OTR Tires Market by Application & Equipment (Construction & Mining, Industrial, Agriculture Tractors) – Global Forecast to 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “OTR Tires Market by Application & Equipment (Construction & Mining, Industrial, Agriculture Tractors), Type (Wheeled, Track), Rim Size, Process (Mold & Pre-Cure), Retreading Market by Process & Application and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

There has been a significant increase in vehicle production over the years. However, in 2020, factors like COVID-19, regional disparities, weakness in economy, and lagging vaccination timetables, particularly in poor countries, resulted in the decline in global vehicle production. 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 soften the impact of the pandemic for automotive industry. The global economic recovery is also expected to be fueled by the higher production of vaccines and vaccination rates, allowing businesses to reopen more quickly.

The increasing demand for new infrastructure is expected to drive the demand for construction machinery and thereby OTR tires across the globe. The construction and mining equipment industry has witnessed substantial growth in emerging economies such as China and India. Rapid infrastructural development and revised government norms related to construction activities in these countries are driving the construction and mining equipment market and thus the OTR tires market. With the growing population, the demand for food and agricultural products has increased, and this has generated the need for farm mechanization. The demand for agricultural tractors used for different agricultural activities has increased during recent years. High labor costs led the industry to shift towards industrial automation. These factors drive the demand for OTR tires for various applications.

OTR tires for Container Handlers is expected to lead the industrial equipment segment due to the higher demand in material handling applications

The OTR tires for container handlers is estimated to lead the market, in terms of value, during the forecast period due to the higher demand of industrial equipments. The increasing industrialization and setting up of warehouses to support the hub and spoke model for various sectors are expected to drive the growth of industrial equipment, thereby driving the OTR tires market. Manufacturers are investing in R&D to develop technologically advanced industrial vehicles that are innovative, efficient, and cost-effective. Container handlers are used for handling intermodal cargo containers in small terminals or medium-sized ports and warehouses. The demand for these vehicles is expected to grow in emerging economies such as China and India, where new infrastructure projects are being launched.

Asia Pacific is projected to be the highest growing regional market

China, Japan, India, and Indonesia are included under Asia Pacific for market analysis. Infrastructural activities are projected to grow as they form a critical part of improving connectivity and promoting sustainable growth. Population growth and migration to major cities in the past decade further increased the demand for residential buildings. According to the Asian Development Bank, countries in Asia Pacific will have to invest USD 1.7 trillion per year up to 2030 for infrastructural development, which will cater to the requirements of infrastructural development. These factors are expected to drive the demand for construction equipment and will positively impact the demand for OTR tires. Asia Pacific is estimated to have the largest market for OTR tires in 2021.

Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (US), and Pirelli & C. S.p.A. (Italy) are prominent players in the OTR tires market.

Premium Insights

• Increasing Infrastructure Development and Agricultural Mechanization to Drive Market
• Agriculture Tractors Expected to Lead Market During Forecast Period
• 31-70 Hp Tractors are Projected to Lead Market During Forecast Period
• OTR Tires for Tow Tractors Expected to Grow at Highest CAGR During Forecast Period
• Wheeled Tires Segment Projected to Lead Market from 2021 to 2026
• Radial Tires Expected to Lead Market During Forecast Period
• OTR Tires of Up to 30 Inches Projected to Grow at Highest Rate During Forecast Period
• Mold Cure Retreading Process Projected to Grow at Higher Rate During Forecast Period
• Agricultural Tractors Projected to Grow at Higher Rate from 2021 to 2026
• Construction and Mining Equipment Projected to Lead Market During Forecast Period
• Asia-Pacific Estimated to Account for Largest Share of Market in 2021

Market Dynamics

Drivers

• Increased Infrastructural Developments and Growth in Construction and Mining Activities
• Increase in Machine-Oriented Agricultural Practices and Government Subsidies on Agricultural Equipment
• Increase in Machine-Oriented Agricultural Practices
• Government Subsidies on Agriculture Equipment
• Growth in Rental Segment of Off-Highway Vehicles

Restraints

• High R&D Costs
• Availability of Low-Cost Tires from Unorganized Market

Opportunities

• Developing Alternative Cost-Effective and Recyclable Raw Materials
• Commercializing Use of Integrated Advanced Sensor-Based Technologies

Challenges

• Fluctuation in Raw Material Prices

Companies Mentioned

• Apollo Tires Ltd
• Balkrishna Industries Ltd
• Belshina
• Bridgestone Corporation
• Ceat
• China National Tire & Rubber Co., Ltd
• Continental Ag
• Double Coin Tire Group Ltd
• Eurotire
• Goodyear
• Hankook Tire
• Jk Tire & Industries Ltd
• Linglong Tire
• Michelin
• Mrf
• Nokian
• Otani Tire Co. Ltd.
• Pirelli
• Qingdao Rhino Tire Co., Ltd
• Sumitomo
• Techking Tires Ltd
• Titan International, Inc.
• Trelleborg Ab
• Triangle Tire
• Yokohama

For more information about this report visit https://www.researchandmarkets.com/r/fasx2v

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