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India Off the Road (OTR) Tire Market Forecast 2022-2028

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India Off the Road (OTR) Tire Market was worth 10.81 million units in the year 2021. The market is projected to grow at a CAGR of 8.5%, with sales forecast to reach 19.17 million units by the end of 2028. India Off the Road (OTR) Tire Market is booming because of the rising demand for off-road tires which offer the best traction on uneven surfaces.

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India Off the Road (OTR) Tire Market Forecast 2022-2028

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  1. India Off the Road (OTR) Tire Market, By Tire Type, Trend Analysis, Competitive Market Share & Forecast, 2022-2028

  2. India Off the Road (OTR) Tire Market - Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India Off the Road (OTR) Tire Market was worth 10.81 million units in the year 2021. The market is projected to grow at a CAGR of 8.5%, with sales forecast to reach 19.17 million units by the end of 2028. India Off the Road (OTR) Tire Market is booming because of the rising demand for off-road tires which offer the best traction on uneven surfaces. Also, the benefits of OTR tires are used in various pieces of machinery for use in industries like construction, mining, mechanized agriculture, and industry. The demand for radial OTR tires has been seen to rise recently over bias tires, and this trend is anticipated to continue due to its many benefits.

  3. Growth Drivers  Expanding Indian Automotive Industry Because of the impact of globalization, most emerging countries around the world including India have seen significant growth in infrastructure development. Infrastructure includes expanding transportation networks, significant investments in roads, bridges, and tunnels for easier commuting, an improved supply chain network for better trade, expanding manufacturing industries, and building construction. With increased labor costs, the need for higher productivity, and making the best use of resources, the demand for advanced machines is expected to drive the demand for construction and mining equipment.

  4. Restraints  Expensive Research and Development Activities OTR tires are used in a variety of commercial off-road vehicles for usage in mining, agricultural, construction, and other industries. These tires are designed and manufactured to function under difficult circumstances, including heavy loads, abrasive surfaces, a variety of weather conditions, and poor traction. The materials used, tread designs, and several other aspects of the OTR tire vary depending on the kind of vehicle and the needs. Moreover, tires are produced taking into account all needs and standards as part of the design, production, and testing processes for OTR tires.

  5. Impact of COVID-19 The India OTR Tire industry and supply chain have been severely impacted by the COVID-19 outbreak. Construction and mining equipment sales fell in the first quarter of 2020. However, sales are expected to rebound in the second half of 2020. Additionally, there has been a significant increase in demand for off-highway equipment due to increased mechanization. However, due to the spread of COVID-19, which caused supply chain disruptions in 2020, cross-border trade was severely harmed. Demand for off-highway vehicles increased in 2021 and is expected to rise further due to increased investments in infrastructure development, and increased metal demand leading to growth in the mining industry, farm mechanization, and industrial

  6. Competitive Landscape The leading market players in India Off the Road (OTR) Tire Market are MRF Limited, Apollo Tyres, Bridgestone Company, CEAT Tyres, Goodyear Tire & Rubber Company, TVS Eurogrip, JkTyre & Industries, RalcoTyres, Continental Tyres, Michelin, other prominent players. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-off-the-road-tire-market/report-sample

  7. Key Players MRF Limited, Apollo Tyres, Bridgestone Company, CEAT Tyres, Goodyear Tire & Rubber Company, TVS Eurogrip, JkTyre & Industries, RalcoTyres, Continental Tyres, Michelin, other prominent players.

  8. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  9. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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