Dublin, June 24, 2022 (GLOBE NEWSWIRE) -- The "Global OTR Tire Market, By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), By Demand Category (OEM & Replacement), By Tire Construction Type (Radial & Bias), By Region, Competition Opportunities and Forecast, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The Global OTR Tire Market was valued at $23,772.68 million in 2021 and is anticipated to grow at a CAGR of 6.66% during the forecast period, 2023-2027, to achieve the market value of $35,281.43 million by 2027.
Expansion of the automotive industry and growing demands for off-the-road and difficult terrain vehicles further drive the growth of the Global OTR Tire Market in the upcoming five years. Growing agriculture industries, growing demands for the vehicles like tractors, harvesters, etc., also facilitate the growth of the Global OTR Tire Market in the next five years.
Increasing sales of these vehicles also regulate the increasing production of the vehicles and their components. The demand for OTR tires also increases from their applications in earthmoving, agriculture, surface & underground mining, port material handling, telehandling and heavy construction, which further substantiates the growth of the Global OTR Tire Market in the forecast period through 2027.
Growing investments in the end-use industries expedite their expansion and indirectly affect the growth of the market. The governments, along with the global players that are leading the market, also invest actively in the automotive industry, thereby substantiating the growth of the Global OTR Tire Market in the consecutive five years.
OTR Tire Market is segmented in terms of demand category (OEM & Replacement), vehicle type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), tire construction type (Radial & Bias), region, and company. Based on demand category, the market is divided between OEM and replacement. The replacement sub-segment is anticipated to hold the largest revenue share of the market and dominate the market segment in the upcoming five years on the grounds of increasing demands for replacement tires.
Feasible affordability of the OTR tires and localized infrastructures & services for the replacement also facilitate the growth of the segment along with the growth of the Global OTR Tire Market in the next five years. By vehicle type, the market is further segmented across mining, construction & industrial equipment, agriculture vehicles and others.
The tire construction type is also differentiated between radial and bias. By region, the market is segmented into Asia-Pacific, North America, Middle East & Africa, Europe and South America. In terms of country, the United States OTR tire market is forecast to grow at a faster rate and is expected to reach around USD3,588.28 million during the forecast period.
Goodyear Tire and Rubber Company, Compagnie Generale des Etablissements Michelin SCA, Bridgestone Corporation, Continental AG, and The Yokohama Rubber Company, Limited are the leading five players operating in the Global OTR Tire Market. Other companies include Zhongce Rubber Group Co., Ltd., Balkrishna Industries Limited, Trelleborg AB, MRF Limited, etc. Apart from these flagship companies, many startup companies are also increasing their footprint in the Global OTR Tire Market by pushing their low-cost products blended with ease of availability.
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Objective of the Study:
- To analyze the market size of the Global OTR Tire Market from 2017 to 2021.
- To estimate and forecast the market size of the Global OTR Tire Market from 2022 to 2027 and growth rate until 2027.
- To classify and forecast the Global OTR Tire Market based on demand category, vehicle type, tire construction type, region and by company.
- To identify dominant region or segment in the Global OTR Tire Market.
- To identify drivers and challenges for the Global OTR Tire Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global OTR Tire Market.
- To identify and analyze the profile of leading players operating in the Global OTR Tire Market.
- To identify key sustainable strategies adopted by the market players in the Global OTR Tire Market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global OTR Tire Market
5. Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Brand Recall
5.3. Brand Satisfaction Level
6. Global OTR Tire Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles and Others)
6.2.2. By Demand Category (OEM, Replacement)
6.2.3. By Tire Construction Type (Radial, Bias)
6.2.4. By Region
6.2.5. By Company (2021)
6.2.6. Market Map (By Vehicle Type, By Demand Category, By Tire Construction Type and By Region)
7. Asia-Pacific OTR Tire Market Outlook
8. North America OTR Tire Market Outlook
9. Europe OTR Tire Market Outlook
10. Middle East & Africa OTR Tire Market Outlook
11. South America OTR Tire Market Outlook
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends and Developments
14. Competitive Landscape
14.1. Goodyear Tire and Rubber Company
14.2. Compagnie Generale des Etablissements Michelin SCA
14.3. Bridgestone Corporation
14.4. Continental AG
14.5. The Yokohama Rubber Company, Limited
14.6. Zhongce Rubber Group Co., Ltd.,
14.7. Balkrishna Industries Limited
14.8. Trelleborg AB
14.9. MRF Limited
14.10. Sailun Group
15. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/cwuk21
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