OTR Tires Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s OTR Tires Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 6, 2023 /EINPresswire.com/ — The global OTR tires market, valued at $14.82 billion in 2022, is projected to reach $16.44 billion in 2023, exhibiting a noteworthy compound annual growth rate (CAGR) of 11.0%. Despite the temporary setbacks caused by the Russia-Ukraine conflict, the market is anticipated to maintain its upward momentum, with a projected expansion to $22.84 billion by 2027, reflecting a CAGR of 8.6%.
Market Segmentation and Key Players
1. By Type: Radial Tires, Bias Tires, Solid Tires, Other Types
2. By Process: Pre-Cure, Mold Cure
3. By Vehicle Type: Loaders, Dump Truck, Graders, Cranes, Dumpers, Tractors, Forklifts
4. By Sales Channel: Original Equipment Manufacturer, Aftermarket
5. By End-User: Construction and Mining, Industrial, Agricultural, Other End Users
Leading companies such as Yokohama Rubber Company, JK Tyre & Industries Ltd., Goodyear Tire and Rubber Company, Michelin, Pirelli, Continental AG, Bridgestone, Sumitomo, MRF, Apollo Tyres Ltd., Kumho Tire, Prometeon Tyre Group S.R.L., Hankook Tyre Co. Ltd., Metro Exporters Private Limited, and CEAT Ltd. are actively shaping the market landscape through their influential market presence and ongoing innovations in the domain of OTR tires.
To explore the market landscape further, view a sample report:
Key Market Drivers and Technological Trends
The usage of agricultural machinery in daily operations is expected to be a primary driver for the OTR tires market, as the shift toward automation in response to rising labor costs is fostering the demand for OTR tire-equipped tractors and loaders. Notably, the robust growth in domestic tractor sales in India, reaching 9 lakhs in 2021 with an anticipated surge to 950,000 units in 2022, signifies the pivotal role of OTR tires in agricultural operations.
Innovations Elevating Efficiency
A notable trend in the OTR tires market is the focus on product innovations, with an emphasis on enhanced tread wear and superior driver comfort. Notably, the launch of Goodyear’s new EV-4M Port Handler in March 2021, designed for improved tread wear and increased operational efficiency, underscores the industry’s commitment to technological advancements.
Regional Analysis and Market Outlook
While Asia-Pacific dominated the OTR tires market in 2022, North America is projected to be the fastest-growing region during the forecast period. The comprehensive market analysis report encompasses a detailed evaluation of key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
For a comprehensive understanding of the evolving dynamics within the global OTR tires market, access the complete market report:
OTR Tires Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The OTR Tires Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on OTR tires market size, OTR tires market drivers and trends, OTR tires market major players, OTR tires market competitors’ revenues, OTR tires market positioning, and OTR tires market growth across geographies. The OTR tires market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as A Comprehensive Analysis of the Global OTR Tires Market