According to a new report published by xResearch, titled, “OTR Tire Market 2022- Industry Insights, Trends, Opportunity & Forecast, 2022–2030,” the global OTR Tire market size is anticipated to witness moderate growth during the forecast period i.e.,2022-2030. Factors such as the substantial growth in infrastructure construction. Infrastructure comprises a rising transportation network and the increasing application of advance technology in the respective sector are contributing to the growth of the global OTR Tire market.
Geographically, North America led the global camera modules market in 2021, followed by Europe and Asia Pacific (APAC). Due to large infrastructural development in North America, the region is expected to hold a prominent amount of market share during the forecast period of 2022-2030.APAC is observed to be leading the global OTR Tire market growth due to the significant usage of heavy vehicles in the agriculture sector and construction sites. In 2021, China registers about 65 percent of total OTR tire sales in the Asia Pacific area. The presence of emerging countries such as India, China, and Japan, the rapid growth of infrastructural operations and betterment of connectivity are among the primary factors driving the growth of the market in the region.
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Some of the major OTR Tire companies profiled in the report include the Apollo Tire Ltd., Continental AG, Bridgestone Corporation (Japan), Michelin, Goodyear Tire & Rubber Company, and Pirelli & C. S.p.A. (Italy). Ltd., Eurotire, Mrf, Nokian, Qingdao Rhino Tire Co., Ltd, Sumitomo and Yokohama. These firms used techniques like new product development, acquisitions, and joint ventures to build a presence in the OTR Tire Market.
The global OTR Tire market is segmented into equipment type, application, product type, tire type, rim size, retreading by process, retreading by application, and by region. Based on equipment type, the market is comprised of articulated dump trucks, backhoe loaders, crawler excavators, motor graders, RTLT-telescopic, wheeled loaders and other equipment types. Based on application, it is further subdivided into construction and mining management, agricultural tractors, and industrial equipment.
The agricultural tractors it is classified from ranges of greater than 30 HP to less than 250 HP. Based on industrial equipment, it is classified into forklifts, aisle trucks, tow tractors, and container handlers. Based on product type, it is segmented into wheeled Tire and rubber tracks. Based on tire type, it is classified into radial, bias, and solid types. Based on rim size, it is categorized from up to 30 inches to above 50 inches. The retreading by process has two divisions known as pre-cure and mold-cure. Based on retreading by application, it is further subdivided into construction and mining equipment and agriculture tractors.
The global OTR Tire market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of OTR Tire Market
- This research gives an analytical portrayal of the worldwide market, as well as current trends and future projections, in order to identify potential investment opportunities.
- The study includes data on major drivers, restraints, and opportunities, as well as a comprehensive analysis of the global off-road tire market share.
- The agriculture sector, the most significant element for nations like India, China, and others, is driving the industry. As a result, the demand for agricultural vehicles such as tractors is fast expanding, boosting the OTR Tire market.
- The significant increase in the mining sector, as well as the deployment of heavy gear, is likely to fuel OTR tire market growth.
- On the basis of region, the region of North America led the global OTR tire market in 2021, followed by Europe and Asia Pacific. The region is estimated to be overtaken by Asia Pacific in terms of sales by making dynamic developments in relevant sectors that will eventually mark the highest market growth during the forecast period of 2022-2030.
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