Dublin, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The "OTR Tires Market Share, Size, Trends, Industry Analysis Report, By Equipment, By Application, By Construction, By Process, By Region, Segment Forecast, 2018 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global OTR (Off-The-Road) Tires market is poised for substantial growth and is expected to reach USD 46,701.06 million by 2030. This market report provides a comprehensive analysis of current market dynamics and future growth prospects.
Market Drivers:
The process of globalization has led to significant infrastructure expansion in emerging countries, driving demand for construction and mining equipment. Investments in infrastructure development are projected to reach USD 3.2 trillion, fueling the demand for OTR tires used in construction, agriculture, mining, and industrial applications.
Market Challenges:
Manufacturing OTR tires requires specialized equipment and high-quality materials, resulting in substantial research and development (R&D) investments. Customizations, a wide range of products, technological advancements, and fluctuations in demand contribute to higher R&D expenses. Manufacturers tend to focus on existing product lines, limiting the growth of newer segments in the OTR tires market.
Market Highlights:
- The solid tire segment dominates the OTR tires market due to increased demand in the construction, mining, agriculture, and industrial sectors for their durability and performance.
- Asia Pacific is expected to experience high growth, driven by infrastructure projects, increasing connectivity, and population growth.
- Key market players include Bridgestone Corporation, Ceat, Continental AG, Double Coin Tire Group Ltd, Goodyear Tires, Hankook Tire, Michelin, MRF, Nokian, Pirelli, Sumitomo, Techking Tires Ltd, Titan International, Inc., Trelleborg AB, and Yokohama.
Market Segmentation:
The market report segments the OTR Tires market based on equipment, application, construction, and region.
Equipment Outlook:
- Articulated Dump Trucks
- Asphalt Finishers
- Backhoe Loaders
- Crawler Dozer
- Crawler Excavators
- Crawler Loaders
- Mini Excavators
- Motor Graders
- Rigid Dump Trucks
- RTLT-Telescopic
- Skid-Steer Loaders
- Wheeled Excavators
- Agriculture Tractors
- Others
Application Outlook:
- Agriculture
- Construction
- Material handling
- Mining
- Others
Construction Outlook:
- Solid
- Radial
- Belted Bias Tire
- Bias Tire
- Non-Pneumatic Tire
Process Outlook:
- Pre-Cure
- Mold Cure
Regional Outlook:
- North America (U.S., Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
- Latin America (Argentina, Brazil, Mexico)
- Middle East & Africa (UAE, Saudi Arabia, Israel, South Africa)
Conclusion:
The global OTR Tires market presents significant growth opportunities due to increased infrastructure development and the demand for construction and mining equipment. However, challenges related to R&D investments and market fluctuations need to be addressed. Market players should focus on innovation and customization to leverage growth prospects.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $31459.93 million |
| Forecasted Market Value (USD) by 2032 | $46701.06 million |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/aiacee
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