Off the Road (OTR) Tire Market Demand, Drivers and Opportunities 2024-2030
Markntel Advisors’ report, Off the Road (OTR) Tire Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Off the Road (OTR) Tire presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Off the Road (OTR) Tire Market Research Report & Market Summary:
The Global Off-the-Road (OTR) Tire Market size was valued at around USD 24.5 billion in 2023 & is projected to grow at a CAGR of around 4.8% during 2024-30. There are several factors contributing to the growth of the Global Off-the-Road (OTR) Tire Market. There are numerous elements contributing to the growth of the Global Off-the-Road (OTR) Tire Market. The speedy enlargement of the mining sector is one of the most important drivers in the industry. The increasing mining activities globally are creating the necessity for long-lasting and high-performance OTR tires. Heavy-duty equipment that can resist harsh situations is needed for mining activities, pushing the demand for those sturdy tires. Moreover, the boom of urbanization globally is also fueling the demand for these tires for construction works, ultimately enlarging the size & volume of the Off-the-Road Tire Industry.
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Off the Road (OTR) Tire Market Dynamics:
Key Driver-
Rapidly Expanding Mining Sector Driving Market Growth – The mining sector is a main motive force of the Global Off-the-Road (OTR) Tire Market. The vehicles that should perform in rugged terrains and under hard conditions like loaders, dump trucks, and excavators require specialized OTR tires. The need for mining machines or heavy vehicles is increasing because of growing mining operations globally. These mining vehicles require long-lasting and reliable tires to navigate hard terrains and heavy masses, leading to an extra demand for OTR tires. This trend underscores the essential role that sturdy and resilient tire solutions play in the performance and protection of mining operations. Specialized OTR tires will continue to be important in aiding the growth and operational fulfillment of the mining industry.
Off the Road (OTR) Tire Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
- By End-Users
- Construction
- Industrial
- Mining
- Agriculture
- Ports
- By Type of Equipment
- Earth Moving Equipment
- Excavator
- Roller
- Bulldozer
- Cranes
- Grader
- Loader
- Others
- Material Handling Equipment
- Tipper
- Forklift
- Agricultural Equipment
- Tractor
- Farm Trucks
- Harvester
- Others
- Earth Moving Equipment
Of these three, Agricultural Equipment acquired the largest share of the Global Off-the-Road (OTR) Tire Market in the previous years, mainly due to a rising number of medium-sized farms and the shifting end-user preferences toward using advanced farm equipment to perform various agricultural activities efficiently.
- By Type of Tire
- Radial
- Bias
- Non-Pneumatic Tires
- By Demand Type
- OEMs
- Aftermarket
Here, the aftermarket segment acquired a larger market share than OEMs. OTR tires have a relatively shorter life span than normal ones.
- By Price Category
- Budget
- Premium
- Economy
- By Rim Size
- Up to 20″
- 20.1″ to 26″
- 26.1″ to 35″
- 35.1″ to 47″
- Above 47″
- By Region
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific.
Of all regions globally, Asia-Pacific is projected to acquire the largest share of the Off-the-Road Tire Industry during 2024-30, owing to the rapidly expanding automotive industry and massive investments in the road & other infrastructure developments, especially across India & China.
As indicated in the latest market research report published by Markntel Advisors, “Off the Road (OTR) Tire Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Off the Road (OTR) Tire industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
Browse Full Report Along with TOC and Figures – https://www.marknteladvisors.com/research-library/global-otr-tire-market-analysis.html
Top Companies Operating in the Off the Road (OTR) Tire Market:
- 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.
- Toyo
- Continental
- Balkrishna Industries Limited
- Triangle.
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- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
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- Market Trends and Indicators
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