NEW YORK, September 13, 2016 /PRNewswire/ --
Growing large scale construction, mining and industrial activities followed by governmental support to drive sales of OTR tire in Asian countries.
According to TechSci Research report "Global OTR Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast and Opportunities, 2011 - 2021" Asia-Pacific is the most dominating region in the global OTR tire market. Due to presence of major economies like China, India, Japan, Thailand, Malaysia, etc. this region is the largest contributor to the global OTR tire market. China and India are the most dominating OTR tire markets in the Asia-Pacific region, with both the countries cumulatively having captured more than 80% volume share in Asia-Pacific in 2015.
Asia-Pacific OTR tire market witnessed a revenue CAGR of around 2.53% during 2011-2015. Asia-Pacific countries like China, India, Thailand, Malaysia, etc. are some of the fast developing economies of the world and are therefore undergoing major transformations. Asia-Pacific OTR tire volume sales exhibited a CAGR of 5.43% during 2011-2015.
With large-scale development activities being witnessed across the region, especially in the construction, mining and industrial sectors. Also, the region has the largest agriculture land across the globe. Consequently, the region demand for OTR tires has been growing at a healthy pace. Furthermore, with continuing government support in the form of tax subsidies & incentive policies for infrastructure development and megaprojects in the Asia-Pacific region, the market for OTR tires is projected to witness robust growth during the forecast period till 2021.
Browse 103 market data Tables and 182 Figures spread through 441 Pages and an in-depth TOC on "Global OTR Tire Market"
Average prices of OTR tires in Asia-Pacific region are on the rise. Consistent increase in average selling prices of OTR tire in OEM as well as replacement segment, coupled with rising sales volumes, is projected to drive revenue growth in Asia-Pacific OTR tire market during the forecast period. OTR tire market in the region is anticipated to grow at a CAGR of 9.32% during 2016-2021.
OTR tire market in Asia-Pacific region is divided majorly into three segments viz. tires for Mining, Construction & Industrial Equipment, Agriculture Vehicles and Others. Mining, construction & industrial equipment such as loaders, bulldozers, tractors, forklifts, backhoes, cranes, excavators, wheeled loaders, industrial trucks, skid steer loaders, etc., are being employed for various megaprojects and other small & medium sized projects in Asia-Pacific, which is driving demand for OTR tires in the region.
On account of huge and increasing public as well as private investments, the construction sector in Asia-Pacific is expected to grow during the forecast period, which would consequently drive construction equipment tire demand. Rising demand for construction equipment tires is expected to result in the cumulative volume share of mining, construction & industrial segment to rise in the Asia-Pacific OTR tire market by the end of 2021.
Majority of the countries in the region relies on agriculture as primary occupation. However, the volume share of agriculture vehicle tires is expected to marginally decline by 2021. The Others segment comprising tires for all-terrain vehicles, sports vehicles, etc. captured minor share in 2015, which is forecast to witness a slight decline during next five years.
"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 tire market, and provides statistics and information on market sizes, market share, trends & forecast at global, regional and country level for 24 countries. 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.
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