Code: IMR0318 | Automotive &Transportation | Oct-2021 | 197 Pages |
In 2021, the Global OTR Tires Market’s size was valued at USD 5.1 billion and is estimated to reach USD 7.98 billion by 2028 and is expected to be growing at a CAGR of 4.96 % throughout the forecast period. In this report, 2021 has been taken as the base year while 2020 is the historical year. The forecast year for the report is 2028 to approximate the size of the market for OTR Tires.
Icon Market Research’s report on OTR Tires studies the past and current opportunities of growth and trends to get a clear picture of the growth indicators of the market for the forecast period 2021 to 2028. The report also offers the revenue generated by the OTR Tires market considering 2020 as the historical year, 2021 as the base year, and 2028 as the forecast year. The report also consists of the compound annual growth rate (CAGR) for the OTR Tires market over the forecast period.
Report Overview of OTR Tires Market
The OTR Tires market report provides information and statistics on market shares, size, restraining factors, and driving factors for the forecast period 2021 to 2028. It also mentions the role of main market players in the automotive industry. The report on OTR Tires market evaluates the value of the market report, keeping in mind the application and regional segments, market share, and size while forecasting the market for each product type and application of the OTR Tires market in different segments of the report. The research report also mentions some sections of the OTR Tires market including opportunities, growth, trend, size, demand, and technology used by prominent players of the market. Then, it gives detailed profiles of the key players as a part of the competitive landscape of the OTR Tires market.
The study of the report divides it into several sub-segments and represents the whole automotive industry. An estimation of the revenue generated by the entire automotive industry and its sub-segments are also provided in the report. It decides the factors that affect the demand of the automotive industry rapidly, including methods of development, growth networks, and the product model. The report also points out the greatest prospects for the growth of the automotive market such as forecasting the growth of the market, the launch of new goods, and analysis of the product demand, purchase decisions, several economic factors that are important to determine the trend of OTR Tires market, and the attractiveness of the market. The report on the OTR Tires market will help in assisting the stakeholders in identifying high-potential customers, such as distributors and manufacturers.
Methodology of OTR Tires Market
The methods used for collecting information for the report involve 4 main activities. These activities help in estimating the current size of the OTR Tires market. Thorough secondary research was conducted to collect information on the OTR Tires market, such as new technologies coming into the market, and components connected with this market. Then the collected information was validated with experts from the automotive industry across all the value chains through primary researches. Both top-down and bottom-up approaches were used for estimating the market size.
The secondary research includes collecting data from sources such as government publications such as country-level automotive associations and organizations, World Bank, Eurostat, Organization for Economic Co-operation and Development (OECD), and CDC; regulatory and corporate filings such as SEC filings, annual reports, investor presentations, and business magazines, financial statements, press releases, and research journals, free and paid automotive databases such as Organization International des Constructer’s d’Automobiles (OICA), Marlines, etc., and trade, business, and professional associations. The secondary data collected was then analyzed to predict the overall size of the market which was later validated with primary research.
Thorough primary research was done after getting a clear picture of the OTR Tires market through secondary research. Many market experts were interviewed for the primary research from both the supply-side players and demand-side players and across four major regions, namely, Europe, North America, Asia Oceania, and the Rest of the World. Apart from the interviews, primary data was collected through mails, questionnaires, and telephonic interviews.
Growth Mapping of OTR Tires Market
The main aim of the OTR Tires report is to give the map of the growth for the OTR Tires market that will help in providing the clients with the required information for the formulation strategies to meet their respective business goals. The report also provides deep knowledge of the OTR Tires for the previous year as well as for the forecast years and what the CAGR level of the market is going to be. This report is a synopsis of what the market conditions are going to be while also giving information regarding the market’s definition, classifications, applications, and engagements are. This report also aims to analyze the OTR Tires market’s developments including the market improvement, market position, and others which are usually done by the prominent players and brands of the automotive industry. This report also consists of all the market drivers and restraints which are obtained through SWOT analysis. The report also has the CAGR values of the OTR Tires market for the base years 2021, the historic year 2020, and forecast years 2021-2028.
Regional Analysis of OTR Tires Market
The OTR Tires market report provides a study for more than 20 countries and their market players The report covers a regional and country-level analysis that covers North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East. The market is deeply analyzed for each region, which helps in identifying the market trends for each region, growth opportunities, and restraining factors.
For the forecast year 2021-2028, it has been estimated that North America will the dominating market for OTR Tires. This region is expected to see growth in the automotive industry because of the increasing population, increase in per capita income, and improvement in living standards. There has been an increase in demand for comfort features in vehicles and fuel-efficient vehicles which accelerates the growth of the OTR Tires market. The weight reduction of vehicles and enhanced energy efficiency is further driving the automotive industry. The other factors which are driving the growth of the OTR Tires market include the development of marketing analytics tools and firmly established existing players in the market. In addition to this, government agencies, companies, third-party administrators, etc. are channelizing their efforts to make customer-centric automotive products which will also contribute to the growth of the OTR Tires market in this region. Rising demand for vehicles and their parts, increased investment by the government, new and advanced technology, and machinery, along with the improved marketing tactics will likely cause the OTR Tires market to grow substantially.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period (2021-2028). This growth is driven by the increasing research activities, growing demand for vehicles and parts, and an increasing number of initiatives by market players for expanding their presence in the APAC, and higher adoption of OTR Tires in several APAC countries. Improvements in GDP per capita and infrastructure development have urbanized the region to a greater extent turning rural areas into urban areas. The sudden surge in the demand has caused the cities to fall into unsustainable consumption models. The top key players in the OTR Tires market are located in the region. China and India are expected to offer significant growth opportunities for players operating in the OTR Tires market, owing to the growing support from government bodies, increasing demand for new vehicles with special features, and the presence of less-stringent regulations and data requirements (as compared to developed countries) in their respective healthcare systems.
Competitive Landscape of OTR Tires Market
The report provides a competitive landscape on both the quantitative as well as qualitative research of OTR Tires market. The report also provides detailed insights on the development methods used by the key market players. The report offers deep research on the key market players and details on the competitiveness of these players. The main business strategies used by these players such as mergers and acquisitions (M&A), collaborations, affiliations, and contracts are also and analyzed in the report. For each competitor, the report studies their global presence, service offerings, competitors, and specification. The main players covered by the study on the global OTR Tires market are: Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook (South Korea), Nokian (Finland), and CEAT (India).
The Report Provides Insights on The Following Pointers:
● It gives a forecast analysis of factors that are driving or restraining the development of the OTR Tires market.
● The report gives a seven-year forecast value evaluated on the basis of the current market performance of the automotive industry.
● It helps in understanding the main segments of the products and their future.
● The report gives a deep analysis of changing competition in the market which keeps you ahead of your competitors.
The Report Answers Questions Such As:
● What is the potential opportunity for the OTR Tires market?
● What are the major drivers, restraints, and opportunities of the OTR Tires market?
● What is the market share of the leading segments and sub-segments of the OTR Tires market in the forecast period (2021-2028)?
● How did the OTR Tires market evolve?
● How each segment of the OTR Tires market is expected to grow during the forecast period?
● What is the expected revenue to be generated by each of the segments by the end of 2028?
● What are the key development strategies implemented by the key players to stand out in this OTR Tires market?
● What is the preferred business model used for building OTR Tires?
● Which area of application is expected to be the highest revenue generator in the OTR Tires market during the forecast period?
● Which end-user segment is expected to be the highest revenue generator in this industry during the forecast period?
● What is the potential of OTR Tires market in the emerging countries during the forecast period?
Hankook (South Korea)