Press release
Global OTR Tires Market 2024 New Trends, Business Growth, Segmentation And Key Players Analysis Till 2033 | Major Players Are The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd., Michelin, Continental AG, Bridgestone Corporation.
OTR Tires Market
The Business Research Company presents an extensive market research report on the OTR Tires Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The otr tires market size has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to rapid economic growth, the increase in construction activities, the rise in mining activities and government subsidies.
The otr tires market size is expected to see strong growth in the next few years. It will grow to $11.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the growth in the agricultural industry, the rising urbanization and the rising infrastructure investment. Major trends in the forecast period include focusing on tire sensors and artificial intelligence to monitor tire performance, focusing on introducing and developing tires with sustainable and green materials, focusing on airless tires that do not require air pressure, focusing on developing innovative tire designs, focusing on product launches and developing new products and focusing on strategic partnerships and collaborations.
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Key Market Players:
Major companies operating in the otr tires market report are The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co., Ltd, Apollo Tyres Ltd, Sumitomo Rubber Industries, Ltd, Balkrishna Industries Limited, Aeolus Tyre Co., Ltd, Toyo Tires, Sailun Group, JK Tyre & Industries Ltd, MRF, Tianjin International United Tire & Rubber Co Ltd, Prometeon Tyre Group S.R. L, Metro Exporters Private Limited, CEAT Ltd, GS Tyres GRI, COTON company, Barum (company), Pirelli Tyre Russia Limited Liability Company, Cooper Tire & Rubber Company, Titan, McKees Rocks Forgings Inc, Arbco Industries, LLC, Associated Fastening Product Inc, Kal tire, Camso, AirBoss of America, Waterville TG, Uniroyal, Polycorp, Nexen Tire, Trelleborg, Fate Tire, Rodaco, Rct Tyre, Gomería GMC, Al Rashed Tires, BLATCO Company, Alliance Tyres, Rallyance Ltd
Market Drivers:
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tires market. 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). Also, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based trade association, by 2030, India will require around 355 million tons (mt) of foodgrains, which will require an extra 5 mt of foodgrain production year. Therefore, the use of agricultural machinery in day-to-day activity drives the OTR tires market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/otr-tyre-global-market-report
The otr tires market covered in this report is segmented -
1) By Type: Radial Tires, Bias Tires, Solid Tires
2) By Process: Pre-Cure, Mold Cure
3) By Vehicle Type: Loaders, Dumpers, Graders, Cranes, Tractors, Forklifts, Other Vehicle Types
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
5) By Rim Size: Upto 30 Inches, 30-50 Inches, Above 50 Inches
6) By End-User: Mining, Construction And Industrial Equipment, Agriculture, Other End-Users
Sub segments: Upto 30 Inches, 30-50 Inches, Above 50 Inches, Upto 30 Inches, 30-50 Inches, Above 50 Inches, Upto 30 Inches, 30-50 Inches, Above 50 Inches
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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