Increasing per capita income, growing construction and agriculture industries, and continuous infrastructure-based developments to drive North America OTR tire market through 2022
According to TechSci Research report, “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% during 2017 – 2022. 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
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Growing mechanization 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 mechanization of farms are also boosting the demand for OTR tires in North America.
“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 as well.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America OTR Tire Market By Vehicle Type, By Country, Competition Forecast and Opportunities, 2022” has analysed the potential of North America OTR tire market, and provides information and statistics on market structure, imports and trends. 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 analyzes emerging trends along with essential drivers and key challenges faced by the industry.