Press release
OTR Tires Market is anticipated to expand at a Robust compound annual growth rate (CAGR) from 2021 to 2031
OTR Tires Market
OTR (off-the-road) tires are those that are used on construction equipment, such as excavators, bulldozers, and loaders. They are designed to provide traction and stability on rough terrain and are often used in mining and quarrying applications. OTR tires are usually much larger and heavier than other types of tires, and they can cost several thousand dollars each.
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Key Trends
The market is driven by the increasing demand for OTR tires from the construction, mining, and agricultural industry. The other factors that are driving the market growth include the increased demand for fuel-efficient and durable tires and the need for tire retreading.
Key Drivers
There are a few key drivers of the OTR Tires market. Firstly, the increasing demand for off-road vehicles is driving the market for OTR Tires. Secondly, the increasing construction activities around the world is also driving the market for OTR Tires. Thirdly, the increasing mining activities are also driving the market for OTR Tires. Lastly, the increasing industrial activities are also driving the market for OTR Tires.
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Market Segments:
The OTR Tires Market is segmented by product, vehicle type, end-user and region. By product the market is divided into radial tires, bias tires and non-pneumatic tires. Based on vehicle type it is segmented into earthmovers, loader and dozers, graders, tractors and agricultural equipment. On the basis of end-user it is bifurcated into construction, industrial, mining, ports and others. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Market Players:
The OTR Tires Market includes players such as Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tire & Rubber, MRF, Continental, Belshina, Cheng-Shin Rubber, and Eurotire.
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