BURNABY, Canada, April 5, 2016 /PRNewswire/ --
The global Off-The-Road (OTR) vehicle tire market is supported by the continuing growth in construction, mining, agriculture and logistics sectors. Increasing sales and use of OTR vehicles such as cranes, wheel loaders, bull dozers, motor graders, excavators, telescopic handlers, forklifts, backhoes trenchers, tractors, ATVs, special purpose vehicles, etc., is driving the global OTR vehicle tire market.
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As of 2015, more than 200 OTR vehicle tire manufacturing plants were operating around the globe, out of which more than 50% of the plants are located in Asia-pacific region. In 2015, Asia-Pacific region held the lion's share in global OTR vehicle tire market. Driven by rising OTR vehicle production & sales, China is the world's largest OTR vehicle tire market. Apart from China, other prominent countries boosting demand for OTR vehicle tires in Asia-Pacific region include India, Japan, Thailand, Philippines and Malaysia. Growing construction and agriculture sectors are the major drivers for OTR vehicle tires market in the region. OTR vehicle tire market in Europe and Americas also accounted for a significant share in the global OTR vehicle tire market in 2015.
On the basis of vehicle segments, global OTR vehicle tire market is categorized into three major segments which are as follows:
Global OTR Vehicle Tire Market, by Vehicle Type:
Global OTR Tire Market: Drivers and Restraints:
There has been a continuous increase in OTR vehicle production across the globe, which in turn, is boosting demand for OTR tires. However, declining crude oil prices translated into weak construction and mining activities in various part of the world over the last few years, thereby restraining growth in global OTR tire demand. In 2015, OTR vehicle market witnessed a difficult phase, as declining oil price impacted various economies which derive a large part of their revenue from the oil sector. As a result, most of the oil dependent economies faced widening of their fiscal deficit, translating into narrowing of their construction budget. However, it is anticipated that the global crude oil prices would stabilize over the next couple of years, which would in turn boost the construction markets across the globe. Further, logistics and agriculture sector would continue to grow, thereby supporting the demand for OTR vehicles tires, globally.
Global OTR Vehicle Tire Market: Key Players:
Key players in the global OTR vehicle tire market include Bridgestone, Continental, Michelin, Sumitomo, Pirelli, Nokian, Dunlop, Yokohama, Toyo, Cooper Tire, Apollo, Ceat, Goodyear, MRF, BKT, TVS, Nippon Giant, Kenda Rubber, Xingyuan, Shandong, Deestone, Otani, Vee Rubber, Titan Tire, Sameer Tire, etc.
The Report Covers Exhaustive Analysis on:
Regional Analysis Includes:
"Global OTR Vehicle Tire Market Forecast & Opportunities, 2021" has analyzed the potential of the OTR vehicle tire 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 the emerging trends along with essential drivers and key challenges faced by the industry.
Why You Should Buy This Report?
Report Methodology:
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with OTR vehicle tire manufacturing companies, dealers & distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Report Highlights:
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