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/EIN News/ -- Luton, Bedfordshire, United Kingdom, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the OTR Tires Market.
The global OTR Tires market size is USD 8.27 billion in 2020 and is expected to grow till USD 14.02 billion by 2029, at a Compounded annual growth rate (CAGR) of 6.25%.
OTR tires are used in various commercial off-the-road vehicles for construction, mining, agriculture, and industrial applications. These tires are engineered and customized to work at extreme conditions such as high load-bearing, rough surface, different weather conditions, and traction. Compositions of materials tread patterns, and several other parameters of the OTR tire change as per vehicle types and requirements.
OTR tire design, production, and testing are all R&D processes that take into account all of the needs and regulations. Large customized press machines are used in the production of OTR tires, where processes such as vulcanization and curing take place. The cost of raw materials used in the production of OTR tires, as well as the cost of press machines, is both expensive. As a result, no market participant can afford to invest heavily in research and development.
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Product Portfolio: The Company has a product portfolio of OTR Tires Market that includes:
OTR Tires Market: Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of OTR Tires Market.
Key players operating the global Continental AG, Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, and Pirelli & C. S.p.A.
OTR Tires Market Scope: Discount on report
Browse Detailed Research Insights with TOC:
https://exactitudeconsultancy.com/reports/9962/otr-tires-market/ Regional Dominance: Asia Pacific is expected to hold the largest share of the global OTR Tires market.
Increased Urbanization in APAC countries will drive the OTR tires market. Growing urbanization in Asia’s growing economies, such as China and India, will certainly need the development of critical infrastructure to meet rising transportation, electricity, and water demands. Government efforts such as the creation of Smart Cities in India and the growth of megacities in Japan and South Korea are expected to stimulate regional infrastructure development. The Asian Infrastructure Investment Bank (AIIB), which offers finance to construction and mining enterprises for capital goods investments and other inventory at reduced lending rates, is also driving the expansion of the construction and mining equipment market in Asia Pacific.
Key questions answered in this report:
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