Global OTR Tires Market Is Expected to Reach USD 26.45 Billion by 2027 : Fior Markets
Newark, NJ, June 23, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, The global OTR tires market is anticipated to grow from USD 18.32 billion in 2019 to USD 26.45 billion by 2027, at a CAGR of 4.7% during the forecast period 2020-2027.
The rise in demand for agriculture equipment vehicle & tractors in farming, the rise in demand for construction vehicles and the increase in infrastructural development in developing countries are some of the factors fuelling the OTR Tires market.
OTR tires have deep and robust treads that can be used for any type of vehicle. These are made from durable compounds which provide better grip on mud, sand and rough surfaces. It is designed keeping in mind to be used in tough and in an adverse environment, such that even in severe conditions, it provides safety, performance, and quality. They are broadly used in machinery at mines and also in construction sites, where there are no roads. They are commonly used in dump trucks, bulldozers, graders, mobile crane, container handler, scraper, etc.
High R&D Expenditure is acting as the major restraint for the market. The efficient working in tough and in adverse condition, the high R&D expenditure is required, this adds to the cost of the tires. It is increasing the price of the OTR tires. Also, cheap Chinese tires are hampering the growth if the OTR market. People who are not much aware of the security concern tend to buy cheap tires from unorganized sector than expensive OTR tires, which is better in quality. This factor is also restricting the market.
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Key players for the global OTR Tires market include Bridgestone, Goodyear, Sumitomo, Alliance Tire Group, MRF, Yokohama, Continental, Michelin, Pirelli, and JK Tyre & Industries Ltd, among others.
- The big players are now focused in the implementation of strategies like joint venture, product innovations, merger and acquisition and partnerships etc. to gain the market share and to strengthen its position in global OTR Tires industry. For instance, in January 2019, Bridgestone has signed an agreement to acquire TomTom Telematics. This helps the organization in strengthening its position as an innovative leader in tire predictive maintenance service and tire design.
- In November 2017, Goodyear completed the acquisition of Ventech Systems GmbH. This acquisition will strengthen the organization one-stop value proposition in fleets, premium tires and mobile fleet solutions, among others.
The construction and mining equipment is anticipated to show the highest growth rate in the forecast period
On the basis of application, the market can be divided into industrial equipment, construction and mining equipment, and agriculture tractor. The construction and mining equipment is anticipated to show the highest growth rate in the forecast period. This is due to the rapid urbanization and energy requirement the Asia Pacific and North America regions.
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The rubber track tires segment accounts for the highest market share in 2019.
On the basis of the type of tires, the market can be divided into wheeled and rubber track tires. The rubber track tires segment accounts for the highest market share in 2019. This is due to its ability to carry heavy weights efficiently and avoiding compaction of the soil.
Regional Segment Analysis of the OTR Tires Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the OTR Tires market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia-Pacific region is having the highest market share and is also seems to portray the highest growth rate during the forecast period. The growth rate is due to the rapid urbanisation and a huge investment of the government in the mining sector. The surge in population and rise in per capita incomes of the people, the requirement for mechanisation of agricultural activities are the factors propelling the growth of the market.
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About the report:
The global OTR tires market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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