OTR Tires Market to Surpass USD 18.11 Billion by 2032
Rising Demand from Construction and Mining Industries
The global off-the-road (OTR) tires market is poised to reach USD 18.11 billion by 2032, according to a new report by Grand View Research, Inc. The market is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2032. The growth of the market is primarily attributed to the increasing demand for OTR tires from the construction and mining industries.
Construction Industry
The construction industry is a major consumer of OTR tires. These tires are used in a variety of construction equipment, such as excavators, bulldozers, and cranes. The increasing demand for construction equipment is driving the growth of the OTR tires market. The construction industry is expected to continue to grow in the coming years, which is expected to further drive the demand for OTR tires.
Mining Industry
The mining industry is another major consumer of OTR tires. These tires are used in a variety of mining equipment, such as haul trucks, loaders, and excavators. The increasing demand for minerals and metals is driving the growth of the mining industry. The mining industry is expected to continue to grow in the coming years, which is expected to further drive the demand for OTR tires.
Other Factors
In addition to the construction and mining industries, there are a number of other factors that are expected to drive the growth of the OTR tires market. These factors include:
- The increasing popularity of electric vehicles
- The growing demand for sustainable tires
- The development of новых technologies
Key Findings
The report also includes a number of key findings, including:
- The global OTR tires market is expected to grow at a CAGR of 5.7% from 2023 to 2032.
- The construction and mining industries are the major consumers of OTR tires.
- The increasing demand for construction equipment and mining equipment is driving the growth of the OTR tires market.
- The growing popularity of electric vehicles, the demand for sustainable tires, and the development of новых technologies are expected to further drive the growth of the OTR tires market.
