North America OTR Tire Market to Grow at 6.50% in 2017 – 2022: TechSci Research
Increasing per capita income, growing construction and agriculture industries, and continuous infrastructure-based developments to drive North America OTR tire market through 2022, says TechSci Research, a research based global management consulting firm, report titled ‘North America OTR Tire Market By Vehicle Type, By Country, Competition Forecast and Opportunities, 2022’. The OTR tire market in North America is forecast to grow at a CAGR of around 6.50 per cent during 2017 – 2022.
The report intends in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.
“Garnering support from surging demand for construction equipment to meet growing infrastructural developments in North America, the demand for OTR tires for construction vehicles is increasing in the continent. Moreover, owing to projects such as National Infrastructure Plan of Mexico, America 2050 and New Building Canada Plan, the government of respective countries are investing heavily in cooperation with private partners to build a sustainable infrastructure in the country. This, in turn, is contributing to growing demand for OTR tires in the region,” the report said.
“North American countries are among the major mineral producing countries of the world, and have considerable share in global mineral production. Therefore, the demand for mining equipment tires in this region is high, and the same trend is expected to continue over the next five years,”, said Karan Chechi, Research Director, TechSci Research.
“Growing mechanisation of agriculture farms is also aiding the region’s OTR tire market. In terms of agriculture output, North American countries are considered advanced in comparison to other countries across the globe. Growing output coupled with rapid mechanisation of farms are also boosting the demand for OTR tires in North America,” the report further stated.