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New York, December 24, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of “OTR Tire Market by Application and Equipment, Type, Rim Size, Process, Retreading Market by Process and Application and Region – Global Forecast to 2026 “- https://www.reportlinker.com/p05300606/?utm_source=GNW
However, a strong rebound in global vehicle production with the recovery of major industries across the globe since the middle of last year has helped mitigate the pandemic’s impact on the auto industry. The global economic recovery is also expected to be fueled by increased vaccine production and vaccination rates, allowing businesses to reopen faster.
Growing demand for new infrastructure is expected to drive demand for construction machinery and hence for OTR tires across the world. The construction and mining equipment industry has experienced substantial growth in emerging economies such as China and India.
Rapid infrastructure development and revised government standards related to construction activities in these countries are boosting the construction and mining equipment market and hence the OTR tire market. With population growth, the demand for food and agricultural products has increased, which has generated the need for agricultural mechanization.
The demand for agricultural tractors used for different agricultural activities has increased in recent years. High labor costs led the industry to move towards industrial automation.
These factors are driving the demand for OTR tires for various applications.
OTR tires for container handlers are expected to dominate the industrial equipment segment due to higher demand in material handling applications.
Container Ship OTR Tires are estimated to dominate the market, in terms of value, during the forecast period due to the higher demand for industrial equipment. The increasing industrialization and the establishment of warehouses to support the hub and spoke model for various sectors is expected to drive the growth of industrial equipment, thus driving the OTR tire market.
Manufacturers invest in R&D to develop industrial vehicles at the cutting edge of technology, innovative, efficient and profitable. Container ships are used for the handling of intermodal freight containers in small terminals or mid-sized ports and warehouses.
Demand for these vehicles is expected to increase in emerging economies such as China and India, where new infrastructure projects are being launched.
Asia-Pacific is expected to be the fastest growing regional market
China, Japan, India, and Indonesia are included in the Asia-Pacific area for market analysis. Infrastructure activities are expected to expand as they are an essential element in improving connectivity and promoting sustainable growth.
Population growth and migration to large cities over the past decade have further increased the demand for residential buildings. According to the Asian Development Bank, Asia-Pacific countries will need to invest $ 1.7 trillion per year until 2030 for infrastructure development, which will meet the demands of infrastructure development. These factors are expected to drive the demand for construction equipment and will have a positive impact on the demand for OTR tires. Asia-Pacific is estimated to have the largest market for OTR tires in 2021.
In-depth interviews were conducted with CEOs, Marketing Directors, other Innovation and Strategy Directors, and leaders of various key organizations operating in this market.
• By type of business: level 1 – 70%, level 2 – 20% and level 3 – 10%
• By designation: manager level – 60%, C level – 25% and others – 15%
• By region: Asia-Pacific – 35%, Europe – 20%, North America – 30% and RDM-15%
Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (United States) and Pirelli & CSpA (Italy) are major players in the OTR tire market
Research coverage:
The study covers the segments of the OTR tire market and forecasts the market size based on the type of equipment (articulated dump trucks, asphalt pavers, backhoe loaders, crawler dozer, crawler excavators, wheel loaders tracks, mini excavators, graders, rigid dump trucks, RTLT – Telescopic loaders, skid steer loaders, wheel excavators, wheel loaders 80 HP, agricultural tractors and others), agricultural tractors ( 250 HP), industrial equipment (forklifts, aisle trucks, tow tractors and container handlers), product type (wheeled tires and rubber tracks), tire type (radial, bias and solid), rim size (up to 30 inches, 30-50 inches and over 50 inches), retreading, by process (pre-hardening and mold hardening), retreading, by application (construction and mining equipment and Farm Tractors), By Application (Construction & Mining Equipment, Farm Tractors & Industrial Equipment), By Region (Asia-Pacific, Europe, Non-North America and Right-of-Way).
The study also includes an in-depth competitive analysis of the leading OTR tire manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Main advantages of purchasing the report:
The report will help the market leaders / new entrants in this market with the information on the closest approximations to revenue figures for the global OTR Tire market and sub-segments. This report will help stakeholders understand the competitive landscape and gain more insight to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders to understand the market pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05300606/?utm_source=GNW
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