Growing urbanization and sustained investments in construction are driving the usage of construction vehicles, thus boosting the demand for OTR tires. The Trump government has set plans for an infrastructure investment of US $ 1.7 Trn to develop rural infrastructure, highways and bridges.
The EU–China deal, named Belt and Road Initiative, of US$ 9 Bn to construct an intercontinental highway is expected to drive the demand for construction vehicles, thereby boosting the demand for OTR tires. Increased industrial activities in Asia Pacific and Latin America is driving the sales of electric forklifts and warehouse trucks. Demand for lean production is driving the adoption of large number of industrial vehicles within facilities and warehouse, which in turn is boosting the OTR tire market.
Based on industry, the agriculture segment is expected to dominate the global OTR tire market both in terms of volume and revenue. Modernization of agricultural activities and rising consumer demand due to rising population are boosting the adoption of tractors and agricultural equipment, which in turn is driving the demand for OTR tires.
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The construction & mining segment of the market in Asia Pacific, Latin America, and Middle East & Africa is expected to expand at a high growth rate during the forecast period. Recovery of the economy of Brazil is expected to witness higher budgeting for infrastructure, thus boosting the sales of construction vehicles. This, in turn, is anticipated to propel the OTR tire market in the country.
Giant OTR tires of 51’’ to 63’’ rim size are expected to witness a significant demand owing to rise of construction projects in developing countries. The stability of commodity prices has boosted the mining sector. Usage of dump trucks, excavators, scrappers, and other mining vehicles to improve the output is expected to boost the demand for OTR tires.
Asia Pacific is a key market for OTR tires. Abundance of natural rubber in the region has played an instrumental role in achieving competitive pricing of OTR tires. Rapid economic expansion witnessed by countries in Asia Pacific is expected to boost industrial activity and construction projects, thus driving the OTR tire market in the region.
