Off-the-road Tire (OTR) Market to Witness the Highest Growth Globally in Coming Years 2021-2025

Interest in Off-roaders Raises the Tide of the Off-the-road (OTR) Tire Market, Says Fairfield Market Research Widespread deployment of off-the-road tires in the farming, mining, and construction industries have fueled demand in the off-the-road tire market. The mining industry has been weathered the COVID-19 storm better than most, ensuring bright prospects for off-the-road tire companies.

Due to the 2008 financial crisis and COVID-19, the construction industry has been especially sluggish in developed countries. It is expected that developing countries will pick up the slack soon as their need for critical urban infrastructure remains unmet.

For More Insights into the Market, Get Sample Copy of this Report: https://www.fairfieldmarketresearch.com/report/off-the-road-tire-otr-market/ Thrill-seeking Customers Indulge in Off-road Trips Benefiting Off-the-road Tire Market There has been a significant government push towards developing public infrastructure – particularly in emerging economies. For e.g. – India’s Smart Cities Mission aims to develop 100 cities by 2023. Along with this, consumers in both developed and developing countries are partaking in off-roading adventure activity and companies have launched several special offroaders to cater to this. The mining industry has been the cash cow for the off-the-road tire market in this era of economic upheaval. Ever-increasing industrialization along with massive demand for original and aftermarket equipment should raise the profile of the off-the-road tire market.

Unabated Demand in the Agriculture Industry Key for the Off-the-road Tire Market COVID-19 has turned the global supply chain model upside down. Mainstream suppliers have faced unprecedented challenges with domestic and international logistics bottlenecks. Several companies have frozen production entirely during the pandemic, squeezing operating profits and making overheads skyrocket. The agricultural industry has been able to withstand the turbulence caused by COVID-19 and has balanced the plunge in demand in the construction sector. In addition, technological advancements pertaining to real-time data collection, nanotechnology, or vehicle maneuvering should aid the global off-the-road tire market.

In Order to place the Purchase Query Click Here: sales@fairfieldmarketresearch.com Low Cost of Labor and Availability of Raw Materials Explains Dominance of APAC Region The huge population of APAC ensures that millions of people are involved in both agriculture and manufacturing. China and India are among the world’s largest industrial and agrarian nations in terms of output and western companies have established bases there to tap their lower labor cost, favorable government policies, and raw material availability.

Consolidation in Off-the Road Tire Market Makes it Difficult for Entrants to Compete Off-road tire manufacturers are continually focusing on new tread designs that are durable and reliable without any drop in performance. The off-the-road tire market is heavily consolidated in the hands of global giants such as Yokohama Tire Corp., Michelin, Bridgestone Corp., and the Goodyear Tire Company. These companies are basing their new product development around factors including temperature, terrain, load execution, and operation condition. Many manufacturers have invested aggressively in capacity expansion to augment their existing production facilities. In 2019, Michelin launched a new tractor tire specifically for heavy-duty use and other companies are predicted to follow suit. Other companies profiled in this report on the off-the-road tire market are Continental AG, Sumitomo Rubber Industries, Ltd., Nokian Tyres, Trelleborg AB, China National Tire & Rubber Co., Ltd., Balkrishna Industries Limited, Apollo Tyres Ltd., Qingdao Rhino Tyre Co., Ltd., Titan International, Inc., and Double Coin Tyre Group Ltd. Browse Our Latest Reports: https://www.fairfieldmarketresearch.com/shop/ About Us Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.