According to the latest report by IMARC Group, titled “Europe Off-the-Road (OTR) Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the growing number of infrastructural projects, including the construction of housing facilities, road and railway networks, industrial complexes, etc., is primarily driving the Europe Off-the-Road (OTR) tire market.
Year considered to estimate the market size:
• Base year of the analysis: 2021
• Historical period: 2016-2021
• Forecast period: 2022-2027
The Europe off-the-road (OTR) tire market is expected to exhibit a CAGR of 4.57% during 2022-2027.
Off-the-road (OTR) tire refers to deeply treaded tires that provide high traction over rough and unlevelled surfaces, such as rock, mud, gravel, loose dirt, etc. These tire models are particularly designed for numerous off-the-road vehicles, including wheel loaders, cranes, tractors, telescopic handlers, all-terrain vehicles (ATVs), military trucks, etc. OTR tire products facilitate improved heat dispersion, lower rolling resistance, excellent durability, optimum stability, easy maneuvering, and superior vehicular performance. Consequently, they find extensive applications across several sectors, such as construction, agriculture, mining, industrial, etc., in Europe.
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Europe OTR Tire Market Trends:
The increasing upgradation of various commercial structures, which include bridges, highways, dams, power supply grids, etc., is also positively influencing the market across the region.
Additionally, the rising need for large haul trucks in the mining segment and the shifting preferences toward radial OTR tires that offer higher mileage, lesser fuel consumption, enhanced road grip, etc., are acting as significant growth-inducing factors.
Moreover, the emerging trend of farm mechanization and the elevating requirement of forklifts, bulldozers, backhoes, cranes, etc., on account of the implementation of stringent policies by the government bodies aimed at preventing labor safety issues in heavy-duty industries are further stimulating the market growth.
Besides this, the development of new tire models with tire pressure and temperature monitoring systems, real-time data analysis, cut and chip resistance sensors, etc., is anticipated to propel the Europe Off-the-Road (OTR) tire market in the coming years.
Competitive Analysis and Segmentation for the Europe Off-the-Road Tire Market 2022-2027
Competitive Landscape with Key Players:
The competitive landscape of the Europe off-the-road tire market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Players Included in Europe Off-the-Road Tire Market Research Report:
- Balkrishna Industries Limited
- Bridgestone Corporation
- Continental AG
- Double Coin Tyre Group Ltd.
- Nokian Tyres
- The Goodyear Tyre & Rubber Company
- Triangle Tires
- Yokohama Rubber Company Limited
Market Segmentation of the Europe OTR Tire Market
The report has segmented the Europe OTR tire market on the basis of vehicle type, tire type, end use, distribution channel, rim size and country.
Breakup by Vehicle Type:
- Mining Vehicles
- Construction & Industrial Vehicles
- Agricultural Vehicles
Breakup by Tire Type:
- Radial Tire
- Bias Tire
Breakup by End Use:
Breakup by Distribution Channel:
Breakup by Rim Size:
- Below 24 inches
- 24-30 inches
- 31-35 inches
- 36-39 inches
- 40-50 inches
- 51-55 inches
- Above 56 inches
Breakup by Country:
- United Kingdom
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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