According to Goldstein Research, “Rising urbanization and construction activities across the globe has significantly driven the growth of OTR market across the globe.” Increasing pressure to meet food and energy requirements of an escalating global population has led to massive farming on available fertile land and mining activities, which in turn boosted the demand for OTR tires used in these industries.
OTR Market Outlook
The global OTR market is segmented based on product type, by vehicle, end users and by the target market. The target market segment is further bifurcated into OEMs and Aftermarket. Aftermarket sales of OTR tires dominated the global OTR market with around 60% market share.
Global OTR market stood at USD 24.8 billion in 2016 and is projected to exhibit a CAGR of 4.2%, in value terms, to reach USD 34.5 billion by 2024, on account of increasing use of equipment in construction and industrial sectors.
Asia-Pacific is the largest region for OTR market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific OTR market valued USD 6.9 billion in 2016 and is estimated to reach USD 9.1 billion by 2024. China is expected to dominate the OTR market followed by India due to large construction and mining activities in these countries. Mining of Coal and Iron for manufacturing and energy sector in Asia Pacific region has significantly bolstered the demand for underground mining tires market significantly.
Innovation in off-the-road tire technology: Turnkey
Mining and construction customers from around the world are looking for global partners to meet their varying business and service needs. Major players in OTR tire industry are enhancing the integrated technologies in order to meet evolving needs of their customers especially customer from the mining industry. Companies are providing integrated solutions for tire and rim management to optimize and report the condition of the tire, helping in saving time and increasing productivity.
OTR tires market report by Goldstein Research contains detailed overview of the global market in terms of market segmentation b y Product Type, by Vehicle Type, by End Users, by Target Market and by Geography.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global OTR market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tyre & Rubber, MRF, Continental, Dunlop etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global OTR market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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