Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific OTR tire market size reached 45.1 Million Units in 2022. Looking forward, the publisher expects the market to reach 62.0 Million Units by 2028, exhibiting a growth rate (CAGR) of 5.56% during 2023-2028. The rising improvement in the automobile industry, technological advancements in the OTR tires, and the increasing traction of heavy-duty vehicles for recreational purposes represent some of the key factors driving the market. 
Rising Demand for OTR Tires in Recreational Sector Supporting Market Growth
The OTR tire market has been experiencing continuous growth. The rising demand for OTR tires in the recreational sector represents one of the primary drivers resulting in the increasing sales of OTR tires. Besides this, the growing number of amusement parks, country clubs, fitness and recreational sports centers, bowling arenas, and arcades is offering a favorable market outlook. In addition, the rising traction of heavy-duty vehicles for recreational activities is positively influencing the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated with the presence of few international players accounting for the majority of the market share. The volume of new entrants is moderate as the low product differentiation and switching cost attract new entrants while high capital investments, consolidated market structure and moderate market growth prevent many players to enter the market.
Asia Pacific OTR Tire Market Trends:
At present, the increasing demand for OTR tires in the agriculture industry due to the rising trend of farm mechanization represents one of the major factors influencing the market positively in the Asia Pacific region. Besides this, the growing number of mining activities across the region is offering a positive market outlook. In addition, the rising demand for OTR tires due to high investments in various commercial construction projects, such as highways, power supply grids, bridges, and dams, is propelling the growth of the market. Apart from this, the increasing focus on developing new polymers and tread compounds that ensure sustainable manufacturing of OTR tiresto offer enhanced speed, load capacity, and performance over longer distances is offering lucrative growth opportunities to industry players. Additionally, the rapid implementation of automated technologies in tire production to improve production capacities and reduce downtime is offering a favorable market outlook. Furthermore, increasing improvements in the automobile industry are contributing to the growth of the market.
Key Market Segmentation:
Demand Insights:
- OEM
- Replacement
Tire Type Insights:
- Radial Tire
- Bias Tire
Tire Size Insights:
- Top Tire Sizes in 24''-30''
- Top Tire Sizes in 31''-35''
- Top Tire Sizes in 36''-39''
- Top Tire Sizes in 40''-50''
- Top Tire Sizes in 51''-55''
- Top Tire Sizes in 56''-63''
Vehicle Type Insights:
- Agriculture Vehicles
- Construction and Industrial Vehicles
- Mining Vehicles
- Others
Country Insights:
- China
- India
- Japan
- Australia
- Indonesia
- New Zealand
- Others
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the market. Some of the companies covered in the report include:
- Apollo Tyres Ltd.
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- CEAT Limited
- Cheng Shin Rubber Industry Co., Ltd
- Guizhou Tyre Co.,Ltd.
- JK Tyre and Industries Ltd
- Michelin
- MRF Limited
- PT Gajah Tunggal Tbk
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co, Ltd.
- Toyo Tire Corporation
- Triangle Tyre Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/18v9lo
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