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Rising Sales of Construction Machinery Reinforce Demand for off the Road (OTR) Tires

 

Albany, NY -- (SBWIRE) -- 11/19/2018 -- ResearchMoz.us has announced the addition of a report, titled "Off The Road (OTR) Tire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026". The study on the global off the road (OTR) tire market offers in-depth insights into the key drivers and restraints, emerging avenues in end-use industries, notable opportunities in key regions, the prevailing competitive landscape, and other important trends shaping the market dynamics.

The global OTR tire market is projected to rise at modest single-digit CAGR from 2018 to 2026. The growth of the market is primarily driven by the rising demand for these tires in construction vehicles in numerous end-use industries such as mining, agriculture, and industrial sectors. The market is increasingly propelled by the rising construction works related to rural infrastructures, highways, and bridges. This is further fueled by rising spending by governments in developed nations for the construction of intercontinental highways.

The swift pace with which urbanization has progressed in several parts of developing regions across the globe has spurred construction and infrastructure in numerous countries. This is a key factor expected to bolster the expansion of the OTR tire market over the assessment period. The rising sales of warehouse trucks and electric forklifts in various countries of developing regions, most notably Asia Pacific and Latin America, is fueling the market. Moreover, the rising demand for industrial vehicles to capitalize on the trend of lean production in manufacturing industries is also boosting the market.

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Efforts to modernize agricultural processes have played an increasingly crucial role in the expansion of the OTR tire market. The growing uptake of tractors in the industry is propelling the demand for OTR tires. The vastly emerging construction and mining sector in developing regions, supported by favorably commodity prices, is bolstering the demand for OTR tires in the machinery. The OTR tires market is also witnessing favorable trend from the growing ease of availability of rubber, the key raw material. Furthermore, the revival of economic activities in several nations has spurred spending on infrastructural activities, which in turn is boosting the demand for OTR tires in various industrial machinery.

On the regional front, the demand for OTR tires is likely to rise at substantial pace in Asia Pacific owing to rapid growth of economic activities in the past few years. This is supported by burgeoning manufacturing activities in several of its economies.

In recent years, the market has witnessed a staggering rise in demand for replacement of OTR tires in construction machinery. This factor is expected to contribute substantial revenues in the market during the assessment period.

Some of the key players operating in the global off the road (OTR) tire market are Quindao Rhino Tyre Co., Ltd., Apollo Tyres Ltd., JK Tyre & Industries Ltd., Nokian Tyres, Sumitomo Rubber Industries, Ltd., Michelin, and Continental AG.

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