Global OTR Tire Market By Vehicle Type (Mining, Construction and Industrial Equipment, Agriculture Vehicles, and Others), By Demand Category (OEM Vs. Replacement), By Region, Competition Forecast and Opportunities, 2011 – 2021
Globally, off-the-road (OTR) tires are majorly used in vehicles employed in agriculture, mining, construction and industrial sectors. Consequently, any changes or fluctuations in the aforementioned sectors directly influences the growth of global OTR tire market. Despite Eurozone crisis in 2012 and decline in oil prices over the last couple of years, the global OTR tire market grew at a steady pace during 2011-2015. However, the OTR vehicle production and sales across the world witnessed sluggish growth during the same period. Over the last few years, construction and infrastructure sectors across the globe have been registering healthy growing rate, thereby positively influencing demand for OTR vehicles as well as OTR tires. Moreover, increasing use of heavy machineries and equipment in agriculture, mining and industrial sectors has further swelled the demand for agricultural, mining and industrial tires.
According to “Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global OTR tire market is projected to grow at a CAGR of 8% during 2016-2021. On the basis of vehicle type, the market has been segmented into three categories - Mining, Construction & Industrial Equipment; Agriculture Vehicles; and Others. Among these categories, Mining, Construction & Industrial Equipment segment dominated the global OTR tire market during 2011-2015, and the segment in anticipated to maintain its dominance during the forecast period as well on account of growing construction, industrial and infrastructure activities across the globe and more specifically in major developing countries. As of 2015, there were over 200 OTR tire manufacturing facilities across the globe, with more than 50% plants in Asia-Pacific region. As a result, Asia-Pacific region dominated the global OTR tire market in 2015. Few of the major companies operating in global OTR tire market are Yokohama, Pirelli, Alliance, BKT, Continental, Goodyear, and Bridgestone, among others. “Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast and Opportunities, 2011 - 2021” discusses the following aspects of global OTR tire market:
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