Global Off the Road (OTR) Tire Market likely to grow at a CAGR of 4.8% in the forecast period of 2021-26 | Top Players are The Yokohama Rubber Co., Ltd., The Goodyear Tire & Rubber Company, Apollo Tyres Ltd, Bridgestone Americas, PROMETEON TYRE GROUP, Mic

According to MarkNtel Advisors' research report, "Global Off the Road (OTR) Tire Market Analysis, 2021," the market is likely to grow at a CAGR of 4.8% in the forecast period of 2021-26. The most prominent aspect behind the exponential rise of the Global Off the Road (OTR) Tires Market is the growth of the construction industry in multiple developing countries throughout the globe, bolstering the demand for construction & material handling equipment.

Besides, numerous organizations across several regions and governments' increasing focus to enhance the benefits from the mining industry further results in the need for OTR tires across different mining equipment, thereby propelling their demand exponentially. Hence, the growth of the mining and construction industry is likely to fuel the Global Off the Road (OTR) Tires Market growth significantly.

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Key Questions Answered in the Study
1. What are the current and future trends in the Global Off the Road (OTR) Tire Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Off the Road (OTR) Tire Market?
5. What are the customer orientation, purchase behavior, and expectations from the Global Off the Road (OTR) Tire Market service providers across various regions?

Bias Tires to Witness the Fastest Market Growth
Based on Tire Type, the market bifurcates into Bias Tires and Radial Tires. Among the two, the Bias Tires are more likely to attain the fastest growth in the forecast years of 2021-26. It owes prominently to their core nature of providing a smoother ride on rough surfaces than radial tires. Besides, the Bias tires are less expensive, more stiff & rigid, and gives a tough competition to the radial tires. Therefore, the Bias Tire shall dominate the Global Off the Road (OTR) Tire Market with a CAGR of nearly 6.84% and attain the fastest growth in the forecast years.

"Global Off the Road (OTR) Tire Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Off the Road (OTR) Tire providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

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Up to 20” Rim Size to Hold the Largest Share
Amongst the Rim Size, the market segments into Up to 20", 20.1" to 26", 26.1" to 35", 35.1" to 47", and Above 47". Of them all, the rim size Up to 20” is more likely to hold the largest market share in the forecast period of 2021-26. The main factor behind the substantial growth of the segment is the rising demand for passenger cars that fall in the category of hatchbacks & compact sedans. These car types drive sales in various countries globally and install tires with rim sizes up to 20." Hence, the need for Up to 20” rim size tires is the highest, resulting in their surging demand in the forecast period, thereby holding the largest market share, states MarkNtel Advisors in their research report, “Global Off the Road (OTR) Tire Market Analysis, 2021.”

According to MarkNtel Advisors, the leading players in the Global Off the Road (OTR) Tire Market are Yokohama Rubber Co., Goodyear Tire and Rubber Company, Apollo Tyres Ltd., Bridgestone Corporation, Promotion Tyres Group SRL, China National Tyre and Rubber, Michelin, Hankook Tyre Co. Ltd., Cooper Tires, Toyo, Continental, Balkrishna Industries Limited, Triangle, etc.

Market Segmentation:
1. By Type of Equipment (Earthmoving Equipment, Material Handling, Road Building & Concrete)
2. By Demand Type (OEMs, Aftermarket)
3. By Type of Tire (Bias, Radial)
4. By Budget (Budget, Premium, Economy)
5. By Geographic Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
6. By End User (Construction, Industrial, Mining, Agriculture, Ports)
7. By Rim Size (Up to 20", 20.1" to 26", 26.1" to 35", 35.1" to 47", Above 47")
8. By Countries (US, Canada, Mexico, Brazil, Chile, Argentina, Germany, France, UK, Russia & CIS South Africa, Nigeria, UAE, Saudi Arabia, Kuwait, Qatar, China, India, South East Asia, Japan, Others)
9. By Competitors (Yokohama Rubber Co., Goodyear Tire and Rubber Company, Apollo Tyres Ltd., Bridgestone Corporation, Promotion Tyres Group SRL, China National Tyre and Rubber, Michelin, Hankook Tyre Co. Ltd., Cooper Tires, Toyo, Continental, Balkrishna Industries Limited, Triangle, etc.)

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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

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