Press release
OTR Tire Market to reach USD 31 Billion by 2025: TechSci Research
OTR Tire Market
According to TechSci Research report, “Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2015-2025”, the global OTR tire market is projected to surpass USD 31 billion by 2025, owing to increasing usage of farm equipment and heavy machinery in industrial and mining activities, major technological innovations in OTR tires, and modernization. Overcoming the problems associated with manual labor and enhancing productivity, various advanced OTR tires are being introduced for farming activities, which is contributing to the increase the growth of global OTR tire market at a steady rate during the forecast period.
Browse 40 market data Tables and 174 Figures spread through 345 Pages and an in-depth TOC on
"Global OTR Tire Market"
https://www.techsciresearch.com/report/otr-tire-market/3725.html
In 2018, 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 governments of various countries, demand for OTR vehicles used in the construction projects is also increasing and consequently fueling the demand for their tires. Garnering support from increasing surface and underground mining and increasing quarrying activities across the world, the demand for dump truck, excavators, loaders, etc. is rising considerably, which in turn is propelling the market for OTR tires, globally.
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 in 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. According to the Asian Development Bank report, Asia will need to invest USD 26 trillion between 2016 to 2030 on developing sectors such as power, transport, telecommunication, water supply, etc., to maintain its targeted growth rates.
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“Expanding construction, mining and agriculture sectors coupled with expansion in agriculture vehicle fleet will continue to propel demand for OTR tires, globally, in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 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. Moreover, continuous developments in tire technology are also projected to increase demand for radial OTR tires across the world. Chinese companies such as Zhongce Rubber, Triangle, etc., are also expanding their product offering and distribution network to gain market share in the global OTR tire market.
“Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2015-2025” 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.
Browse Related Reports
Global Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheeler, Three Wheeler & OTR), By Demand Category, By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 – 2023
https://www.techsciresearch.com/report/global-tire-market/3057.html
Global Ultra High Performance (UHP) Tire Market By Vehicle Type (Passenger Car Vs Two Wheeler), By Tire Type (Summer & All-Season Vs Winter), By Demand Category (Replacement Vs OEM), By Region, Competition Forecast & Opportunities, 2013 – 2023
https://www.techsciresearch.com/report/ultra-high-performance-uhp-tire-market/2086.html
Global Agriculture Tire Market, by Vehicle Type (Tractor Tires, Tractor Trailer, Others), by Demand Category (OEM Vs. Replacement), Forecast & Opportunities, 2012-2022
https://www.techsciresearch.com/report/global-agriculture-tire-market-by-vehicle-type-tractor-tires-tractor-trailer-others-by-demand-category-oem-vs-replacement-forecast-opportunities/1044.html
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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