Off-Road (OTR) tires Market

Off-Road (OTR) tires Market is expected to reach 7.97 Billion by 2026 from 5.32 Billion in 2017 at CAGR of 4.6 % (Detailed analysis of the market CAGR is provided in the report). Increasing demand for agriculture tractors, construction & mining equipment fueled by mechanization and high infrastructural development in developing regions are attributed to growth in global OTR market. Off-the-Road (OTR) tires Market Off-Road (OTR) tires Market is segmented by construction & mining equipment, agriculture tractors, industrial equipment, type, process and geography. Increasing demand in APAC and North America, will drive the construction and mining equipment market during the forecast period. Increasing demand from developing countries will lead the agriculture tractors segment to be the largest market during the forecast period. Increase in construction activities and farm mechanization are trending the overall Off-Road (OTR) tires Market. However, extreme weather conditions and customization lead to high R&D expenditure will restrain the market growth. North America is largest market share holder region in 2016. Infrastructure development, availability of state-of-the-art technology, increasing demand for green vehicles, and the presence of a large base of tier-1 companies are leading the Off-Road (OTR) tires Market in North America. However, APAC is going to emerge as one of the higher growth region in forecast period. Due to the growing population and rising per capita income, countries such as China and India are shifting towards mechanization for farming activities has created a favorable environment for the growth will drive the market in APAC region