Global Off the Road (OTR) Tire Market 2021-2026: Asia-Pacific Accounted for the Highest Market Share as the Burgeoning Agricultural Mechanization Drives the Market Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Off the Road (OTR) Tire Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering

Global Off the Road (OTR) Tire Market is likely to grow at a CAGR of around 4.8% during 2021-2026

The proliferation of mining activities and the rising number of OTR vehicle fleets can gradually fuel the OTR Tire market during 2021-2026.

Due to the increased machine hours, the demand for OTR tires in agricultural tractors, construction, and mining equipment is likely to drive the market. Moreover, the rising trend of automation in industrial processes further boosts the OTR tires market growth across the world.

Impact of COVID-19

COVID-19 has massively impacted the Global Off the Road (OTR) tire market. The pandemic had brought construction activities to a standstill in the first half of 2020. Lockdowns, reverse labor migration in APAC and the Middle East, and improper logistics support to construction equipment in North America, Europe, etc., massively impacted the entire construction industry.

Further, the downward spiral of crude oil prices and supply glut during the same period choked the construction activities in several economies in the Middle East and Africa, eventually negatively impacting the new orders for OTR tires.

Market Segmentation

Agricultural Equipment Accounted for the Largest Market Share

Based on the Type, Agricultural Equipment acquired the largest share in the Global Off the Road (OTR) tire market due to the increasing preference toward using modern equipment to perform agricultural activities. Apart from this, rising population and escalating demand for higher yield are, in turn, propelling the market growth, reveals the author in their research report, Global Off the Road (OTR) Tire Market Analysis, 2021.

Aftermarket Segment Dominates the Market

Based on Demand Type, the Aftermarket segment acquired the largest share in the Global Off the Road (OTR) market in the previous few years owing to the relatively lower life span of OEM tires, thereby increasing the demand for aftermarket tires. Further, increasing investments by giant companies to enhance their production facilities & services also propel the market growth.

Regional Landscape

Asia-Pacific Accounted for the Highest Market Share

Based on Region, Asia-Pacific accounted for the highest market share in the Global Off the Road (OTR) market in the previous few years owing to the rapidly growing automotive industry in countries like India and China. Additionally, the rising construction activities and burgeoning mechanization rate in agriculture in these regions lead to an increase in the demand for Off-the-Road vehicles, thereby fueling the market growth.

Market Driver

Burgeoning Agricultural Mechanization Drives the Market Growth

Off-the-Road tire machines perform day-to-day agricultural operations, crop plotting & scouting, irrigation purposes, etc. Moreover, the trending use of these machines to carry out agriculture tasks rather than manually performing them leads to the reduced time taken & labor costs and increased task efficiency, thereby increasing the demand for OTR tire machines.

Competitive Landscape

The major leading players in the Global Off the Road (OTR) tire market are

• Yokohama Rubber Co.
• Goodyear Tire and Rubber Company
• Apollo Tyres Ltd.
• Bridgestone Corporation
• Promotion Tyres Group S.R.L
• China National Tyre and Rubber
• Michelin
• Hankook Tyre Co. Ltd.
• Cooper Tires
• Toyo
• Continental
• Balkrishna Industries Limited
• Triangle

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Expert Verbatim- What the experts say?

3.1. Brand Awareness

3.2. End-User Expectation

3.3. Key Factors Impacting Vendor Selection

3.4. Key Issues Encountered

3.5. Vendor's Receptiveness to Address Key Customer Issues

3.6. Future Requirements

4. Global Off the Road Vehicle Tire Market Analysis, 2016-2026F

4.1. Market Potential & Analysis

4.2. Market Segmentation & Analysis

4.3. By Type of Equipment

4.4. By Type of Tire

4.5. By Demand Type

4.6. By Price Category

4.7. By Rim Size

4.8. By Region

4.9. By Company

5. North America Off the Road Vehicle Tire Market Analysis, 2016-2026F

6. South America Off the Road Vehicle Tire Market Analysis, 2016-2026F

7. Europe Off the Road Vehicle Tire Market Analysis, 2016-2026F

8. Middle East Off the Road Vehicle Tire Market Analysis, 2016-2026F

9. Africa Off the Road Vehicle Tire Market Analysis, 2016-2026F

10. Asia-Pacific Off the Road Vehicle Tire Market Analysis, 2016-2026F

11. Global Off the Road Vehicle Tire Market Trends & Insights

12. Global Off the Road Vehicle Tire Market Dynamics

12.1. Growth Drivers

12.2. Challenges

12.3. Impact Analysis

13. Global Off the Road Vehicle Tire Market Hotspot & Opportunities

14. Global Off the Road Vehicle Tire Market Key Strategic Imperatives for Success & Growth

15. Competition Outlook

15.1. Competition Matrix

15.2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)

For more information about this report visit https://www.researchandmarkets.com/r/adjqtv