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The latest report by IMARC Group, titled "Asia Pacific OTR Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the Asia Pacific OTR tire market size reached 42.99 Million Units in 2021. Off-the-road (OTR) tires, also known as mud-terrain tires, are a type of vehicle tires that have blocky, heavy-duty tread patterns and puncture-resistant sidewalls. They are designed to provide traction between the road and the vehicle for propulsion on unlevelled or irregular surfaces, such as rough terrains, rock, loose dirt, mud, and gravel. They also offer enhanced vehicle performance and stability, easy mobility, improved durability, excellent heat and rolling resistance, better grip, and reduced contact patch area. As a result, OTR tires are widely used in cranes, dump and monster trucks, wheel loaders, tractors, excavators, bulldozers, military trucks, and specialized purpose vehicles across the Asia Pacific region.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Asia Pacific OTR Tire Market Trends:
The expanding construction industry and the increasing number of large-scale construction projects, such as highways, roads, bridges, tunnels, commercial complexes, industrial facilities, and power plants, represent the primary factors driving the market growth. Besides this, the rising mining activities due to the widespread presence of metal, mineral, and coal mines across various Asia Pacific countries, including China, India, and Australia, have catalyzed the demand for OTR tires in mining and quarrying vehicles. Additionally, the growing number of medium-sized farmers and the emerging trend of farm mechanization have escalated the demand for agricultural equipment and tractors. Along with this, the increasing usage of dirt bikes and quads for recreational purposes has accelerated the adoption of OTR tires. Furthermore, several product innovations, such as the integration of OTR tires with sensor-based technologies to monitor tire pressure and temperature while reducing the risk of potential hazards by providing real-time data analysis, have catalyzed the market growth. Other factors, including the rising investments in infrastructure development, favorable government initiatives, rapid urbanization, technological advancements, and extensive research and development (R&D) activities, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market to reach 58.72 Million Units by 2027, expanding at a CAGR of around 5.43% during the forecast period (2022-2027).
Market Summary:
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