NEW YORK, NY — If the market for off-road tires is any indication — and it is — mining, forestry, industrial and mega-project activity around the world will expand by about 8% a year for the next half decade. According to a new report called Global OTR Tire Market Forecast and Opportunities, 2022, the OTR tire market is expected to surpass the US $30-billion mark by 2022.
The research, conducted by New-York-based TechSci Research also predicts higher OTR tire prices.
“Mining, construction & industrial tire segment dominated global OTR tire market over the past few years and this trend is anticipated to continue through 2022. Asia-Pacific and Europe and CIS cumulatively accounted for the lion’s share in global OTR tire market, followed by North America, South America and Middle East & Africa.”
“Over the past few years, demand for OTR tire across the world witnessed moderate growth owing to rising demand for OTR vehicles for mining and construction activities. Thereby, fueling OTR tire sales. Moreover, this trend is expected to continue further in the coming years, with growth majorly emanating in Asia-Pacific.”, said Mr. Karan Chechi, Research Director with TechSci Research, the research-based global management consulting firm that produced the OTR tire study.
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