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  • OTR Tires Market Size, Share, Growth, Analysis & Forecast by 2025




    (Transportation-News.com, September 27, 2019 ) The OTR Tires Market was valued at $5.34 Billion in 2017 and is projected to grow at a CAGR of 4.64% during the forecast period to reach $7.68 Billion by 2025.



    The market for OTR tires is projected to grow due to the increasing demand for agriculture tractors, construction & mining equipment fueled by mechanization and high infrastructural development in developing countries. Due to increased machine hours, the tire replacement time has seen a slight decline in recent times. Retreaded tires cost 1/3rd of the price of new tires and have good durability. Thus, the market for retreaded tires is projected to grow significantly in the near future.



    The ecosystem of the OTR tires market consists of manufacturers and Tier 1 suppliers such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (Finland), and CEAT (India).



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    North America is estimated to be the fastest-growing market for OTR tires during the forecast period. North American economy has finally recovered from the setbacks of recession. In North America, the growth of the Off The Road Tire Market will be driven by infrastructure development, availability of state-of-the-art technology, increasing demand for green vehicles, and the presence of a large base of tier-1 companies and OEMs. Asia Oceania is estimated to be the largest market during the period of study. The market growth in Asia Oceania can be attributed to the increasing demand for agriculture and construction equipment. Due to the growing population and rising per capita income, countries such as China and India are shifting towards mechanization for farming activities, which is projected to boost the market for OTR tires in the region.



    The study segments the global market, by type, into wheeled and rubber track. Rubber tracks market is estimated to be the fastest-growing market; whereas, the wheeled market is estimated to be the largest market during the forecast period. The crawler equipment is imposed with the tracks in which there is very less penetration of rubber track. Tracks have a larger surface area in contact with the ground. Tracks help to pull heavy load as weight is distributed evenly, without causing soil compaction. The increasing demand for rubber tracks in developed regions makes it the fastest-growing market.



    The Off The Road Tire Market is also segmented by retreading applications and region. The construction and mining equipment type holds the major share in the retreading market. The advancements in construction & mining equipment, such as automation and electrification, have helped the fleet operators to use the equipment in multiple shifts. This has led to decreased tire replacement duration, thereby to the increased demand for aftermarket tires. The demand for retreaded tires is projected to grow also due to the high cost of new tires.



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    The study segments the Off The Road Tire Market by the process (Pre-Cure, Mold Cure). The pre-cure market is projected to be the largest market; whereas, mold cure market, by value, is expected to be the fastest-growing market during the forecast period. The mold cure process is a capital-intensive process as it requires investments in the mold. The market for pre-cure is the largest as it is a relatively economical process. The market share of mold cure retreading is projected to reduce significantly as the pre-cure process is simpler and cost-effective.



    Target Audience:



    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



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