Albany, NY -- (SBWIRE) -- 09/24/2020 -- OTR Tire Market: Introduction

According to the report, the global OTR tire market is projected to reach ~US$ 26 Bn by 2027, expanding at a CAGR of ~4% during the forecast period, 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.

Expansion of OTR Tire Market

Rise in urbanization and sustained investment in construction are driving the usage of construction vehicles, thus boosting the demand for OTR tires. The U.S. Government has announced plans for infrastructure investment of US$ 1.7 Trn to develop rural infrastructure, highways, and bridges. Moreover, EU–China deal, named Belt and Road Initiative, of US$ 9 Bn to construct an intercontinental highway is expected to drive the demand for construction vehicles, thereby boosting the demand for OTR tires. Furthermore, increased industrial activities in Asia Pacific and Latin America is driving the sales of electric forklifts and warehouse trucks in these regions. Additionally, the demand for lean production is driving the adoption of large number of industrial vehicles within facilities and warehouse, which in turn is boosting the OTR tire market.

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Based on industry type, the agriculture segment is expected to dominate the global OTR tire market both in terms of volume and revenue. Modernization of agricultural activities and rising consumer demand due to rising population are boosting the adoption of tractors and agricultural equipment, which in turn is driving the demand for OTR tires. The construction & mining segment of the market in Asia Pacific, Latin America, and Middle East & Africa is expected to expand at a high growth rate during the forecast period. Recovery of the economy of Brazil is expected to witness higher budgeting for infrastructure, thus boosting the sales of construction vehicles. This, in turn, is anticipated to propel the OTR tire market in the country.

In terms of rim size, giant OTR tires of 51'' to 63'' rim size are expected to witness significant demand owing to a rise in number of construction projects in developing countries. Stability of commodity prices has boosted the mining sector. Usage of dump trucks, excavators, scrappers, and other mining vehicles to improve the output is expected to boost the demand for OTR tires.

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.

Prominent players operating in the global OTR tire market include Continental AG, Bridgestone Corporation, MICHELIN, Yokohoma Tire Corporation, Sumitomo Rubber Industries, Ltd., Nokian Tyres, China National Tire & Rubber Co., Ltd., Trelleborg AB, Apollo Tyres Ltd., Qingdao Rhino Tyre Co., Ltd., Titan International, Inc., Balkrishna Industries Limited, Double Coin Tyre Group Ltd., and Triangle Group Co., Ltd.

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Global OTR Tire Market: Segmentation

OTR Tire Market, by Industry Type
Construction & Mining
Excavators
Loaders
Dozers
Articulated Dump Trucks
Rigid Dump Trucks
Motor Scrappers
Motor Graders
Agricultural
Tractors
Agricultural Equipment
Industrial
Electric Rider Trucks
Electric Warehouse Trucks
IC Trucks
OTR Tire Market, by Tire Type
Radial
Bias
Solid
OTR Tire Market, by Rim Size
<25''
29''-49''
51''-63''
OTR Tire Market, by Sales Channel
OEM
Aftermarket
Construction & Mining
Agricultural
Industrial
OTR Tire Market, by Region
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America

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