The Global Off the Road (OTR) Tire Market is anticipated to grow at a CAGR of around 4.8% during 2021-26. The global construction spending is anticipated to reach around USD 14 trillion by 2025 primarily driven by the US, China, and India. The construction market in India is expected to grow twice as fast as in China during 2021-26. Owing to the increasing urbanization and population construction activity has been gaining pace recently. Various governments are taking initiatives and formulating plans to persuade the construction and mining sector. Due to the economic diversification in the Middle East, the government in Saudi Arabia formed “Vision 2030” under which it launched several projects in the construction and mining sector. Thus, the surge in construction activities has led to increasing the demand for OTR tire machine.
Key questions answered in the study
Radial Tire Dominates the Market
Based on Type of Tire, Radial tire has acquired a significant market share in the Global Off the Road (OTR) Tire market in 2019. The radial tire provides a smoother ride and is more resistant to punctures. Along with this, the radial tire has a longer lifeline as its steel mesh dissipates heat, thus, eliminates the problem of overheating whereas due to stiff construction of bias tires that leads to cause less contact with the ground, it suffers from the overheating problem more frequently.
“Global Off the Road (OTR) Tire Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots and opportunities available for Off the Road (OTR) Tire providers across the globe. 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.
Europe Exhibits Fastest Growth in the Market
Based on Regions, Europe is anticipated to witness a significant market share in the global off the road (OTR) tire market during the forecasted period. This is due to the presence of major market players in the region such as Michelin and Continental AG, thus, increases the chances of easy availability of technologically advanced OTR tire at a lower cost. Thereby, the region is projected to contribute to the growth of the global Off the Road (OTR) Tire market in the forecast period as revealed by MarkNtel Advisors’ research report “Global Off the Road (OTR) Tire Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the global Off the Road (OTR) Tire market are Yokohama Rubber Co., Goodyear Tire and Rubber Company, Apollo Tyres Ltd., Bridgestone Corporation, Prometeon Tyres Group S.R.L, China National Tyre and Rubber, Michelin, Hankook Tyre Co. Ltd., Cooper Tires, Toyo, Continental, Balkrishna Industries Limited, Triangle, etc.