Noida, India- The global off-the-road (OTR) tire market grew steadily during 2011-2015 despite negative factors, such as the Eurozone crisis in 2012 and slump in oil prices, according to a report from New Age TechSci Research Pvt. Ltd.
Over the last few years, construction and infrastructure sectors across the globe have been registering healthy growing rate, driving up demand for OTR vehicles as well as OTR tires, the research firm said in its summary of the report.
Moreover, increasing use of heavy machineries and equipment in agriculture, mining and industrial sectors has further swelled the demand for agricultural, mining and industrial tires, added TechSci.
The net effect of these trends is that demand worldwide is projected to grow at a CAGR of 8 percent during 2016-2021, forecast the report on the global OTR tire market from 2011 to 2021.
The mining, construction & industrial equipment segment is the dominant market sector. This is set to remain the case, in-line with growing construction, industrial and infrastructure activity across the globe, particularly in major developing countries.
As of 2015, there were over 200 OTR tire manufacturing facilities across the globe, with more than 50 percent plants in Asia-Pacific region, which dominated the global market in 2015.
TechSci identifies the major players in global OTR tire market as including: Yokohama, Pirelli, Alliance, BKT, Continental, Goodyear, and Bridgestone.