Construction and Mining Equipment segment to grow at the fastest pace in the OTR tires retreading market

1. Increase in Construction Activities and Farm Mechanization to boost OTR Tire market The report "OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region - Global Forecast to 2025", The OTR tires market was valued at USD 5.34 Billion in 2017 and is projected to grow at a CAGR of 4.64% during the forecast period to reach to USD 7.68 Billion by 2025. The OTR tires market is projected to grow due to the increasing demand for agriculture tractors, construction & mining equipment fueled by mechanization and high infrastructural development in developing countries. Due to increased machine hours, the tire replacement time has seen a slight decline in recent times. Retreaded tires cost 1/3rd of the price of new tires and have good durability. Thus, the market for retreaded tires is projected to grow significantly in near future. Browse 99 market data Tables and 56 Figures spread through 183 Pages and in-depth TOC on "OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region - Global Forecast to 2025" https://www.marketsandmarkets.com/Market-Reports/otr-tire-market-205158802.html Early buyers will receive 10% customization on reports. The study segments the OTR tires market by application and region. The construction and mining equipment market is estimated to grow at the highest rate during the forecast period. The growth will be driven by the increasing demand in Asia Oceania and North America. OTR tires for agriculture tractors segment is estimated to be the largest market during the forecast period due to the increasing demand from developing countries and Asia Oceania region. Increased industrial automation is also projected to influence OTR tires market for industrial applications. The study segments the OTR tires market, by type, into wheeled and rubber track. Rubber tracks market is estimated to be the fastest growing market; whereas, the wheeled market is estimated to be the largest market during the forecast period. The crawler equipment is imposed with the tracks in which there is very less penetration of rubber track. Tracks have a larger surface area in contact with the ground. Tracks help to pull heavy load as weight is distributed evenly, without causing soil compaction. The increasing demand for rubber tracks in developed regions makes it the fastest growing market. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=205158802

2. “Construction and Mining Equipment segment to grow at the fastest pace in the OTR tires retreading market” The construction and mining equipment tires are expected to have a major share in the retreading market compared with agriculture and industrial equipment tires. The fleet operators are choosing retreading of tires over replacement as the cost of retreaded tires is significantly lower than that of newly replaced tires. The OTR tire retreading market is estimated to grow at the fastest rate owing to the increase in mechanization and the average working hours of machine. This leads to the wear and tear of tires. The OTR tires market is also segmented by retreading applications and region. The construction and mining equipment type holds the major share in the retreading market. The advancements in construction & mining equipment, such as automation and electrification, have helped the fleet operators to use the equipment in multiple shifts. This has led to decreased tire replacement duration, thereby to the increased demand for aftermarket tires. The demand for retreaded tires is projected to grow also due to the high cost of new tires. The study segments the OTR tires market by process (Pre-Cure, Mold Cure). The pre-cure market is projected to be the largest market; whereas, mold cure market, by value, is expected to be the fastest growing market during the forecast period. The mold cure process is a capital-intensive process as it requires investments in the mold. The market for pre-cure is the largest as it is relatively economical process. The market share of mold cure retreading is projected to reduce significantly as the pre-cure process is simpler and cost effective. Revenue Generation for OTR Tires Market: On the basis of revenue generation, product branding strategy, geographic footprint, and organic and inorganic strategies, the top players in the OTR Tires market are Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), and Pirelli (Italy) Continental has a strong presence in the European and North American markets. It has been adopting multiple strategies such as new product development, expansion, and agreements to strengthen its position in the OTR tires market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. For instance, in September 2017, Continental expanded its portfolio of specialty tires with the launch of the premium radial tires. Also, the company launched the Telemaster tire for telehandlers used in the construction industry. The company has also decided to expand its plant in Thailand with an initial investment of USD 290 million. On completion in 2022, the plant will cater to the Asia Oceania market. Bridgestone has strong R&D and production capacities. Strong presence in the developed markets of North America and Europe has made the company a formidable competitor in the global OTR Tires market. The company’s key strengths are high revenue and advanced R&D capabilities, which have helped it to adopt the strategy of new product development and expansion. In September 2015, Bridgestone Americas established a 1.5 million-square-foot manufacturing facility in South Carolina, US. The company has also launched Firestone branded rubber tracks for agricultural equipment. The tracks have better traction and durability. Request Sample: https://www.marketsandmarkets.com/requestsample.asp?id=205158802

3. “Infrastructure development and government subsidies on equipment would drive the Asian Oceania OTR tires market” According to Global Property Guide, the number of residential and commercial buildings in Asia Oceania is expected to increase over the next decade due to the boom in the real estate market. Infrastructural activities are also projected to increase as they form a critical part in improving connectivity and promoting sustainable growth. Due to these factors, the market in Asia Oceania is expected to be the largest during the forecast period. The key companies profiled in the study are as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian Tyres (Finland), and CEAT (India). About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com