio and integration of new technologies. As applications of OTR tires continue to expand across different industries, OTR tire manufacturers are likely to launch new products that are ideal for these applications. In addition, manufacturers are also launching new OTR tires in different sizes that will improve road handling, maximize fuel savings, and offer added operational comfort. For instance, in May 2019, Michelin launched a new tractor tire that is specifically developed for heavy road applications. Companies are likely to continue rolling out new OTR tires that are durable and have applicability in the harshest of working environments. For instance, in October 2019, Maxam Tire North America Inc. announced the launch of three OTR tires for open pit mining applications.
Regional Analysis of OTR Tire Market
In terms of region, the global OTR tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a key market for OTR tires globally. Abundance of natural rubber in the region has played an instrumental role in achieving competitive pricing of OTR tires. Rapid economic expansion witnessed by countries in Asia Pacific is expected to boost industrial activity and construction projects, thus driving the OTR tire market in the region.
This VRR report on the OTR tire market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competitive scenario of the OTR tire market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends with model mapping and announcement by the OEMs, researchers of the OTR tire market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the OTR tire market, with both a bottom-up and top-down approach.
This detailed assessment of the OTR tire market, along with an overview of the landscape, has been provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the OTR tire market is set to grow are based on carefully vetted primary and secondary sources.
Key Questions Answered in this Report on Automotive OTR Tire Market
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