Pressrelease Detail

APAC to Drive Global OTR Tire Market to $ 31 Billion by 2025

Automotive | Aug, 2020

Growing industrialization, increasing usage of heavy machinery and equipment in agriculture, mining, and other industrial sectors to drive global OTR tire market through 2025.

According to Global Databooks report, “Global OTR Tire Market,2025, By Vehicle Type, By Demand Category, By Company, Competition, Forecast & Opportunities, 2025”, the global OTR tire market is predicted to grow at an estimated CAGR of 8% during 2020-2025 due to growing development activities and infrastructure development across globe. Moreover, booming automobile industry and increasing industrial sector is further expected to boost the OTR tire market through 2025.

Global OTR tire market can be segmented based on vehicle type, demand category, and region. Based on vehicle type, market can be segregated into mining, construction & industrial equipment, agriculture vehicles, and others. Mining, construction & industrial equipment segment accounted for the majority share in 2019 due to frequent use of off-road vehicles in industrial sectors like mining, construction, and others. In terms of demand category, market can be bifurcated into OEM and replacement. Out of these, replacement segment captured the majority share in 2019 and trend is likely to continue until 2025.

Report URL : https://www.globaldatabooks.com/report/global-otr-tire-market/408.html

Michelin, Bridgestone, Goodyear, Yokahama, Continental, BKT, Chinese, among others are leading players operating in global OTR tire market. Major companies are adopting strategies such as product launches, contracts and agreements, and competitive pricing to capture majority share in the market.

“Asia-Pacific region dominated the global OTR tire market in 2019 and trend is likely to continue in coming years due to presence of major players and emerging economies like China and India, where demand for OTR is high due to its application in mining, agriculture and other sectors.” said Mr. Karan Chechi, Research Director with Global Databooks, a research based global management consulting firm.

“Global OTR Tire Market,2025, By Vehicle Type, By Demand Category, By Company, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global OTR tire market and provide statistics & information on market size, structure and future market growth. Report provides cutting-edge market intelligence and help investors to make proper decisions. Besides, the report also identifies and analyzes the merging trends along with essential drivers, challenges and opportunities in the global OTR tire market.

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