OTR Tire Market Set to Cross $30 Billion Mark by 2022
Growing construction,
mining and agriculture industries and continuous expanding infrastructure and
industrial sectors to drive Global OTR tire market through 2022
According to TechSci Research report, “Global OTR Tire Market Forecast & Opportunities, 2022”, the global OTR tire market is estimated to grow at a
CAGR of over 8%, in value terms, during 2017-2022 and surpass $ 30 billion by
2022, on account of increasing OTR vehicle sales, expanding OTR vehicle fleet
size and consistently increasing OTR tire prices. In 2016, mining, construction
& industrial segment dominated global OTR tire market, followed by agriculture
vehicles tire segment. Mining, construction & industrial tire segment
dominated global OTR tire market over the past few years and this trend is
anticipated to continue through 2022. Asia-Pacific and Europe & CIS
cumulatively accounted for the lion’s share in global OTR tire market, followed by North
America, South America
and Middle East & Africa.
Browse 33 market data Tables and 142 Figures spread through 346
Pages and an in-depth TOC on "Global OTR Tire Market, 2012-2022"
https://www.techsciresearch.com/report/global-otr-tire-market-forecast-opportunities/1023.html
With large-scale
development activities being witnessed across the globe, especially in
construction, mining and industrial sectors, demand for OTR tires globally is
anticipated to grow at a healthy pace through 2022. Asia-Pacific OTR tire
market is the largest across the globe, owing to continuous expanding infrastructure and construction of megaprojects across
the Asia-Pacific region. National Development and Reform Commission (NDRC) of
China approved investment of $ 15 billion for construction of eight
infrastructure projects in 2015. In 2015, federal government of Germany planned
an investment of $ 300 billion under the national infrastructure plan,
Bundesverkehrswegeplan. On account of such initiatives, taken by governments in
various countries across the globe, demand for OTR tires is expected to grow
through 2022.
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“Over the past few
years, demand for OTR tire across the world witnessed moderate growth owing to
rising demand for OTR vehicles for mining and construction activities. Thereby,
fueling OTR tire sales. Moreover, this trend is expected to continue further in
the coming years, with growth majorly emanating in Asia-Pacific.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global OTR Tire
Market Forecast & Opportunities, 2022” has analyzed the potential of global
OTR tire market, and provides information and statistics on market structure,
imports and trends. The report intends in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. The report also identifies and analyzes emerging trends along with
essential drivers and key challenges faced by the industry.
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