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
Report Attribute |
Details |
Market Size in 2019 |
USD 6 Billion |
Projected Market Size in 2026 |
USD 8.5 Billion |
CAGR Growth Rate |
5% |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Yokohama, Bridgestone, Nokian, Continental, Hankook, Michelin, Pirelli, Goodyear, Sumitomo, and CEAT. |
Key Segment |
By Type, By Process, By Application, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
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
Global OTR Tires Market: Process Segmentation Analysis
Global OTR Tires Market: Application Segmentation Analysis
- Agriculture Tractors
- Construction and Mining Equipment
Global OTR Tires Market: Regional Segmentation Analysis
- North America
- 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
About Us:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Contact Us:
Facts & Factors
Global Headquarters
Level 8, International Finance Center, Tower 2,
8 Century Avenue, Shanghai,
Postal - 200120, China
Tel: +86 21 80360450
Email: [email protected]
Web: https://www.fnfresearch.com
