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OTR Tire Market to Witness Robust Expansion throughout the Forecast Period 2020 – 2030 August 6, 2021
By Zaraki Kenpachi -
O몭-The Road (OTR) Tire Market: Introduction According to the report, the global o몭-the-road (OTR) tire market is projected to surpass US$ 10.6 Bn by 2030, expanding at a CAGR of ~3% during the forecast period. Advancements in technology, including two tire technology, smart tires, TreadStat, and rim management system, help to track the performance of tires, which help to avoid breakdown of vehicles. The rate of adoption of agriculture tractors and equipment has increased globally. Rise in a몭ordability of tractors and income of farmers are driving the demand for OTR tires for agriculture tractors, which is anticipated to boost the o몭-the-road (OTR) tire market across the globe. Expansion of O몭-The Road (OTR) Tire Market Growing acquisitions and agreements between leading tire manufacturers across the globe are factors boosting the o몭-the-road (OTR) tire market across the globe. In 2019, Apollo Tyres launched a new bias tire series called nGR. These new tires are fuel-e몭cient and can lower fuel consumption by 5% to 10% and o몭er 25% lower rolling resistance as compared to that o몭ered by its standard product. The recent launch of the new fuel-e몭cient tires is in light of the new BS-VI norm adopted in India, wherein the company is updating not just its bias tires but also the PCR tires. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.