Exploring the Economic Impact of the Off the Road (OTR) Tire Market
MarkNtel Advisors offers a comprehensive research analysis on the Off the Road (OTR) Tire Market, which is set to register a CAGR of around 4.8% during 2022-2027. This study incorporates an extensive assessment of the assorted aspects affecting the industry dynamics, such as growth drivers, prospects, restraints, challenges, key trends, & recent developments, among others.
Our domain-specific experts & dedicated analysts plan to advise stakeholders about the constant oscillations in the Off the Road (OTR) Tire Market and what to expect from the industry in the upcoming timeline, allowing them to make strategic stirs to yield significant profits in the coming years.
Every information proposed in the report is accurate & reliable and based on the following parameters:
- Historical Period: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- Unit Denominations: USD Million/Billion
Key Impetus for the Market at Glance
This extract of the report comprises detailed information on the fundamental factors influencing the Off the Road (OTR) Tire market dynamics through different segments & geographies. It also shows the competitive analysis, Covid-19 impact analysis, ongoing trends, latest developments, and various strategies embraced by industry players for higher revenue generation.
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Market Major Growth Driver: Rapidly Expanding Construction & Mining Sectors Worldwide
With urbanization, various emerging countries are witnessing increasing infrastructure developments like the expansion of transportation networks, massive investments in building roads, bridges, & tunnels, improved supply chain networks for enhanced trade, surging construction activities across commercial & residential sectors, and a rise in manufacturing industries.
Moreover, the mining sector is also growing at a notable pace owing to soaring oil exploration activities & increased government funding. Due to increasing labor costs, there’s a dire need for increased productivity & optimum usage of all resources and, in turn, burgeoning production of construction & mining equipment globally. Hence, the growing requirements for heavy equipment across these sectors are leading to the increased production & sales of their tires, i.e., driving the Global Off-the-Road (OTR) Tire Market.
Competitive Landscape
In this section of the report, the study provides a comprehensive analysis of the leading players, monitoring their market share, developments, and revenue generation strategies, along with their acquisitions, mergers & collaborations, among other prominent aspects. To enlighten the investors, our analysts use the following parameters into consideration while profiling different companies very closely:
- Key Performance Indicators
- Latest Trends & Developments
- Product/Service Offerings
- Risk Analysis
- SWOT Analysis
The top companies in the Off the Road (OTR) Tire Market include:
- – Yokohama Rubber Co.
- – Goodyear Tire and Rubber Company
- – Apollo Tyres Ltd.
- – Bridgestone Corporation
- – Prometeon Tyres Group S.R.L
- – China National Tyre and Rubber
- – Michelin
- – Hankook Tyre Co. Ltd.
- – Toyo
- – Continental
- – Balkrishna Industries Limited
- – Triangle
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Impact of Covid-19
The advent of Covid-19 caused significant disruptions to several industries worldwide, and the Off-the-Road (OTR) Tire Market was no exception. With the lockdown imposition by governments worldwide to control the crisis, all business operations & construction activities came to a standstill position.
Reverse labor migration in Asia-Pacific & the Middle East and improper logistics support to construction equipment across North America, Europe, etc., were some after-effects of the pandemic that disrupted the construction industry and, in turn, hampered the demand for OTR tires. Further, the downward spiral of crude oil prices and supply glut also choked the construction activities across several economies, especially in the Middle East & Africa, which eventually negatively impacted the production & sales of OTR tires.
Market Segmentation & Regional Analysis
The Off the Road (OTR) Tire Market is highly fragmented, and the following are its key segments:
- By End-Users (Construction, Industrial, Mining, Agriculture, Ports)
- By Type of Equipment (Earth Moving Equipment, Material Handling Equipment, Agricultural Equipment)
- By Type of Tire (Radial, Bias, Non-Pneumatic Tires)
- By Demand Type (OEMs, Aftermarket)
- By Price Category (Budget, Premium, Economy)
- By Rim Size (Up to 20″, 20.1″ to 26″, 26.1″ to 35″, 35.1″ to 47″, Above 47″)
On the Geographical front, the Off the Road (OTR) Tire Market expands across:
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific
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Insights in the Report
The detail-driven & accurate in sight upon research report “Off the Road (OTR) Tire Market Analysis, 2022” are into the following parameters of the industry:
- Business strategies & shares
- Demand upsurge & falls
- Gross margins
- Investment & revenue generation opportunities
- Leading companies and their profiling, mergers, & acquisitions
- High-growth segments & geographies
- Trends & developments, among others
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Note: All insights cited in this report are based on both primary & secondary research carefully conducted by our dedicated analysts with industry experts. MarkNtel Advisors also offers customized report services that incorporate unbiased & reliable information on the market dynamics in a particular segment, geographic location tailored for our clients & their specific requirements.
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