OTR Tire Market in APAC to Grow at 8.5% till 2022
Flourishing construction and
agriculture industries coupled with growing penetration of Chinese brands to
drive APAC OTR tire market through 2022
According to TechSci Research report, “APAC OTR
Tire Market By Vehicle Type, By Demand Category, By Country, Competition Forecast and Opportunities,
2022”,
OTR tire market in Asia-Pacific is forecast to grow at a CAGR of 8.5% during
2017 – 2022. With large-scale development activities in Asia-Pacific,
especially in construction, mining and industrial sectors, demand for OTR tires
is increasing in the region.
Other
prominent factors aiding the region’s OTR market include government support in
form of tax subsidies and incentive policies for infrastructure development and
megaprojects in Asia-Pacific.
Browse 9 market data Tables and 30 Figures spread
through 101 Pages and an
in-depth TOC on "APAC OTR Tire Market"
https://www.techsciresearch.com/report/apac-otr-tire-market-by-vehicle-type-mining-construction-industrial-equipment-agriculture-vehicles-and-others-by-demand-category-oem-vs-replacement-by-country-competition-forecast-and-opportunities/1094.html
Mining, construction & industrial
equipment dominated Asia-Pacific OTR tire market in 2016, and the segment is
expected to maintain its dominance over the next five years as well.
Country-wise, China was the largest consumer of OTR tires in the region during
2012 – 2016. National Development and Reform
Commission (NDRC) of China approved investment of $ 15 billion for construction
of eight infrastructure projects in 2015. Such initiatives taken by public as
well as private entities in China are expected
to aid the country in maintaining its dominance in the region’s OTR tire market
during forecast period.
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“Indian government has assigned USD13.86
billion for the expansion of national highways across the country, mainly
focusing on the rural connectivity under the budget allocation of 2016-17. Such
continuing efforts made by the governments in Asia-Pacific to develop the
infrastructure, industrial and construction sectors are likely to fuel demand
for OTR vehicles as well as OTR tires during forecast period.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“APAC OTR Tire Market By
Vehicle Type, By Demand Category, By Country, Competition Forecast and Opportunities,
2022”
has analyzed the potential of APAC 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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