OTR Tires Market worth 7.68 Billion USD by 2025 – Report by MarketsandMarkets™

“The ecosystem of the OTR tires market consists of manufacturers and Tier 1 suppliers such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (“
The report defines, describes, and forecasts the global OTR Tires Market by type, Application, Process, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.

The OTR tires market, by value, is projected to grow at a CAGR of 4.64% from 2017 to 2025, to reach USD 7.68 billion by 2025. Factors such as increasing sales of off-highway vehicles and government subsidies on agriculture equipment are projected to fuel the demand for OTR tires. The increasing demand for eco-friendly tires is also expected to boost the demand for the OTR tires.

Browse 99 market data Tables and 56 Figures spread through 183 Pages and in-depth TOC on “OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region – Global Forecast to 2025”

Construction and mining equipment market is projected to be the fastest growing market for OTR tires during the forecast period. The increased demand for tires in this region will be driven by increasing infrastructure activities in Asia Oceania and the North American regions. The US economy is back on the path of recovery after the recession. The mining industry in India and China is growing steadily. Thus, increasing demand for construction and mining equipment is projected to provide impetus for the growth of OTR tires.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=205158802

Use of sensors in tires, which is observed to increase tire life, is the latest advancement in OTR tire industry. Sensors not only reduce the downtime but also help in reduction in maintenance costs, which eventually increases the productivity of the vehicle. Predictive maintenance is another advancement in the OTR tire industry. For instance, Bridgestone has launched TreadStat, a tire and rim management solution that monitors and reports the condition of tires and rims in real time. It provides the overall history of individual tires to the fleet operator and uses predictive analysis to reduce tire-related downtime of mining equipment. Michelin has announced Michelin Earth Mover Management evolution 4 (MEMS4)—an advanced TPMS with accelerometer and real time GPS sensor—to provide real time information to the mine’s control room. The GPS and accelerometer data offers advanced functionalities such as geo-fencing and vehicle cycle analysis. Geo fencing allows zones to be assigned leading to improved safety; whereas, vehicle analysis provides precise data for machine and tire usage, which is useful for haul road design and optimization.

The OTR tires retreading market is led by Asia Oceania region. With the increase in infrastructure activities, the average machine hours have increased in recent times. This has led to the quicker wear and tear of the tires. Also, per capita income in this region is lower compared to western countries. Hence, consumers in this region prefer retreaded tires over new tires. The increasing requirement of construction, mining, and industrial equipment in this region provides a good opportunity for OEMs to increase their revenue.

Know more about OTR Tires Market Report:

https://www.marketsandmarkets.com/Market-Reports/otr-tire-market-205158802.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: www.marketsandmarkets.com/Market-Reports/otr-tire-market-205158802.html