According to the latest market research report, the global OTR tire market is expected to grow up to 4% from 2020 to 2025. The market capacity will reach 4.5 million tons, while the market value will reach 320 billion USD, reaching its peak in 2022-2025. With the rapid growth in the OTR tires market coupled with high-profit margins in the industry, tire enterprises are trying to seize the opportunity in the global market. Bridgestone provided the latest insight about the company's decision that it would expand its OTR product portfolio. Another leading tire company such as Continental also wouldn't want to miss the chance and work toward accelerating their deployment in the field of OTR tires.
A similar situation persists in China, blossoming infrastructure investment and rapid increase in construction machinery demand have empowered China's position as the significant construction machinery manufacturer in the world. With the advancement of the R&D and production capacity of the Chinese manufacturing industry over the last few years, the domestic OTR Tire started to gain global recognition. Statistically speaking, China's OTR output in 2020 was 18.74 million, the export volume in the same period was 5.98 million. China's OTR tire exports which had only accounted for 9.21% of domestic output in the earlier period back in 2015, now contributed a whopping 31.93% in 2019.
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