The global construction spending is projected to touch USD 11.9 trillion in 2020 and is anticipated to reach around USD 14 trillion till 2025 primarily driven by the US, China, and India. The construction market in India is expected to grow twice as fast as China during 2020-25. 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.
According to the MarkNtel Advisors’ research report, “Global Off the Road (OTR) Tire Market Analysis, 2020”, the CAGR of global off the road vehicle tire market is expected to be around 4.20% during 2020-25. China and India are the major contributors to the growth of OTR tires sales.
China is the largest manufacturer of OTR that exports to Latin America, Africa and, other Asian countries. China is focusing on the initiative to build One Belt One Road (OBOR) for better transportation facilities and easy import and export of goods.
In Latin America, Brazil had the largest market share exceeding 40% of the total OTR tire sales in 2019 in the region, followed by Mexico.
The global OTR tire industry has been snowballing at a considerable pace. With the increasing preference towards Earthmoving construction equipment’s such as cranes, road rollers, dozers grab the highest market share around 50% globally in 2019. Most preferred rim diameter is 26”-35” and 36”-48” diameter as they are majorly deployed in the OTR vehicles.
Moreover, the OTR tire market has an enhanced sales distribution network across the globe. The manufacturers such as Bridgestone, Goodyear, Yokohama and Continental operate through dealers and distributors. This type of sales channel is the most preferred sales channel for OTR vehicle sales. Furthermore, the manufacturers of OTR vehicles obtain tires directly by tire manufacturers worldwide.
Replacement Demand to Create Demand for OTR Tires
Radial tires hold a significant market share in 2019 and are gaining traction in the global OTR tire market. Bias tires are still in use due to their durability. However, radial tires are anticipated to dominate the market by 2025. Moreover, the manufacturing companies are focusing on the research and development of the tires to increase their durability and enhance the performance of the tires.
The key players contributing to the growth of global OTR tire market are The key major players contributing to the growth of global OTR tire market are Yokohama, Goodyear, Michelin, Continental, Apollo, Bridgestone, Zhongce Rubber Company, Triangle, Giti, Pirelli, Sumitomo, Hankook, Nokian and Others as revealed by MarkNtel Advisors in their research report, “Global Off the Road (OTR) Tire Market Analysis, 2020”.
“Global Off the Road (OTR) Tire Market Industry Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for automotive ventilation seats providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Equipment (Construction & Earthmoving Equipment, Material Handling, Agricultural Equipment)
2. By Type of Product (Excavator, Loader, Grader, Bulldozer, Road roller, Tipper, Forklifts, Cranes, Others)
3. By Demand Type (OEM Vs Replacement)
4. By Type of Tire (Radial, Bias and Non-Pneumatic Tires)
5. By End Users (Construction, Industrial, Mining, Agricultural and Ports)
6. By Price Category (Budget, Economy, Premium)
7. By Regions (North America, South America, Europe, Middle East, Africa and Asia-Pacific)
8. By Countries (United States, Canada, Mexico, Brazil, Argentina, Chile, Colombia, Cuba, Turkey, Russia, United Kingdom, Germany, Italy, France, Poland, Ukraine, Hungary, Spain., Sweden, Saudi Arabia, UAE, Iran, South Africa, Nigeria, Algeria, Morocco, Algeria, Ethiopia, Sudan, Somalia, China, India, Japan, South Korea, Australia, Malaysia, Philippines, Thailand, New Zealand, Singapore and Indonesia)
9. By Company
Key questions answered in the study:
1. What are the current and future trends of the Global Off the Road Tire (OTR) Market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the region?
4. How the competition has been shaping across the region followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Global Off the Road Tire (OTR) Market?
6. What are the customer orientation, purchase behavior, and expectations from the Off the Road Tire (OTR) across various regions?