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DUBLIN, June 27, 2022 /PRNewswire/ — The ‘Global OTR Tire Market, By Vehicle Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), By Demand Category (OEM & Replacement), By Tire Construction Type (Radial & Bias), By Region, Competition Opportunities and Forecast, 2017 -2027‘ report has been added to ResearchAndMarkets.com’s offering.
The Global OTR Tire Market was valued at $23,772.68 million in 2021 and is anticipated to grow at a CAGR of 6.66% during the forecast period, 2023-2027, to achieve the market value of $35,281.43 million by 2027.
Expansion of the automotive industry and growing demands for off-the-road and difficult terrain vehicles further drive the growth of the Global OTR Tire Market in the upcoming five years. Growing agriculture industries, growing demands for the vehicles like tractors, harvesters, etc. , also facilitate the growth of the Global OTR Tire Market in the next five years.
Increasing sales of these vehicles also regulate the increasing production of the vehicles and their components. The demand for OTR tires also increases from their applications in earthmoving, agriculture, surface & underground mining, port material handling, telehandling and heavy construction, which further substantiates the growth of the Global OTR Tire Market in the forecast period through 2027.
Growing investments in the end-use industries expedite their expansion and indirectly affect the growth of the market. The governments, along with the global players that are leading the market, also invest actively in the automotive industry, thereby substantiating the growth of the Global OTR Tire Market in the consecutive five years.
OTR Tire Market is segmented in terms of demand category (OEM & Replacement), vehicle type (Mining, Construction & Industrial Equipment, Agriculture Vehicles, Others), tire construction type (Radial & Bias), region, and company. Based on demand category , …
Full story available on Benzinga.com
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