A recent market intelligence report that is published by Data Insights Partner on the global OTR Tires Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international OTR Tires Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global OTR Tires Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global OTR Tires Market is offered. In accordance with the report, the global OTR Tires Market is projected to expand at a CAGR of 1.3% over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
OTR Tires or Off-The-Road Tires, are typically radials that have great capacity to take massive amount of weight and use deep treads thereby enabling more traction on unpaved surfaces like sand, mud, loose dirt etc. OTR Tires are used in various industries like agriculture, mining, construction and other sites where there are no roads.
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With the introduction of radial tires and non-pneumatic tires, the old manufacturing technologies like bias and cross-ply are getting replaced. Radial tires are air-less tires and are gaining huge demand due to its longer life cycle and superior quality. With an increase in construction, especially in emerging economies, the demand for construction and material handling equipment is growing significantly, thereby impelling the demand for global OTR Tires market in the forecast period. Owing to increased infrastructural development, government subsidies and rapid mechanization agricultural and construction industries are also on a rise, thereby increasing sales and fleet of OTR vehicles globally.
The growth of mining industry is anticipated to decline significantly in the upcoming years, due to regulatory and environment pressure to shift towards renewable energy generation and dependence on alternatives energies. This factor will adversely affect the growth of global OTR tires in the forecast period. Another factor that may restrain the growth of this market is the availability of cheap tires alternative in unorganized market, fluctuating prices of raw materials and rising gap between OTR Tires demand and supply. The major challenge for manufacturers of OTR Tires is the high cost of research and development that may hinder growth of the OTR Tires market globally in the forecast period.
Asia Pacific dominates the global OTR Tires market, due to huge government expenditure over mining sector and urbanization in the forecast period. Many manufacturers are expanding their product offerings by deploying new techniques, designing new vehicles and launching new OTR tires with improved tread designs.
Covid-19 has largely impacted the production and distribution across the OTR Tire industry. Due to various measures taken by the government health advisory, many tire manufacturing companies have shut down operations completely or partially with no plans in sight to reopen as on date. Due to the rapidly deteriorating market conditions caused by COVID 19 pandemic, many employees have taken voluntary reduction in their salary in a show of solidarity. However, many companies have their customer service and sales support department operational under strict precautions to ensure safety of employees. Companies are now utilizing their time by collecting ideas to be more competitive once things get back to normal. The Michelin Group said in a statement released on March 19th, that the truck tire market is down by 16% according to its data of February 2020.
This market intelligence report on the global OTR Tires Market encompasses market segments based on product type, construction type, vehicle type, process, size, rim size, end users, application and country/regions.
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In terms of type, the global OTR Tires Market is segregated into :
In terms of construction type, the global OTR Tires Market is segregated into :
In terms of Vehicle Type, the global OTR Tires Market is segregated into :
ü Articulated Dump Trucks
ü Rigid Dump Trucks
ü Backoe Loaders
ü Asphalt Finisher
ü Motor Grader
ü Motor Scraper
ü RTLT – Telescopic
ü Skid – Steer Loaders
ü Wheeled Excavators
ü Wheeled Loaders < 80 HP
ü Wheeled Loaders > 80 HP
ü Crawler Dozer
ü Crawler Excavators
ü Mini Excavators
ü <30 HP Tractors
ü 31 – 100 HP Tractors
ü 100 – 200 HR Tractors
ü > 200 HP Tractors
ü Forklift & Container Handling
ü Material Handling Equipment
ü Aisle Trucks
ü Tow Tractors
ü Aircraft Tow Vehicle
ü Straddle Carries
In terms of Process, the global OTR Tires Market is segregated into :
In terms of size, the global OTR Tires Market is segregated into :
In terms of Rim Size, the global OTR Tires Market is segregated into :
In terms of End Users, the global OTR Tires Market is segregated into :
By application, the global OTR Tires Market is also classified into :
By country/region, the global OTR Tires Market has been divided into :
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
Others players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as OTR Tires related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter's five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Ø This study offers comprehensive yet detailed analysis of the OTR Tires Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world OTR Tires Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø Leading market players covered this report comprise names such as Michelin, JK Tyres, Bridgestone, Hawk International Rubber, Pirelli, Continental, Hankook Tires,and many more.
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for OTR Tires Market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for OTR Tires Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the OTR Tires Market
v Identification of key factors driving investment opportunities in the OTR Tires Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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