The global OTR tyre market is projected to grow at a compound annual growth rate (CAGR) of 8% during 2016-2021, according toglobal market research firm TechSci Research report, “Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast and Opportunities, 2011 – 2021”. Growth in the market is anticipated on account of global construction industry forecast to increase at a CAGR of more than 7% over the next five years, coupled with continuing growth being witnessed in the infrastructure sector, globally.
During 2011-2015, the global OTR tyre market grew at a moderate pace owing to the Eurozone crisis in 2012 and decline in global oil prices during 2013 and 2014. Consequently, a decline in the production and sales of OTR vehicles was also registered during the same period. However, the production and sales of OTR vehicles are anticipated to grow at a healthy rate over the next five years, thereby positively influencing demand for OTR tyres in both OEM as well as replacement tyre segments, globally.
In 2015, mining, construction and industrial equipment captured the largest share in the global OTR tyre market, due to growing construction, industrial and infrastructure activities in various countries across the world. In 2015, Asia-Pacific grabbed more than half of the total OTR tyre sales, globally, with India, China, Japan, Australia, Malaysia and South Korea being the leading OTR tyre markets in the region. Few of the major companies operating in global OTR tyre market include Yokohama, Pirelli, Alliance, BKT, Continental, Goodyear, and Bridgestone, among others.
“According to the Food & Agriculture Organization (FAO), the world average per capita food consumption stood at around 3,000 kcal/person/day in 2015, and this figure is projected to grow in the coming years. In order to address the growing demand for food, governments in various countries are focusing towards modernising agriculture sector, which is expected to augment demand for agriculture vehicles as well as OTR tyres over the course of next five to 10 years.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast and Opportunities, 2011 – 2021” has analyzed the potential of global OTR tyre market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
Source: PR Newswire