Africa Off the Road (OTR) Tire Market Research Report: Forecast (2021-2026)
Africa Off the Road (OTR) Tire Market Analysis, 2021 research report depicts a deep dive market analysis of statistics of Africa Off the Road (OTR) Tire market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-26) | 6% |
| Key Companies Profiled | Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Hangzhou Zhongce Rubber Co. Ltd., Triangle Tyre Co. Ltd., CEAT Limited, BKT |
| Unit Denominations | USD Million/Billion |
According to MarkNtel Advisors’ research report “Africa Off the Road (OTR) Tire Market Analysis, 2021”, the Africa Off the Road (OTR) Tire market is anticipated to grow at a CAGR 6% during 2021-26. The growth of the market is accredited to rising inclination towards, increasing government investment on development of urban areas and surging infrastructure development activities along with launch of new truck tire in the market. Besides these, burgeoning demand for radial tire among agriculture industry, escalating government subsidies for farm equipment, and increasing investment in new radial tires plant are some of the factor placing a positive impact toward the growth of the market in the forecast period.
The COVID-19 pandemic adversely impacted the market of OTR tire in Africa due to disruption in supply chain, temporary shutdown of the manufacturing facilities and halt on various construction activities.
Agricultural Vehicle Acquired the Significant Market Share
Based on Type of Vehicle, Agricultural Vehicle acquired the significant market share in the Africa Off the Road (OTR) tire market in 2019. Tractors accounted for the largest market share in the agricultural vehicle segment. This is due to rising government investment in agricultural mechanization, escalating number of medium-scale farmers owning tractors and increasing government subsidy rates on tractor. Moreover, snowballing demand for agricultural produce and significant rise in farm area under crop production are anticipated to strongly contribute towards the growth of Off the Road (OTR) Tire for online gaming in the coming years as stated by the MarkNtel Advisors’ research report “Africa Off the Road (OTR) Tire Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Africa Off the Road (OTR) Tire market include Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Hangzhou Zhongce Rubber Co. Ltd., Triangle Tyre Co. Ltd., CEAT Limited etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics:
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
A. The market size/industry size or the market value is measured in terms of USD Billion.
A. The Africa Off the Road (OTR) Tire Market during 2021-26 is forecast grow at an CAGR of 6%.
