Press release
Off The Road or OTR Tire Market is to be worth US$ 34.5 Bn by 2024
Market Overview
OTR tires are largely used in heavy duty vehicles for off-road applications in mining and construction industry. Growth of construction industry in developing countries has bolstered the demand for construction and material handling equipment and is likely to impel the growth of OTR Tires Market significantly. Moreover, different regional organizations and national governments are increasingly focusing on enhancing the benefits from mining sector investment, which is resulting in increased mining activities across the globe. The growth of mining and construction industry is the major factor accelerating the demand for OTR tires around the world.
Planet Market Reports analyst forecast the global OTR tires market to grow at a CAGR of 4.2% during the period 2016-2024. Further, the global OTR tires market is predicted to reach USD 34.5 billion by the end of forecast period.
Covered in this global OTR Off-the-Road Tires market report
The report covers the present ground scenario and the future growth prospects of the global OTR tires market for 2016-2024 along with the total sales of OTR tire products in every region. We calculated the market size and revenue share on the basis of revenue generated from the sales of OTR tire to various end user industries across the globe.
Get More Information about this Report @ https://www.planetmarketreports.com/reports/global-otr-tire-market-3599
Global OTR Off-the-Road Tires Market Segmentation
By Product Type
Radial Tires
• Bias Tires
• Non-Pneumatic Tires
By Vehicle Type
Earthmovers
• Loader and Dozers
• Graders
• Material Handling Equipment
• Tractors and Agricultural Equipment
By End Users
Construction
• Industrial
• Mining
• Agriculture
• Ports
• Other Defense etc.
By Target Market
OEMs Original Equipment Manufacturers
• Aftermarket
By Geography
North America US, Canada OTR Off-The-Road Tires Market
• Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe OTR Off-The-Road Tires Market
• Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa OTR Off-The-Road Tires Market
• Latin America Brazil, Mexico and Rest of Latin America OTR Off-The-Road Tires Market
• Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific OTR Off-The-Road Tires Market
On the basis of end users, construction and mining industry dominated the global OTR tires market with more than 60% market share in 2016. The segment is projected to remain dominant over the forecast period, with CAGR of 5.0% over the forecast period.
Global OTR Tires Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global OTR tire market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global OTR tire market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our global OTR tires market report comprises of the following companies as the key players in the global OTR tires market: Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tyre & Rubber, MRF, Continental, Belshina, Cheng-Shin Rubber, Eurotire, Linglong Tire, BKT, Alliance Tire Group, Doublestar, Triangle, Fujian Haian Rubber, Prinx Chengshan, Apollo, Pirelli, Double Coin Holdings, Maxam Tire, Shandong Taishan Tyre, Shandong Yinbao, JK Tyre, Techking Tires, Hawk International Rubber, Dunlop.
According to our global OTR tires market study on the basis of extensive primary and secondary research, one of the major trend that driving the growth of OTR tire market is advancement in OTR tire technology such as radial tires and non-Pneumatic tires. Bias or cross-ply technology is an old manufacturing technology which is getting replaced by radial and air-less tires owing to their superior quality and longer life-cycle.
According to the report, major driver in global OTR tires market is rising construction and mining activities in developing regions. Global construction market is all set to grow by 85% to USD 15.5 trillion worldwide by 2030, with three countries, China, US and India, leading the way and accounting for 57% of all global growth. The escalating construction and mining sector will augment the demand for material handling equipment and related components.
Further, the report states that one challenge in global OTR tire market is shift of energy sector towards renewable energy generation which is expected to adversely impact the growth of coal and other non-renewable fossil fuels mining activities.
Geographically, Asia Pacific region dominated the global OTR tire market, accounted for more than 28% of total revenue share owing to huge government expenditure over mining sector and rapid urbanization. Asia Pacific region is anticipated to be the fastest growing OTR tire market, which is likely to expand at a CAGR of 5.2% over the forecast period. Western African countries such as Ghana and Guinea among others provide immense opportunities for the growth of OTR tire market as the region is witnessing significant growth in mining sector and increasing investment by the regional governments in the region.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Get a Free Sample Copy of this Report @ https://www.planetmarketreports.com/report-sample/global-otr-tire-market-3599
For a full detailed overview, send us the sample request.
Key questions answered in this global OTR tire market report
What is the total market size by 2024 and what would be the expected growth rate of sales?
• What are the total sales in 2015-16 Units and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?
We can provide two hour complimentary interaction with our analyst after the purchase of this market report. Details are imparted within the report.
About Us:
Planet Market Reports gives statistical surveying reports to businesses, people and associations with a goal of helping them in their decision making process. We have huge database of market research reports & company profiles across globe. We associated with global market research a publisher who has a wide range of research specialists & industry experts which provides you deeper penetration of market research industry.
We have statistical surveying reports from number of top publishers and update our reports collections on daily basis with most recent research data to furnish our customers with the moment online access to our database. With access to this database, our customers will be able to benefit from expert insights on worldwide businesses, items, and market patterns. We help you in your buy choice by mapping your data needs with our immense accumulation of reports.
Contact US:-
Name: Jennifer Daniel
Email-Id: sales@planetmarketreports.com
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Organization: Planet Market Reports
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