The surging government investment urban areas development, introduction of new truck tire coupled with burgeoning demand for equipment in agriculture and industrial sector, rising focus on developing non-oil sectors are the major factors anticipated to upsurge the growth of Africa Off the Road (OTR) Tire market over the forecast period. Moreover, extensive funding made by public and private entities towards expanding industrial infrastructure, robust urbanization along with increasing investment in new radial tires plant and escalating government subsidies for farm equipment are some of the factor placing a positive impact toward the growth of the market in the forthcoming years. However, the OTR tire market in Africa was adversely impacted by the COVID-19 pandemic on account of disruption in supply chain, temporary shutdown of the manufacturing facilities and halt on various construction activities.

 

Based on Type of Vehicle, Earthmoving Equipment is anticipated to exhibit fastest growth in the Africa Off the Road (OTR) Tire market in 2019 on account of surging growth in the mining sector, introduction of residential development project by the government and extensive spending toward the development of non-oil sector. Moreover, Agricultural Vehicle acquired the significant market share owing the factors such as escalating government investment in agricultural mechanization, snowballing number of medium-scale farmers increasing government subsidy rates on tractor.


Get the sample copy of the report at: https://www.marknteladvisors.com/query/request-sample/africa-off-the-road-tire-market.html

 

South Africa grabbed the majority market share in the Africa Off the Road (OTR) Tire market in 2019 owing to the factors such as rising government support toward mechanization of agriculture farms and surging demand for OTR tires from the construction & mining sector, thus propelling the demand for Off-highway vehicles.

The key players with a considerable market share in the Africa Off the Road (OTR) Tire market are Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Hangzhou Zhongce Rubber Co. Ltd., Triangle Tyre Co. Ltd., CEAT Limited etc.