Global OTR Tires Market Will Reach USD 8.5 Billion by 2026

23-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “OTR Tires Market By Type (Wheeled and Rubber Track), By Process (Mold Cure and Pre-Cure),By Application (Construction & Mining Equipment, Industrial Equipment, and Agriculture Tractor), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global OTR Tires market in 2019 was approximately over USD 6 Billion. The market is expected to grow at a CAGR of 5% and is anticipated to reach around USD 8.5 Billion by 2026.

Off the road (OTR) tires are primarily used in the heavy-duty vehicles for various applications in the mining and construction industry. The construction has increased the demand for OTR Tires owing to its surging use in the construction and material handling equipment, thereby bolstering the OTR Tires market during the forecast period. Moreover, the benefits of the monetary benefits arising from the mining activities help accelerate the demand for OTR Tires across the globe.

Browse the full “OTR Tires Market By Type (Wheeled and Rubber Track), By Process (Mold Cure and Pre-Cure),By Application (Construction & Mining Equipment, Industrial Equipment, and Agriculture Tractor), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/global-otr-tires-market-by-type-wheeled-and-873

Market Drivers:

The OTR Tires market is expected to expand owing to its increasing use in agriculture tractors and construction & mining equipment. In addition to this, efficient mechanization and high infrastructural development in developing countries will further add to the sale of OTR tires across the world. The lower replacement time due to the longer machine hours is anticipated to surge the growth of the market. Furthermore, the low cost and excellent durability of OTR Tires are projected to augment the market expansion.

Market Segment Dominance:

• Agriculture tractors are expected to dominate the OTR Tires market

The use of OTR tires in the agriculture tractors category is escalating owing to the infrastructural advancements in the emerging and developed regions. The demand for industrial automation is predicted to have a positive impact on the OTR Tires market.

• Rubber track category exhibits the highest growth rate in the global OTR Tires market

Rubber tracks category is expected to show the highest growth during the forecast period due to the various characteristics such as less penetration, large surface area coming in contact with the road, and pull heavy loads without any kind of soil compaction thereby increasing the demand for rubber tracks in various regions.

• Pre-cure process dominates the market

The process of pre-cure is found to be extremely feasible and thus, its adoption is increasing across the globe. Thus, the market for pre-cure is found to be expanding.

Regional Dominance:

• North America is projected to exhibit the fastest growth rate during the forecast period

North America is the fastest-growing market for OTR tires owing to its stronger economic conditions. The well-developed infrastructure, hi-tech technology, increasing demand for green vehicles, and the existence of an enormous base of tier-1 companies and OEMs are other factors anticipated to propel the growth of the OTR Tires in North America.

Report Scope

Key Market Players:

Some of the key players in the global OTR Tires market include Yokohama, Bridgestone, Nokian, Continental, Hankook, Michelin, Pirelli, Goodyear, Sumitomo, and CEAT.

This report segments the global OTR Tires market as follows:

Global OTR Tires Market: Type Segmentation Analysis

• Wheeled
• Rubber Track

Global OTR Tires Market: Process Segmentation Analysis

• Pre-Cure
• Mold Cure

Global OTR Tires Market: Application Segmentation Analysis

• Agriculture Tractors
• Construction and Mining Equipment

Global OTR Tires Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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