Luton, Bedfordshire, United Kingdom, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the OTR Tires Market.
The global OTR Tires market size is USD 8.27 billion in 2020 and is expected to grow till USD 14.02 billion by 2029, at a Compounded annual growth rate (CAGR) of 6.25%.
OTR tires are used in various commercial off-the-road vehicles for construction, mining, agriculture, and industrial applications. These tires are engineered and customized to work at extreme conditions such as high load-bearing, rough surface, different weather conditions, and traction. Compositions of materials tread patterns, and several other parameters of the OTR tire change as per vehicle types and requirements.
OTR tire design, production, and testing are all R&D processes that take into account all of the needs and regulations. Large customized press machines are used in the production of OTR tires, where processes such as vulcanization and curing take place. The cost of raw materials used in the production of OTR tires, as well as the cost of press machines, is both expensive. As a result, no market participant can afford to invest heavily in research and development.
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Industry News:
- In March 2021, The EV-4M Port Handler was introduced by Goodyear. The new tire has a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing. Improved treadwear, durability, comfort, and stability, as well as higher efficiency and operating efficiency, are all benefits of these qualities. Container handlers, reach stackers, straddle carriers, shuttle sprinter carriers, and other equipment may use the new EV-4M Port Handler, which comes in new 450/95R25 sizes.
- In May 2021, Michelin has added the TRAILXBIB to its line of agricultural OTR tires. The tire is built with farm equipment capability and revolutionary technology to retain soil, guarantee uniform weight distribution, and provide high levels of soil protection through the tire contact patch.
Product Portfolio: The Company has a product portfolio of OTR Tires Market that includes:
OTR Tires Market: Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of OTR Tires Market.
Key players operating the global Continental AG, Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, and Pirelli & C. S.p.A.
OTR Tires Market Scope: Discount on report
| OTR Tires Market | |||
| Report Coverage of OTR Tires Market | Details | ||
| Base Year: | 2021 | Forecast Period: | 2020 |
| Historical Data: | 2017-2021 | 2020 | US$ 8.27 billion |
| Forecast Period 2022 to 2029 CAGR: | 6.25% | Market Size in 2029: | US$ 14.02 Billion |
| Key Market Segments: | Equipment Type |
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| By Application |
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| by Industrial Equipment |
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Regional Dominance: Asia Pacific is expected to hold the largest share of the global OTR Tires market.
Increased Urbanization in APAC countries will drive the OTR tires market. Growing urbanization in Asia’s growing economies, such as China and India, will certainly need the development of critical infrastructure to meet rising transportation, electricity, and water demands. Government efforts such as the creation of Smart Cities in India and the growth of megacities in Japan and South Korea are expected to stimulate regional infrastructure development. The Asian Infrastructure Investment Bank (AIIB), which offers finance to construction and mining enterprises for capital goods investments and other inventory at reduced lending rates, is also driving the expansion of the construction and mining equipment market in Asia Pacific.
Key questions answered in this report:
- What is the current market size of this high growth market?
- What is the overall growth rate?
- What are the key growth areas, applications, end uses and types?
- Key reasons for growth
- Challenges for growth
- What technological developments are happening in this area?
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