The latest research study “Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the Asia Pacific OTR tire market reached a volume of 42.99 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 58.72 Million Units by 2027, exhibiting at a CAGR of 5.43% during 2022-2027.
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Off-the-road (OTR) tires are deeply trodden tires that are specifically developed to offer high traction on unlevelled surfaces, such as loose mud, rock, gravel, and dirt. In addition, it supports large amounts of weight to drive vehicles smoothly through challenging conditions off the road. Some common vehicle types that use OTR tires include loaders, earthmovers, graders, reach stackers, monster trucks, rigid dump trucks, and cranes. These tires also offer advantages such as high heat and rolling resistance, enhanced vehicle performance and stability, easy mobility, better durability, and reduced contact patch area. As a result, OTR tires are widely adopted across various sectors, including construction, mining, recreation, ports, and agriculture.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Asia Pacific OTR Tire Market Trends and Drivers:
The market is primarily driven by the expanding agriculture sector and the escalating demand for harvesters, tractors, implements, sprayers, and other vehicles in farming activities. In addition, the increasing number of large-scale projects, such as the development of highways, roads, power plants, industrial facilities, and commercial complexes, is contributing to market growth.
Moreover, OTR tire is widely adopted in construction activities such as bulldozers, loaders, excavators, and trenchers. This, coupled with the implementation of modern techniques in farming activities, represents another major growth-inducing factor. Besides this, the market is further propelled by the growing popularity of dirt bikes and quads for several recreational purposes.
Furthermore, the rising integration of sensor-based technologies with OTR tries to monitor tire pressure and temperature and minimize the risk of potential hazards by providing real-time data analysis is anticipated to create a positive market outlook across the Asia Pacific region in the coming years.
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Asia Pacific OTR Tire Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asia Pacific OTR Tire Companies:
Apollo Tyres Ltd, Balkrishna Industries Limited (BKT), Bridgestone Corporation, CEAT Limited, Cheng Shin Rubber Industry Co., Ltd, Gajah Tunggal Tbk, Guizhou Tyre Co.,Ltd., JK Tyre and Industries Ltd, Michelin, MRF Limited, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Toyo Tire Corporation and Triangle Tyre Co. Ltd.
The report has segmented the market on the basis of region, demand, tire type, tire size and vehicle type.
Breakup by Demand:
Breakup by Tire Type:
- Radial Tire
- Bias Tire
Breakup by Tire Size:
- Top Tire Sizes in 24’’-30’’
- Top Tire Sizes in 31’’-35’’
- Top Tire Sizes in 36’’-39’’
- Top Tire Sizes in 40’’-50’’
- Top Tire Sizes in 51’’-55’’
- Top Tire Sizes in 56’’-63’’
Breakup by Vehicle Type:
- Agriculture Vehicles
- Construction and Industrial Vehicles
- Mining Vehicles
Breakup by Country:
- New Zealand
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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