Increasing use of heavy machineries and equipment in agriculture, mining and industrial sectors coupled with growing infrastructure and construction sectors to drive global OTR tire market through 2023
According to TechSci Research report, “Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2013-2023”, global OTR tire market is projected to surpass $ 26 billion by 2023, on account of growing OTR vehicle sales, increasing OTR vehicle fleet size and steadily rising OTR tire prices. With increasing number of development activities being witnessed across the globe, especially in construction, mining and industrial sectors, demand for OTR tires is expected to increase at a healthy pace during the forecast period.
Browse 37 market data Tables and 247 Figures spread through 345 Pages and an in-depth TOC on "Global OTR Tire Market"
In 2017, mining, construction & industrial equipment segment dominated global OTR tire market and the trend is anticipated to continue during the forecast period. Owing to the introduction of various plans and programs for the development of infrastructure by the government of various countries, demand for OTR vehicles, which are mainly used for mining, construction & industrial purposes, is growing at a global level, which in turn is fueling demand for OEM and replacement tires for mining, construction & industrial equipment.
Asia-Pacific accounts for nearly half of the market, backed by several infrastructure and construction projects across the region. Projects like “One Belt One Road” (OBOR) project in China, which would involve an investment of USD4-6 trillion, is under pipeline, while ongoing projects such as Beijing Shanghai High Speed Railway project, Xiluodu Dam project, Delhi-Mumbai Industrial Corridor, East Coast Rail Link, Kuala Lumpur-Tumpat projects, Kayan River Hydropower Project and North Kalimantan are boosting demand for construction equipment, which in turn is aiding the global OTR tire market.
Furthermore, growing demand for OTR replacement tires from OTR vehicle fleet owners is anticipated to fuel the OTR replacement market tire during forecast period. Michelin is the leader in the global OTR tire market, backed by a varied product portfolio and wide dealership network across the globe. Moreover, presence of various companies like Bridgestone, BKT and Yokahama is intensifying competition in the global OTR tire market, as they are coming with competitive pricing strategy and advanced OTR tire technology.
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“With expanding construction, mining and agriculture industries along with proliferation in agriculture vehicle fleet, will propel the demand for OTR tires, globally, witnessing growth of the market at a healthy rate in the coming years, which is expected to aid growth in global OTR tire market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2013-2023” has analyzed the potential of OTR tire market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the global OTR tire market.
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