Global OTR Tires market expected to grow to USD 8.71 billion by 2033 with significant demand.

From GlobeNewswire: 2024-06-04 20:00:00

The global OTR Tires Market is expected to grow from USD 4.68 Billion in 2023 to USD 8.71 Billion by 2033, with a CAGR of 6.41%. OTR tires are designed for off-road vehicles and equipment used in construction, mining, agriculture, and industrial settings. Increased demand for construction, mining, and agricultural equipment, as well as leisure vehicles, will drive market growth. However, high costs may lead to delayed tire replacements in industries with budget constraints. The radial segment is expected to dominate the market. Pre-cure retreading is anticipated to grow at the fastest CAGR. The 25”-30” segment is expected to hold a significant market share. The agriculture sector is predicted to lead the market, with Asia Pacific projected to have the largest market share. Europe is expected to have the fastest CAGR growth due to environmental regulations. Key players in the market include Goodyear, Michelin, and Bridgestone. In February 2023, Goodyear launched the RL-5K off-road tire with improved load carrying capacity for heavy-duty loaders and wheel dozers. The global market is segmented by product, process, rim size, end user, and region.



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