“According to the research report published by Polaris Market Research, the Global Otr Tires Market Size Is Expected To Reach USD 13.55 Billion By 2030, at a CAGR of 5.2% during the forecast period.”
The report “OTR Tires Market Share, Size, Trends, Industry Analysis Report, By Application (Agriculture, Construction, Material Handling, Mining, Others); By Process (Pre-Cure, Mold Cure); By Equipment; By Construction; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
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Increased infrastructural development in emerging economies is driving up demand for agriculture tractors and construction and mining equipment. The increased use of machines has raised the demand for tire replacement, which is expected to increase tire demand. Another driver projected to fuel the growth of the industry is the rise in government sponsorships on a variety of agricultural equipment and tools, which has resulted in a surge in popularity around the world.
Furthermore, the popularity of off-road vehicles in developed and developing countries and the increase of development activities around the world are likely to aid the growth of the industry during the forecast period. Additionally, the need for construction and mining equipment has risen as worldwide building and mining operations and global infrastructure spending have increased. Because the increase in demand for these vehicles directly impacts the OTR tire industry, the industry is likely to grow as infrastructure improves.
Based on the application, the agriculture segment accounted for the leading share in 2021. The agriculture industry had the greatest share in the industry. The rise in agricultural operations and farmers’ income has increased tractors and other agricultural machinery, which is propelling the industry forward. In the anticipated timeframe, infrastructure development in developing countries is expected to expand significantly. As a result, construction and mining trucks are fast expanding in emerging countries, increasing the demand for the industry.
OTR Tires, Equipment Outlook (Revenue – USD Billion, 2018 – 2030)
- Articulated Dump Trucks
- Asphalt Finishers
- Backhoe Loaders
- Crawler Dozer
- Crawler Excavators
- Crawler Loaders
- Mini Excavators
- Motor Graders
- Rigid Dump Trucks
- RTLT-Telescopic
- Skid-Steer Loaders
- Wheeled Excavators
- Agriculture Tractors
- Others
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations globally. In October 2021, Yokohama’s commercial tire selection was announced. The manufacturer released the 124R and 505C commercial tire. The 124R radial tire is available in three sizes: 17.5 inches, 19.5 inches, and 22.5 inches. The 505C tire is available in three different sizes: 385/65R/22.5, 425/65R/22.5, and 445/65R/22.5. Wide blocks and ribs, step grooves, and a high-strength belt distinguish the 505C tire. These tire properties provide traction, forceful braking, and long-term durability, which are important in off-highway applications.
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Report Explore:
- Historical and recent key insights
- Market size by company, key regions/countries
- Driving forces and roadblocks
- Value chain analysis with price analysis and forecast
- New prospects and targeted marketing methodologies
- R&D and the demand for new product launches and applications.
- New Project Investment Feasibility Analysis
Polaris Market Research has segmented the OTR tires market report based on equipment, application, construction, process, and region:
OTR Tires, Application Outlook (Revenue – USD Billion)
- Agriculture
- Construction
- Material handling
- Mining
- Others
OTR Tires, Construction Outlook (Revenue – USD Billion)
- Solid
- Radial
- Belted Bias Tire
- Bias Tire
- Non-Pneumatic Tires
OTR Tires, Process Outlook (Revenue – USD Billion)
- Pre-Cure
- Mold Cure
OTR Tires, Regional Outlook (Revenue – USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Austria
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Reasons to Purchase This Report
- To get a comprehensive evaluation of all opportunities and risks in the market.
- To study business predictions by region, key countries, and top companies’ information to channel their investments.
- To obtain precise market information and extensive analysis in order to achieve efficiency, growth, and profit in the business.
- To track significant changes in the competitive scenario and market dynamics & trends.
- To evaluate the market by segments, countries with OTR Tires Market share and sales by key countries in these various regions.
- To explore key strategies adopted by players to sustain themselves in the market and expand their presence across the world.
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Along with consumption and consumption value projections, forecasts for production and production value are also provided and important regional markets. Additionally, the researchers have researched probable areas that could experience positive OTR Tires Market growth. In addition, a thorough analysis and evaluation of the market verticals in this research will help new entrants understand important perspectives and investment returns.
Finally, this study provides stakeholders with information on which international regions to focus on. The report acts as a reliable resource for acquiring the study data that is anticipated to significantly expand your business. Overall the study document enables stakeholders to learn more about how end users think.
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