The OTR Tires Global Market Report 2023 by The Business Research Company, provides otr tires market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/otr-tyre-global-market-report
According to The Business Research Company’s OTR Tires Global Market Report 2023, the market size is expected to grow from $14.82 billion in 2022 to $16.44 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global otr tires is expected to grow to $22.84 billion in 2027 at a CAGR of 8.6%.
The use of agricultural machines in day-to-day activity is expected to propel the growth of the OTR tires market going forward. Agricultural machines are the machines that are used in agriculture for farming purposes. Due to higher labor costs, a shift towards automation has increased the use of machine hours in agriculture, leading to the increased use of agricultural tractors and machinery. The growing adoption of OTR tire-based tractors and loaders in agricultural farms positively influences the OTR tires market.
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The otr tires market is segmented:
1) By Type: Radial Tires, Bias Tires, Solid Tires, Other Types
2) By Process: Pre-Cure, Mold Cure
3) By Vehicle Type: Loaders, Dump Truck, Graders, Cranes, Dumpers, Tractors, Forklifts
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
5) By End-User: Construction and Mining, Industrial, Agricultural, Other End Users
The new product innovations have emerged as a key trend gaining popularity in the OTR tires market. Product innovations, including tires that provide improved tread wear and increased comfort to the driver, are gaining popularity in the market. For instance, in March 2021, Goodyear, a US-based manufacturer of tires and rubber, launched the new EV-4M Port Handler with a focus on improved tread wear to help increase efficiency. The new tire features a high-strength bead bundle, sidewall inserts, a stronger wedge, and a durable casing. Improved treadwear, durability, comfort, and stability, as well as higher efficiency and operational efficiency, are all benefits of these tires.
The otr tires market report table of contents includes:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
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26. Company Profiles
27. Key Mergers And Acquisitions
28.Opportunities And Strategies
29. OTR Tires Market, Conclusions And Recommendations
30. Appendix
Top Major Players:
- Yokohama Rubber Company
- JK Tyre & Industries Ltd
- Goodyear Tire and Rubber Company
- Michelin
- Pirelli
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