In most of the recently released OTR tires market reports, marketers show the optimism about the future of this market. Data prediction also strengthens the market confidence: “the OTR tires market was valued at USD 5.34 Billion in 2017 and is projected to grow at a CAGR of 4.64% during the forecast period to reach to USD 7.68 Billion by 2025”.
Different from the tires used for electric vehicles, OTR tires are mainly used for machines in construction, mining or agriculture industry. Rapid industrialization in these years drives the wide use of industrial instruments, including the demand of its essential part – OTR tires.
Another factor accelerates OTR tires’ market growth is the development of agriculture industry. Mechanization of agriculture calls for more efficient machines to assist farmers’ work and brings more orders for OTR tires manufacturers.
As for the geographical development, experts predict that Asia Oceania and North America will develop faster than others. Asia Oceania is a developing market in agriculture industry, which provides OTR tires a good environment to develop. For North America, the advantage is the advanced machine technology. OTR tires development takes the lead all over the world as it owns powerful talents and good technology basis. Therefore, enterprises could find business opportunities in the prosperous area.
Additionally, experts also provide tips to enterprises who want to improve competency in OTR tires market:
Provide helpful information for customers
Accurate information about the market is attractive for customers, because they can make their strategy on the basis of the useful information. You need to make the customers know about your products as much as possible. For instance, if you introduce some technology parameter to your customers, they can manage the OTR tires better to control cost well and work efficiently.
Sell diverse tires
OTR tires for large machine are popular. While other kinds of OTR tires may also bring you more profits. For example, small tractors are welcomed by hobby farmers, vineyards and small commercial farms. So you can take the chance to sell your tire to suppliers in small tractors market. That is, taking some time to study for those markets which are not so common may find more business opportunities.
Keep on innovating technology
No matter which industry are you work in, innovation is always a vital factor to make you keep pace with the market. OTR tire producers should focus on technology to ensure the quality or improve the shortcomings. For instance, the obvious shortcomings of OTR tires are its weak wear resistance and high cost. Therefore, you can innovate the technology to make your tire cheaper and could be applied for a long time, then customers will come to you.
Moreover, it’s also suggested to keep eyes on leasing machine whose tires need to change regularly. You can promote your tires to the machine owners and become their long-term business partners.