22 March 2021
Visiongain has published a new report on Off the Road (OTR) Tire Market Report to 2031: Forecasts by Product Type (Bias Tires, Radial Tires and Non-Pneumatics Tires), by Applications (Mining, Construction, Industrial and Agriculture) and by Region PLUS Profiles of Leading OTR Tire Market Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global OTR Tire Market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. OTR tires are designed to improve the traction, safety, performance and stability. It gives easy grip on mud, dirt and irregular surfaces. The increase in demand of Construction, Mining and Agricultural Vehicle and Equipments due to increased infrastructural developments in developing countries. The demand of tire replacements and machine hours has increased which in turn will boost the OTR Tire Market.
COVID-19 Impact on OTR Tire Market
As Covid-19 has caused a lot of damage in various industries, it has brought automotive industry to a halt too by causing vehicle production and supply disruptions. Analysis shows that it would be a major concern for vehicle/parts sales for automotive for next few quarters and there will a thin chance for recovery of the market in the end of 2021. However there is growth in demand for OTR tire market which will help the market to be stable.
The rise in demand for Off-highway vehicles such as tractor, agricultural machinery and so on has set to boost market. The adoption of heavy vehicle due to industrialization in developing countries is impacting the growth market. Another key driver is, Mining activities are promoting OTR tire market as well. Various OTR tires are popular in different corner of the globe and some of them are Non-pneumatic tires, Bias tires and Radical tires.
APAC has observed to acquire most of the OTR tire market over there due to their Mining, Agricultural and Construction activities. Due to heavy functioning and requirement of Off-highway vehicles the sales is higher compare than to other geographical regions and so the OTR tire are required alongside too. Tire monitoring system is set to contribute for the growth of the Market. Manufacturers are focusing on eco-friendly OTR tires and making more of their investments into research and development to create potential revenue and opportunity for key players working under OTR market during this forecast period.
The global OTR Tire Market is dominated by big players such as Continental, Bridgestone, Michelin, Goodyear, Pirelli, Sumitomo, Yokohama, Hankook, Nokian, and CEAT.. These companies have secure their position in the market to offer wide range of advanced assistance systems. The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations.
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