Dublin, April 15, 2021 (GLOBE NEWSWIRE) -- The "OTR Tires Market based on Types (Radial Tires and Bias Tires), Vehicle Types (Loaders, Dump Truck, Graders, Cranes, Dumpers, Tractors Forklifts, and Others), End-Use (Construction & Mining, Industrial, Agricultural and Others) and Geography - Global Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
Increasing preference for utilizing advanced and modern equipment in agricultural activities has significantly favored tractors' adoption, which boosts the OTR tires market demand. With the rising population globally, food production has increased, which is a factor fueling the demand for tractors and agriculture equipment vehicles, therefore driving the market growth of OTR tires.
The OTR Tires Market is expected to grow at the rate of 3.4% CAGR by 2026. The OTR tires or off-the-road tires are made up of resistant compounds to provide proper grip on rough surfaces, including mud, stones, or sand. The tires have in-depth and strong treads which can be deployed to any vehicle. These tires are mainly designed to be used in extreme situations and provide safety, high performance, and quality. In the mining and construction areas, the surface is uneven and rough since the OTR tires are considered compatible with the vehicles. However, the vast expenditure incurred in research and development is likely to hamper the OTR tires market.
OTR Tires Market based on Types
- Radial Tires
- Bias Tires
OTR Tires Market based on Vehicle Types
- Loaders
- Dump Truck
- Graders
- Cranes
- Dumpers
- Tractors
- Forklifts
- Others
OTR Tires Market based on End Use
- Construction and Mining
- Industrial
- Agricultural
- Others
OTR Tires Market based on Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
As in the market for types, the market is furcated into radial tires and bias tires. The radial tires are mainly used and dominate the market due to their benefits, including higher service life than bias tires, improved handling, and improved ride. Moreover, the radial type of tires has a significant application in farming. It can increase crop production by minimizing compaction, which further boosts the radial tires segment's growth.
The market is segmented into loaders, dump trucks, graders, cranes, dumpers, tractors, forklifts, and others based on the vehicle types. Among all segments, the tractors segment is expected to hold the highest share in the market. There is an increasing demand for the tractor in the agriculture sector as these tires reduce soil damage and yield-robbing.
Based on the end-use segment, the market is bifurcated into construction and mining, industrial, agricultural, and others. The construction and mining segment is having a significant share in the OTR tires market growth. This is because of an increasing number of construction and advancements in construction and mining equipment such as automation and electrification, which have supported the fleet operation to use equipment in many shifts.
Based on the geographical analysis, the Asia Pacific region will have the highest share in the market. The significant share is due to the increased purchase of off-road vehicles in this region's few major countries. Moreover, in few countries such as China and India, agriculture is the backbone of the economies since agriculture machinery procurement is also a significant factor to support the growth of the market in this region.
The rapid increase in off-road vehicles such as tractors, agricultural machinery, and others worldwide is projected to fuel the global market growth rate. The rise in heavy vehicle usage in the agriculture and construction sectors also influences the market's growth. The deployment of tire monitoring systems among the commercial sectors also escalates the OTR tires market growth rate.
The key vendors operating in the OTR tires market are Bridgestone Corporation MICHELIN, Prometeon Tyre Group SRL, YOKOHAMA Rubber CO. Ltd., China Rubber Tire & Rubber Co. Ltd, The Goodyear Tire & Rubber Company, Apollo Tyres Ltd., Sumitomo Tires, Continental AG, BKT Tire, Qingdao Rhino Tyre Co., Ltd., and Triangle Group Co. Ltd.
As observed, majorly the OTR tires have a prominent role in the agricultural and construction & mining sectors since agriculture is the backbone of the few countries and owing to the increasing demand for construction and mining from the developing countries.
- This report for the OTR tires market includes the complete quantitative analysis of the market, which helps the shareholders capitalize on the present market trends.
- Again, the research will help understand the market vendors' capabilities and strategies such as innovations, mergers and acquisitions, and expansions.
- This research of the OTR tires market also includes comprehensive insights regarding the technical innovations in the products.
- Additionally, this research will elucidate the OTR tires market's geographical analysis to understand the market penetration across the world.
Key Topics Covered:
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Types: Market Size & Analysis
5.1. Overview
5.2. Radial Tires
5.3. Bias Tires
6. Vehicle Types: Market Size & Analysis
6.1. Overview
6.2. Loaders
6.3. Dump Truck
6.4. Graders
6.5. Cranes
6.6. Dumpers
6.7. Tractors
6.8. Forklifts
6.9. Others
7. End-Use: Market Size & Analysis
7.1. Overview
7.2. Construction and Mining
7.3. Industrial
7.4. Agricultural
7.5. Others
8. Geography: Market Size & Analysis
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia Pacific
8.5. Rest of the World
9. Competitive Landscape
9.1. Competitor Comparison Analysis
9.2. Market Developments
9.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
9.2.2. Product Launches and execution
10. Vendor Profiles
10.1. Bridgestone Corporation MICHELIN
10.1.1. Overview
10.1.2. Financial Overview
10.1.3. Product Offerings
10.1.4. Developments
10.1.5. Business Strategy
10.2. Prometeon Tyre Group S.R.L.
10.2.1. Overview
10.2.2. Financial Overview
10.2.3. Product Offerings
10.2.4. Developments
10.2.5. Business Strategy
10.3. YOKOHAMA Rubber CO. Ltd.
10.3.1. Overview
10.3.2. Financial Overview
10.3.3. Product Offerings
10.3.4. Developments
10.3.5. Business Strategy
10.4. China Rubber Tire & Rubber Co. Ltd
10.4.1. Overview
10.4.2. Financial Overview
10.4.3. Product Offerings
10.4.4. Developments
10.4.5. Business Strategy
10.5. The Goodyear Tire & Rubber Company
10.5.1. Overview
10.5.2. Financial Overview
10.5.3. Product Offerings
10.5.4. Developments
10.5.5. Business Strategy
10.6. Apollo Tyres Ltd.
10.6.1. Overview
10.6.2. Financial Overview
10.6.3. Product Offerings
10.6.4. Developments
10.6.5. Business Strategy
10.7. Sumitomo Tires
10.7.1. Overview
10.7.2. Financial Overview
10.7.3. Product Offerings
10.7.4. Developments
10.7.5. Business Strategy
10.8. Continental AG
10.8.1. Overview
10.8.2. Financial Overview
10.8.3. Product Offerings
10.8.4. Developments
10.8.5. Business Strategy
10.9. BKT Tire
10.9.1. Overview
10.9.2. Financial Overview
10.9.3. Product Offerings
10.9.4. Developments
10.9.5. Business Strategy
10.10. Qingdao Rhino Tyre Co., Ltd.
10.10.1. Overview
10.10.2. Financial Overview
10.10.3. Product Offerings
10.10.4. Developments
10.10.5. Business Strategy
11. Companies to Watch
11.1. Triangle Group Co. Ltd
11.1.1. Overview
11.1.2. Products & Services
11.1.3. Business Strategy
12. Analyst Opinion
13. Annexure
13.1. Report Scope
13.2. Market Definitions
13.3. Research Methodology
13.3.1. Data Collation and In-house Estimation
13.3.2. Market Triangulation
13.3.3. Forecasting
13.4. Report Assumptions
13.5. Declarations
13.6. Stakeholders
13.7. Abbreviations
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