Global OTR tire market stood at over $ 19 billion in 2019 and is projected to cross $ 31 billion by 2025
NEW YORK, Feb. 5, 2020 /PRNewswire/ --
Global OTR Tire Market, By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles & Others), By Demand Category (OEM Vs. Replacement), By Region, Competition, Forecast & Opportunities, 2015-2025
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Global OTR tire market stood at over $ 19 billion in 2019 and is projected to cross $ 31 billion by 2025, on the back of a growing number of infrastructure development projects worldwide. Rapid development in the construction of road & railway network, power supplies, housing infrastructure, industrial structures, etc. have led to the economic growth of several countries across the globe.
The proliferation of mining and quarrying industry and expanding sales and fleet of OTR vehicles, globally, is expected to boost sales of OTR tires in the coming years.Growing mechanization of agriculture farms to increase the agriculture output and decrease the labor cost is also leading to the enhanced use of agriculture equipment, which is also fueling the demand for OTR tires across the world.
Some of the other key factors that would positively influence the global OTR tire market include technological advancements, expanding distributor & dealership network, rising adoption of radial tires and increasing penetration of Chinese tires.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021-2025
Objective of the Study:
• To analyze and forecast global OTR tire market size.
• To classify and forecast global OTR tire market based on vehicle type, company, region and demand category.
• To define, classify and forecast global OTR tire market on the basis of vehicle type, namely, mining, construction & industrial equipment, agriculture vehicles and others (includes all-terrain vehicles, sports vehicles, etc.).
• To define, classify and forecast global OTR tire market on the basis of demand category, namely OEM and replacement.
• To scrutinize the detailed market segmentation and forecast the market size by segmenting global OTR tire market into regions, namely, North America, South America, Europe, Asia-Pacific, Middle East and Africa.
• To identify drivers and challenges in global OTR tire market.
• To identify market trends & developments in global OTR tire market.
• To identify and analyze the profile of leading players operating in global OTR tire market.
Some of the major players operating in global OTR tire market are Compagnie Générale des Établissements Michelin (CGEM), Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Continental Aktiengesellschaft, Balkrishna Industries Limited, Toyo Tire & Rubber Company, Apollo Tyres Ltd., Hankook Tire Co. Ltd. and Cooper Tire & Rubber Company.
In order to perform the study, the analyst conducted primary as well as exhaustive secondary research.Initially, the analyst prepared an exhaustive list of OTR tire manufacturers and suppliers operating in different regions and countries.
Subsequently, the analyst conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. The analyst examined product offerings, distribution channels and regional presence of all major OTR tire suppliers across the world.
The analyst calculated global OTR tire market size using a bottom-up technique, wherein manufacturers' volume sales data for different applications (mining, construction, industrial and agriculture) was recorded as well as forecast for the future years. The analyst sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size.
Databases and multiple secondary sources such as European Tyre and Rubber Manufacturers Association (ETRMA), Japan Automobile Tyre Manufacturers Association (JATMA), National Association of Automobile Manufacturers (ANFAVEA) Brazil, Automotive Tyre Manufacturers Association (ATMA) India, The British Tyre Manufacturers Association (BTMA), Society of Motor Manufacturers and Traders of UK (SMMT), Malaysian Rubber Products Manufactures Association (MRPMA), China Rubber industry Association (RIA), International Monetary Fund (IMF), company websites, company annual reports and financial reports were also studied by the analyst.
Key Target Audience:
• OTR tire manufacturers, distributors and other stakeholders
• Raw material suppliers
• Automotive OEMs
• Associations, organizations, forums and alliances related to OTR tire market
• Government bodies such as regulating authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as OTR tire manufacturers, distributors and dealers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, global OTR tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Vehicle Type:
o Mining, Construction & Industrial Equipment
o Agriculture Vehicles
o Others (includes All-Terrain Vehicles, Sports Vehicles, etc.)
• Market, by Demand Category:
o OEM
o Replacement
• Market, by Region:
o Asia-Pacific
China
India
Japan
Australia
south Korea
Malaysia
Philippines
Thailand
Indonesia
Rest of Region
o Europe & CIS
Turkey
Russia
United kingdom
Germany
Italy
France
Poland
Ukraine
Hungary
Rest of Region
o North America
United States
Canada
Mexico
o South America
Argentina
Brazil
Colombia
Chile
Cuba
Rest of Region
o Middle East
Iran
Saudi Arabia
UAE
Rest of Region
o Africa
South Africa
Algeria
Morocco
Nigeria
Ethiopia
Sudan
Somalia
Rest of Region
Competitive Landscape
Company Profiles: Detailed analysis of major companies operating in global OTR tire market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players.
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