Speaking on the current market size of OTR and industrial tyres, Rajiv Poddar, Jt. MD, BKT Tires, had this to say: “The market for global OTR tyres is forecast to reach $7.57 billion by 2025, growing at a CAGR of 4.75% from 2020 to 2025. The Indian OTR market, in particular is extremely dynamic and is fast emerging to become one of the most promising future ready sectors in the country. Expected to grow at a rate of 15% during 2020-2025 exceeding the global outlook, it is filled with boundless business prospects.”

He added, “Key segments driving this demand globally and in India are construction and mining. The onset of speedy industrialisation and the privatisation of coal are some of the factors contributing immensely to the same. Reasons further propelling this growth curve are the rapid expansion and urbanisation of developing countries, quick adoption of technological innovation within the construction domain, which requires the most advanced tires, and the evolution of new age OTR offerings that can operate in different terrains.”