Global OTR Tires Market Report 2022: Infrastructure Development and Growth in Construction plus Mining Activities to Drive Growth – Yahoo Finance


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Worldwide OTR Wheels Market

Global OTR Tires Market

Global OTR Auto tires Market

Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) — The “Global OTR Tires Market by Application & Equipment (Construction & Mining, Tractors, Industrial Vehicle, ATV), Tractor Tracks by Power Output, Type (Radial, Solid, Bias), Rim Size, Retreading (Application, Process), Aftermarket, Region – Forecast to 2027” report has been added to ResearchAndMarkets. com’s offering.

The OTR Tires market is projected to grow from USD 8. 7 billion within 2022 to USD 11. 4 billion by 2027, at a CAGR of 5. 5% over the forecast period.

As per the Worldwide Infrastructure Hub, global investments in infrastructural development are estimated in order to be worth USD 2 . 85 trillion in 2022, whereas the estimated investment need is USD 3. 3 trillion during the year. These projects require large volumes of equipment to complete the particular projects. With increasing focus on food security worldwide, countries are usually increasingly adopting high-level mechanized agricultural practices to increase the yield from the agriculture sector. This has led to an increase in demand for agricultural tractors, leading to a higher demand for OTR Tires. Port and shipment activities around the globe drive the demand with regard to industrial gear OTR Wheels.

Thus, it is evident that increasing economic activities such as construction, mining, and port operations, along with advanced agricultural machinery, will drive the particular OTR Auto tires market globally.

Industrial Equipment OTR tires to develop at the fastest rate

Due to the highly globalized market, there has been a significant boost in the volume of goods transported through sea and ocean routes. Handling these goods at ports requires industrial products like aisle trucks, forklifts, tow vehicles, and container handlers. According to UNCTAD, there offers been a rise in the particular number of ports by 13% in 2021. With raise in quantity of ports plus sea trades, the need for industrial vehicles would grow. To handle large containers, container handlers are used to segregate and offload containers from ships. Forklifts are utilized to unload the products from these storage containers to warehouses or cross docks. These are the two major equipments used in port operations hence they are poised to hold a substantial share of industrial tools demand. Thus, it really is expected that the commercial equipment requirement will drive the demand for industrial OTR tires, especially solid tires used in Forklifts as these people are higher popular in port procedures.

North America is the second-largest market for OTR Tires owing to growing construction activities

The exploration sector in the US is valued in more than UNITED STATES DOLLAR 60 billion dollars and is forecasted to grow within the post-pandemic world. There has been an increase in US rental services companies providing construction and mining devices. The construction industry inside the US is valued at USD 1 . 6 trillion, primarily driven simply by large-scale infrastructure projects involving residential plus commercial projects. Arable land per person in america is high, about 0. 5 hectares per individual, which provides increased the particular demand regarding large farming tractors (> 130HP). Big construction tasks, an evolving mining industry, and large arable farms will increase demand for respective application apparatus hence driving the OTR tires marketplace in the US.

The growing need for technologically advanced machines, new mine sites, and geographical proximity to the US market created growth opportunities for the sale of building and mining equipment in Canada. The particular Canada Facilities Bank plans to invest USD 139 billion under its long-term infrastructure plan by 2028.

Market Dynamics

Drivers

  • System Development and Growth in Construction plus Mining Activities

  • Increased Machine-Oriented Agriculture

  • Government Subsidies on Agricultural Equipment

  • Growing Aftermarket Sales

  • Growth in Off-Highway Equipment Rental Market

Restraints

Opportunities

  • Developing Alternative, Cost-Effective, and Recyclable Raw Materials

  • Retreading of Tires

  • Increased Sales of ATVs and UTVs

Challenges

Report Attribute

Details

No. of Pages

352

Forecast Period

2022 – 2027

Estimated Market Value (USD) in 2022

$8. 7 Billion

Forecasted Market Value (USD) by 2027

$11. 4 Billion

Compound Annual Growth Rate

5. 5%

Regions Covered

Global

Key Topics Protected:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Analyst’s Recommendations

seven OTR Wheels Market, simply by Equipment Type

8 OTR Tires Marketplace for Agriculture Tractors, by Power Output

9 OTR Tracks Market for Farming Tractors, simply by Power Result, 2022-2027

10 OTR Auto tires Market for Industrial Gear, by Kind

11 OTR Tires Marketplace, by Type

12 OTR Tires Market, by Rim Size

13 OTR Tires Retreading Market, by Process

14 OTR Tires Retreading Market, by Application

15 OTR Wheels Aftermarket, simply by Equipment Kind

16 OTR Tires Marketplace, by Application

17 OTR Tires Market, by Region

18 Competitive Landscape

19 Company Profiles

20 Appendix

Companies Mentioned

  • Apollo Tires Ltd.

  • Balkrishna Industries Ltd.

  • Belshina

  • Bridgestone Corporation

  • Carlisle

  • Ceat

  • Continental Ag

  • Double Coin Tire Group Ltd.

  • Eurotire

  • Firestone

  • Goodyear

  • Jk Tire & Sectors Ltd.

  • Linglong Tire

  • Magna Tyres Team

  • Maxxis International

  • Michelin

  • Mrf

  • Nokian

  • Otani Tire Co. Ltd.

  • Pirelli

  • Qingdao Rhino Tire Company., Ltd.

  • Techking Tires Limited.

  • Titan International, Inc.

  • Trelleborg Ab

  • Triangle Tire

  • Yokohama

For more information about this report visit https://www.researchandmarkets.com/r/js4hcv

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