OTR tires market is projected to grow at a CAGR of 4.64% from 2017 to 2025 to reach USD 7.68 billion by 2025 from USD 5.34 billion in 2017.Increase in infrastructural activities, government subsidies, and rapid mechanization in agriculture are expected to boost the OTR tires requirement.
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- Aftermarket and tire retreading associations
- Automotive OEMs
- Governments’ national and regional environmental regulatory agencies or organizations
- Manufacturers of OTR tires
- Organized and unorganized aftermarket suppliers
- Raw material manufacturers of tires/tire components (suppliers for Tier I)
- Regional manufacturer associations
- Tire retreading companies
- Traders, distributors, and suppliers of tires, tire components, and raw materials
Asia Oceania and North America are estimated to dominate the OTR tires market during the forecast period. While Asia Oceania is estimated to be the largest market, North America is estimated to be the fastest growing market during the forecast period.
In Asia Oceania, the growth of OTR tires has been observed with increase in farm mechanization and rapid development of infrastructure, which have boosted the usage of equipment and, thus, the requirement of OTR tires in this region.
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Alternatively, the market growth in North America can be attributed to the availability of state-of-the-art technology and the presence of key OEMs, which will ultimately increase the application of OTR tiers.
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OTR tires market for construction & mining equipment is projected to grow at the fastest CAGR during the forecast period from 2017 to 2022. The growth of the infrastructure industry is expected to drive the construction equipment market and, hence, the requirement of tires.
This growth can be attributed to major upcoming construction projects around the globe, primarily in developing nations. Additionally, major upcoming events, such as the 2016 Olympics in Brazil and the 2018 World Cup in Russia, are likely driving the market growth.
The agriculture tractors segment is projected to be the largest segment of the OTR tires market, by application. The growth of this segment can be attributed to the increasing focus on mechanization and government subsidies in regions such as Asia Oceania and Europe.
The use of tractors has significantly increased in developing and farming countries such as China and India. The agriculture tractors segment is estimated to lead the OTR tires retreading market as well, by volume.
2 Market Ranking Analysis
3 Competitive Scenario
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The OTR tires market is segmented by application and country (construction & mining equipment, agriculture tractors, industrial equipment), type (wheeled, rubber track), Retreading Market By Application & Process (Mold Cure, Pre-Cure), and Region (Asia Oceania, Europe, North America, RoW).
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