OTR Tires Market Projected to reach $11.4 billion by 2027

The global OTR Tires market was valued at USD 8.7 billion in 2022 and is expected to reach USD 11.4 billion by 2027 at a CAGR of 5.5 % during the forecast period 2022-2027. Activities in the construction and mining industry have picked up pace post-pandemic, which has caused an increase in demand for equipment used in these sectors. As the demand for this equipment rises, so does the demand for the OTR tires used in these equipment. Another driver for the OTR tires is the high level of mechanization of agricultural activities across the globe that drives the demand for agricultural tractors, which subsequently boosts the agricultural tractor OTR Tires market.

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31-70 HP tractors lead the demand for OTR tires in the agricultural tractors segment.

The 31-70 HP tractor segment has significant demand in highly populated countries with low arable land per capita. For example, arable land per capita in countries such as China and India is below 0.1 hectare/person, indicating that there are more farm owners in these countries compared to other countries. In addition, subsidies provided by the government for low-income farmers have fuelled these countries mechanization rates. For example, the subsidy named Macro-Management Agricultural Schemes by the Indian government, where a 25% subsidy is given to farmers who buy tractors with 35HP. This high demand for tractors fueled by the need for higher throughput from agricultural activities aided by governing body subsidies will drive the OTR tire market.

Wheeled Loaders >80 HP will hold a major market share in the OTR Tires Market for Construction & Mining applications

A wheeled loader uses an arm to lift and lower its bucket, and a bell crank is used to open and close its bucket. They can lift anything, such as debris, gravel, soil, dirt, pallets, etc.; hence, wheeled loaders have higher demand in construction and mining. Construction projects worldwide have seen a significant upturn in approvals as the effects of the pandemic has subsided. For example, the Mumbai-Delhi, 1,350 km expressway in India, started in 2019 and is expected to be constructed by 2025. Corridor 11 Pozega to Boljare Motorway in central Serbia is worth USD 2.2 billion and is expected to be completed by 2029. Such large-scale projects require moving large volumes of materials to fuel the demand for wheeled loaders. As the demand for such heavy-duty equipment increases globally, it is likely that the demand for the OTR tires used in these equipment will also see a significant rise.

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Asia Pacific region to dominate the global OTR Tires market

China and India are projected to hold the largest shares of the market owing to the rural population. The sale of small drives the sales volume of OTR tires in these countries (

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This release was published on openPR.