Philippines OTR Tires Market Analysis, 2020 research report depicts a deep dive market analysis of statistics of Philippines OTR Tires 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.
|Study Period||Historical Data: 2016-20|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
According to MarkNtel Advisors’ research report “Philippines OTR Tires Market Analysis, 2020”, the Philippines OTR Tires market is anticipated to grow at a considerable CAGR during 2021-26F. The growth of the market is attributed to increasing technological advancements in the OTR tires by the market players, burgeoning adoption of radial tires, increasing demand for agricultural tractor and widespread penetration of Chinese brand in the OTR segment. Moreover, the increasing spending by the government in the large-scale infrastructure project, strong growth in the mining and construction sector and snowballing government subsidies on equipment are the factors projected to fuel the growth of the market in the forecast period. However, the COVID-19 outburst has a pessimistic impact on the market growth owing to close border, disruption in the supply chain and halt on various construction activities. Although the market is coming back on the track and various construction activities have started which is projected to accelerate the market growth
Earthmoving Equipment Acquired the Considerable Market Share
Based on the Type of Equipment, Earthmoving Equipment acquired the considerable market share in Philippines OTR Tire market in 2020. This is due to introduction of BBB” program by the government which would consists around 20,000 infrastructure projects nationwide such as roads, highways, government centers, airports, seaports, terminals, hospitals, schools, and growth in the residential and commercial sector. Moreover, agricultural tractor is also projected to grow at a significant rate on account of boost in agriculture crop production and increasing mechanization rate. Hence, this is expected to place a positive impact towards the growth of OTR Tires market in the coming years as revealed by the MarkNtel Advisors’ research report “Philippines OTR Tires Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Philippines OTR Tires 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 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 Million.
A. The growth rate of Philippines OTR Tires Market during 2021-26F is forecast to grow at a considerable CAGR.