OTR Tires Market to Witness Growth Acceleration During 2021-2028

Off the road, tires denote to a precise category of tires that helps increase traction in unpaved surfaces with mud, gravel, loose dirt, or sand. Tires are equipped with profound tread patterns that help in the vehicle traction in off-road conditions or high terrains off the road. The off-road tire can be additional divided into different sections, such as tire tread, inner liner, tire casing, and sidewall, that play an important role in product design, quality, and reliability.

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Companies Profiled in this report includes:  Continental, Bridgestone, Michelin, Goodyear, Pirelli, Yokohama, Sumitomo, Hankook Tire, Nokian, CEAT

MARKET SEGMENTATION

Based on type, the global OTR tires market market is segmented into wheeled, and rubber tracks.

On the basis of application, the market is segmented into agricultutral tractors, industrial equipment, construction and mining equipment, and others.

MARKET DYNAMICS

Drivers

Increase in construction activities, government subsidies on agriculture equipment.

Increasing farm mechanization are some of the major factors driving the growth of the off the road tires market.

Restraints

Vast expenditure incurred in research and development is likely to hamper the OTR tires market.

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IMPACT OF COVID-19 ON OTR TIRES MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

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