Press release
OTR Tires Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033
OTR Tires Market Analysis
The Business Research Company offers in-depth market insights through OTR Tires Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The otr tires market size has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to rapid economic growth, the increase in construction activities, the rise in mining activities and government subsidies.
The otr tires market size is expected to see strong growth in the next few years. It will grow to $11.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the growth in the agricultural industry, the rising urbanization and the rising infrastructure investment. Major trends in the forecast period include focusing on tire sensors and artificial intelligence to monitor tire performance, focusing on introducing and developing tires with sustainable and green materials, focusing on airless tires that do not require air pressure, focusing on developing innovative tire designs, focusing on product launches and developing new products and focusing on strategic partnerships and collaborations.
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Market Segmentation:
The otr tires market covered in this report is segmented -
1) By Type: Radial Tires, Bias Tires, Solid Tires
2) By Process: Pre-Cure, Mold Cure
3) By Vehicle Type: Loaders, Dumpers, Graders, Cranes, Tractors, Forklifts, Other Vehicle Types
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
5) By Rim Size: Upto 30 Inches, 30-50 Inches, Above 50 Inches
6) By End-User: Mining, Construction And Industrial Equipment, Agriculture, Other End-Users
Sub segments: Upto 30 Inches, 30-50 Inches, Above 50 Inches, Upto 30 Inches, 30-50 Inches, Above 50 Inches, Upto 30 Inches, 30-50 Inches, Above 50 Inches
Major Driver - Driving Forces Of Agricultural Machinery On Otr Tires Market Growth
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tires market. For example, according to the 2031 projections by the United States Department of Agriculture, the world trade of soybeans is forecasted to rise by 22.5% (36.2 million tons) and maize by 26.7% (41.8 million tons). Also, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based trade association, by 2030, India will require around 355 million tons (mt) of foodgrains, which will require an extra 5 mt of foodgrain production year. Therefore, the use of agricultural machinery in day-to-day activity drives the OTR tires market.
Competitive Landscape:
Major companies operating in the otr tires market report are The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation, Triangle Tyre Co., Ltd, Apollo Tyres Ltd, Sumitomo Rubber Industries, Ltd, Balkrishna Industries Limited, Aeolus Tyre Co., Ltd, Toyo Tires, Sailun Group, JK Tyre & Industries Ltd, MRF, Tianjin International United Tire & Rubber Co Ltd, Prometeon Tyre Group S.R. L, Metro Exporters Private Limited, CEAT Ltd, GS Tyres GRI, COTON company, Barum (company), Pirelli Tyre Russia Limited Liability Company, Cooper Tire & Rubber Company, Titan, McKees Rocks Forgings Inc, Arbco Industries, LLC, Associated Fastening Product Inc, Kal tire, Camso, AirBoss of America, Waterville TG, Uniroyal, Polycorp, Nexen Tire, Trelleborg, Fate Tire, Rodaco, Rct Tyre, Gomería GMC, Al Rashed Tires, BLATCO Company, Alliance Tyres, Rallyance Ltd
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Top Trend - Innovative Developments Driving Evolution In The Otr Tires Market Product
The new product innovations have emerged as a key trend gaining popularity in the OTR tires market. Product innovations, including tires that provide improved tread wear and increased comfort to the driver, are gaining popularity in the market. For instance, in March 2021, Goodyear, a US-based manufacturer of tires and rubber, launched the new EV-4M Port Handler with a focus on improved tread wear to help increase efficiency. The new tire features a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing. Improved treadwear, durability, comfort, and stability, as well as higher efficiency and operational efficiency, are all benefits of these tires.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. OTR Tires Market Characteristics
3. OTR Tires Market Trends And Strategies
4. OTR Tires Market - Macro Economic Scenario
5. OTR Tires Market Size And Growth
…..
27. OTR Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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