The Philippines OTR tire market is expected to experience astronomical growth in the forecasted year on account of burgeoning investment by the government in infrastructure development projects, robust spending in the construction of road & railway and housing infrastructure, and propelling mining and construction sector. Moreover, the launch of excavators by the companies, the introduction of government plans such as the "Build, Build, Build" program, and escalating demands for telehandlers in commercial and residential construction sites are the factors anticipated to propel the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Philippines OTR Tire Market Analysis, 2020”, the Philippines OTR Tire market is expected to grow at a significant CAGR during 2021-26F. Based on the Demand Category, the Replacement segment dominated the Philippines OTR tire market in 2020 on account of rising demand for rental construction equipment and robust growth in the mining sector.
“Philippines OTR Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for OTR Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Construction Segment is Expected to Attain the Highest CAGR by 2026
Based on End-User, the Construction segment is expected to attain the highest CAGR by 2026 in the Philippines OTR tire market. The growth of the market is attributed to growing government investment in infrastructure development, the introduction of the plans by the government such as the Philippine construction industry roadmap 2020–2030, and the launch of large-scale infrastructure projects. Moreover, escalating spending on residential construction and strong growth across commercial, industrial, and institutional sectors are some of the factors anticipated to fuel the growth of the OTR tire market in the forthcoming period as revealed by the MarkNtel Advisors’ research report “Philippines OTR Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Philippines OTR Tire market include Bridgestone Corporation, Goodyear Philippines, Inc., Yokohama Rubber Co., Michelin Tires, Toyo Tire, Kumho Tire Co., Ltd., Zhongce Rubber Group Co., Ltd., Cooper Tires & Rubber Company, Continental, Sumitomo Rubber Industries Ltd., etc.
Key questions answered in the study: