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OTR Tires Market Size, Share, Trends & Global Forecast by 2027

OTR Tires Market Size, Share, Trends & Global Forecast by 2027

The OTR Tires market is projected to grow from USD 8.7 billion in 2022 to USD 11.4 billion by 2027, at a CAGR of 5.5% over the forecast period. In European countries, owing to the war in Ukraine, there is growth in infrastructure and farming activities. Additionally, the Ukrainian people are shifting to other countries, creating housing needs. Such factors are responsible for growth in infrastructural and farming activities across the globe, impacting the OTR tires market. Another factor impacting the market is the increasing mining activites in Asian, African and Latin American regions. Due to the high demand for the extraction of minerals and ores, mining equipment is in demand, impacting the 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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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