OTR Tires Industry to Grow

Aug. 19, 2019

The United States will maintain a 3.6 percent growth momentum in the tire market.

August 19, 2019—OTR Tires market worldwide is projected to grow by $1.8 billion, guided by a compounded growth of 4.2 percent.

Agriculture Tractor, one of the segments analyzed and sized in this study, displays the potential to grow at over 4.1 percent. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market. Poised to reach over $3.1 billion by the year 2025, Agriculture Tractor will bring in healthy gains adding significant momentum to global growth. 

Representing the developed world, the United States will maintain a 3.6 percent growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over $73.3 million to the region's size and clout in the next 5 to 6 years. Over $248.6 million worth of projected demand in the region will come from other emerging Eastern European markets.

In Japan, Agriculture Tractor will reach a market size of $195.2 million by the close of the analysis period. As the world's second largest economy and the new game changer in global markets, China exhibits the potential to grow at 6.2 percent over the next couple of years and add approximately $473.1 million in terms of addressable opportunity for the picking by aspiring businesses and their astute leaders.

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