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The OTR Tire Market Has Bright Prospect

Recently, in the latest market value forecast of OTR tire released by a US data agency, by 2022, the value of the global OTR tire market will exceed $30 billion, or approximately RMB 200 billion.

It has to be said that this is a very huge market. By 2022, the market value of OTR tire market will increase by about 50% compared to 2012, which is a piece of fat that all tire companies are envied by. How big it can be divided will depend on the strength.


1. The main source of economic vitality of OTR tire

The driving force for the global value growth of the OTR tire mainly comes from the Asia-Pacific region, of which the economic vitality and construction will continue to provide strong demand for OTR tire, accounting for about 50% of the entire global market, followed by North America and Europe. The expected steady growth in the South American market is mainly driven by the increased demand for engineering OTR tire used in construction, mining and industrial projects. Moreover, the support of the local government is in the form of tax subsidies and infrastructure development incentive policies, as well as the large-scale projects throughout the region.


2. The market forecast of OTR tire


In addition, a market report from the United Kingdom shows that as of 2022, the global market capacity of OTR tire will grow at a rate of 4% per year, and the market value will grow at a rate of 5.2%. The global capacity of OTR tire in 2017 is estimated to be 3.7 million tons, with a market value of $24.8 billion.

In addition, according to the inference from the data center of China Tire Business Network, the global special tire market will reach a demand of 100 million by 2020 or 2021, of course, the development of special tires is highly dependent on the development of local municipalities and infrastructure, while these work are related to the local government.