OTR tire denotes a precise category of tires that increase the traction in unpaved surfaces with gravel, mud, sand or loose dirt. These tires are equipped with profound tread patterns that help in the vehicle traction in off-road conditions or high terrains off road. The off-road tire can be further divided into different sections, such as tire tread, inner liner, tire casing, and sidewall. OTR tire market is anticipated grow remarkably all over the world in coming years.
The "Global OTR Tires Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the OTR tires market with detailed market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading OTR tires market players and offers key trends and opportunities in the market.
- Based on type, the global OTR tires market market is segmented into wheeled, and rubber tracks.
- On the basis of application, the market is segmented into agricultutral tractors, industrial equipment, construction and mining equipment, and others.
- Increase in construction activities, government subsidies on agriculture equipment.
- Increasing farm mechanization are some of the major factors driving the growth of the off the road tires market.
- Vast expenditure incurred in research and development is likely to hamper the OTR tires market.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The OTR tires market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the OTR tires market in these regions.
IMPACT OF COVID-19 ON OTR TIRES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
The report covers key developments in the OTR tires market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from OTR tires market market are anticipated to lucrative growth opportunities in the future with the rising demand for OTR tires market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the OTR tires market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Hankook Tire
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.