Industry news

The continuous advancement of mechanization and infrastructure construction in emerging markets has driven the demand for agricultural, construction, mining equipment, and engineering machinery tires. According to Smithers' report "The Future of Off-The-Road (OTR) Tires to 2024," the global OTR tire market size was estimated to exceed 4 million metric tons in 2019, valued at USD 27.5 billion. It was projected that the five-year compound annual growth rate (CAGR) for OTR tire sales would be 3.8% and the CAGR for value would be 4.8% by 2024.

According to market research agency Smithers' projections, the global OTR (Off-The-Road) tire market will continue to demonstrate robust growth momentum, anticipated to expand at a compound annual growth rate (CAGR) of 4.9% until 2029, further enlarging the market size. This forecast indicates that the OTR tire market holds significant potential for growth in the coming years.

As the tire and wheel industry converges at the prestigious Shanghai World Expo Exhibition & Convention Center for the 19th China International Tire & Wheel Expo (2024 CITEXPO), Oxplo Tire stands poised to make a significant impact on the global stage.

Local tire companies from Shandong have been generating industry buzz as they invest in projects outside the province. This is closely tied to the implementation of local industrial policies and development plans.