Categories: Wire Stories

Asia Pacific OTR Tire Industry to 2027 – Featuring Apollo Tyres, Gajah Tunggal and JK Tyre Among Others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.

The Asia Pacific OTR tire market reached a volume of 42.99 Million Units in 2021. Looking forward, the publisher expects the market to reach 58.72 Million Units by 2027, exhibiting a CAGR of 5.43% during 2022-2027.

Companies Mentioned

Apollo Tyres Ltd
Balkrishna Industries Limited (BKT)
Bridgestone Corporation
CEAT Limited
Cheng Shin Rubber Industry Co. Ltd
Gajah Tunggal Tbk
Guizhou Tyre Co.,Ltd.
JK Tyre
Industries Ltd
Michelin
MRF Limited
Sumitomo Rubber Industries Ltd.
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co. Ltd.
Toyo Tire Corporation
Triangle Tyre Co. Ltd.

Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor

Off-the-road (OTR) tires stand for deeply treaded tires that are specifically designed to provide high traction on unlevelled surfaces, such as loose dirt, mud, rock, and gravel. Some of the common vehicle types that use OTR tires include rigid dump trucks, loaders, reach stackers, cranes, monster trucks, etc. These tires offer numerous benefits associated with high heat and rolling resistance, better durability, improved vehicle performance and stability, easy mobility, reduced contact patch area, etc. As a result, OTR tires are widely adopted across various sectors, including construction, mining, recreation, agriculture, etc

The rising number of large-scale projects, including the development of roads, highways, power plants, industrial facilities, commercial complexes, etc., is primarily driving the OTR market in the Asia Pacific region. OTR tires find extensive applications in loaders, excavators, bulldozers, trenchers, etc., for construction activities across diverse geographical locations. Apart from this, the wide presence of metal, mineral, and coal mines across several countries, such as China, Australia, India, and Indonesia, is also propelling the demand for OTR tires in mining and quarrying vehicles, such as large haul trucks.

Moreover, a significant growth in the agriculture sector, coupled with the growing prominence of farm mechanization trends, is further augmenting the market growth in the region. Besides this, the rising popularity of dirt bikes and quads for several recreational purposes is acting as another significant growth-inducing factor. Furthermore, growing integration of sensor-based technologies with OTR tires to monitor tire pressure and temperature and reduce the risk of potential hazards by providing real-time data analysis, is expected to drive the growth of the Asia Pacific tire market in the coming years

Key Questions Answered in This Report:

How has the Asia Pacific OTR tire market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Asia Pacific OTR tire market?
What are the key regional markets?
What is the breakup of the market based on the demand?
What is the breakup of the market based on the tire type?
What is the breakup of the market based on the tire size?
What is the breakup of the market based on the vehicle type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the Asia Pacific OTR tire market and who are the key players?
What is the degree of competition in the industry?