"Anticipated Growth: OTR Tires Market Projected to Reach $14.8 Billion by 2032 with a 5.5% CAGR || Michelin, Continental AG, Bridgestone Corporation "

As per The Business Research Company's OTR Tires Opportunities And Strategies Market Report 2023, the global OTR tires market reached a value of nearly $8,735.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 2.1% since 2017. The market is expected to grow from $8,735.6 million in 2022 to $11,289.1 million in 2027 at a rate of 5.3%. The market is then expected to grow at a CAGR of 5.5% from 2027 and reach $14,785.3 million in 2032.

The growth in the agricultural industry is expected to propel the growth of the OTR tires market going forward. The agriculture industry involves enterprises or companies that are involved in cleaning, processing, storing or packing various products, mainly obtained from agricultural production. For example, according to the 2031 projections by the United States Department of Agriculture, the world trade of soybeans is forecasted to rise by 22.5% (36.2 million tons) and maize by 26.7% (41.8 million tons).

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There is a growing trend towards using tire sensors and artificial intelligence in the OTR tires market to monitor tire performance and predict maintenance needs. This technology allows companies to optimize tire usage and reduce downtime, improving overall efficiency and productivity. For example, in 2023, Continental Tires, a Germany-based company that offers OTR tires, launched a new ContiConnect Live cloud-based solution, to support fleets with sophisticated, real-time digital tire monitoring of all fleet vehicles. Continental tire sensors gather information inside the tires and send it to a Bluetooth dongle or telematics device and a driving app

The top opportunities in the OTR tires market segmented by type will arise in the bias tires segment, which will gain $1,452.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by process will arise in the pre-cure segment, which will gain $1,263.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by vehicle type will arise in the tractors segment, which will gain $904.4 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by sales channel will arise in the aftermarket segment, which will gain $1,701.1 million of global annual sales by 2027. The top opportunities in the OTR tires market segmented by rim size will arise in the upto 30 inches segment, which will gain $1,665.9 million of global annual sales by 2027. The top opportunities in segment by end-user will arise in the agriculture segment, which will gain $1,141.7 million of global annual sales by 2027. The OTR tires market size will gain the most in China at $771.8 million.

OTR Tires Market Segmentation:
The OTR tires market is segmented by type, by process, by vehicle type, by sales channel, by rim size and by end-user.

By Type -
a) Radial Tires
b) Bias Tires
c) Solid Tires

By Process -
a) Pre-Cure
b) Mold Cure

By Vehicle Type -
a) Loaders
b) Dumpers
c) Graders
d) Cranes
e) Tractors
f) Forklifts
g) Other Vehicle Types

By Sales Channel -
a) Original Equipment Manufacturer
b) Aftermarket

By Rim Size -
a) 30 Inches
b) 30-50 Inches
c) Above 50 Inches

By End-User -
a) Mining
b) Construction And Industrial Equipment
c) Agriculture
d) Other End-Users

Major players in the OTR tires market include The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation.

The regions covered in the global OTR tires market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global OTR Tires Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

OTR Tires Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…………
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. OTR Tires Market, Conclusions And Recommendations
23. Appendix

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