Offroad/Mud Tyre Market Size Worth $846 Billion By 2030: IndustryARC

Offroad/Mud Tyre Market size is predicted to reach $846 billion by 2030, growing at a CAGR of 7.1% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The surging demand for highly durable and long lasting tyres, rising popularity of SUVs in recent times and people engaging in offroad tracks and outdoor fun adventures are poised to propel the market growth, finds IndustryARC in its recent report, titled “Offroad/Mud Tyre Market Size, Share & Trends Analysis Report By Tyre Category (Standard Size, Flotation Size), By Tyre Size (22 inches – 26 inches (small size), 27 inches – 33 inches (mid size), 33 inches – 40 inches (full size), over 40 inches (large)), By Vehicle Type (All Terrain Vehicles, Utility Task Vehicles, Sport Utility Vehicles, Others), By Drive Train ( Internal Combustion Engine, Electric), By Distribution Channel (OEMs, Aftermarket, Others), By Region and Segment Forecasts, 2023–2030”.

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Asia Pacific to Register Highest Growth:

The Offroad/Mud Tyre Market in APAC region is expanding due to rapid growth of industrial sector. Many countries in this region are rich in natural resources, leading to significant mining activities and government initiatives and investments in infrastructure projects. Additionally, Asia Pacific is home to many developing economies that have a strong presence of major manufacturers who continuously invests in new and innovative product launches and developments that are major factors propelling the market growth in this region.

For instance, On 16 May 2023, the Indian Ministry of Coal stated, the government is taking steps to boost domestic manufacturing to slash reliance on imported high-capacity mining equipment. A multidisciplinary high-level committee has been assembled with representation from several governmental divisions to strengthen the goals of Aatmanirbhar Bharat and increase local coal production, thereby driving mining vehicles demand.

Offroad/Mud Tyre Market 2023-2030: Scope of the Report

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Offroad/Mud Tyre Market Report – Key Takeaways:

Technological advancement in material and design

Advancements in tyre technology such as developing tyres with advanced rubber compounds that provide better grip and traction in challenging off-road conditions, improved tread designs with deeper cuts and wider grooves for improved mud and sand traction are leading to the development of more durable, long lasting, and high-performance off-road tyres. In March 2022, JK Tyre & Industries said it has come up with the country’s first puncture guard technology in tyres for four-wheelers. The technology, with specially engineered self-healing elastomer inner coat, applied inside the tyres through an automated process, heals the punctures and thereby is intended to capture growing demand for advanced tyres.

Aftermarket distribution channel to Register Highest Growth

Aftermarket distribution channel is analyzed to grow with the highest CAGR of 8.2% during the forecast period. As off-road vehicles and machinery are extensively used in industries such as construction, mining, agriculture, and forestry, the wear and tear of tires are common, leading to high demand from aftermarket sector. The aftermarket distribution channel tends to have a broader network of retail outlets, dealerships, and online platforms, making off-road tires easily accessible to consumers across various locations.

Asia Pacific is Leading the Market

Asia Pacific region held a major market share of 43% in 2022. Technologically advanced, highly durable and long-lasting tyres by major manufacturers present in the region are cost-effective and can endure high foot traffic driving Offroad/Mud Tyre Market in Asia Pacific region. The market is also registering growing investments in the mining sector. Countries such as Australia, China, and India have been making significant investments in the mining sector, which is driving the demand for OTR tires in recent years.

Growing opportunities through industrial development and mining

In industrial development such as mining, construction and infrastructure, heavy-duty vehicles are used which require specialized tyres that can withstand the challenging conditions they operate in, including rough and rocky terrain, mud and sand. This tends to increase in demand for offroad tyres. The index of mineral production of mining and quarrying sector for the month of December 2022 stood at 107.4, 9.8% higher as compared to the level in the month of December 2021.

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Key Opportunity Analysis:

Growing popularity of SUVs in recent times

The increasing popularity of SUVs and pickup trucks is creating a huge market for off-road tyres, as these vehicles are designed for off-road use and require specialized tyres for optimal performance. Many vehicle owners are now customizing their vehicles to make them more capable off-road, and this has created a demand for specialized tyres that can handle the added stresses and strains of these modifications. In 2023, Ford has introduced the new Raptor R. It raises the regular Raptor to new heights thanks to a supercharged 5.2-liter V8 engine that was borrowed from the Mustang Shelby GT500, fueling a high-powered off-road vehicle.

People engaging in outdoor activities and off-road adventures

Track racing events such as mud bogging and rock crawling require tyres that can provide better traction and stability on uneven and unpredictable surfaces. As a result, specialised offroad tyres with cutting-edge tread patterns and strengthened materials that can resist the demands of track racing have been created. The challenging terrain and obstacles such as steep inclines, deep ruts, and large rocks, provide an adrenaline rush that is unmatched. It’s a chance for individuals to push their limits, both physically and mentally, as they navigate their vehicles through rough terrain. The rising demand for these events will drive growth of mud tyre market.

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The Report also Covers the Following Areas:

• Offroad/Mud Tyre Market Size and Forecast
• Offroad/Mud Tyre Market Trends
• Offroad/Mud Tyre Market Analysis by Product Type

Offroad/Mud Tyre Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Offroad/Mud Tyre Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Offroad/Mud Tyre Market

Covid and Ukrainian Crisis Impact:

The pandemic impacted on different industries, such as construction, infrastructure and tourism, varied significantly. Some sectors experienced a slowdown or temporary halt in operations, leading to reduced demand for off-road tires. Owing to restrictions, vehicle owners reduced the amount of driving resulting in delayed visits for maintenance or tire replacement. However, other sectors, such as agriculture and logistics, saw increased demand, drove the need for off-road tires, with the projected exponential increase in vehicle sales over the forecast period, the market is expected to be revived economically.

Ukraine is an important global producer of natural rubber, which is a crucial raw material for tire manufacturing. The conflict disrupted the supply chain of natural rubber and other raw materials, leading to shortages and increased prices of off-road tires, which in turn affects the production for off-road tires.

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List of Key Market Players in Offroad/Mud Tyre Market:

The Global Offroad/Mud Tyre Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Michelin
• The Goodyear Tire & Rubber Company
• Bridgestone Corporation
• Continental AG
• Pirelli & C. S.p.A
• The Yokohama Rubber Company
• Cooper Tire & Rubber Company
• Toyo Tire Corporation
• Hankook Tire & Technology Co., Ltd.
• Cheng Shin Rubber Industry Co.

 Related Reports:

Advanced Tyres Market – The Global Advanced Tyres Market size is estimated to reach $349 million by 2027, growing at a CAGR of 16.5% from 2022 to 2027. Additionally, stringent government regulations towards vehicular emission, increasing focus on advanced technologies and widespread applications of the Tyres also drive the Advanced Tyres Market forward.

OTR Tires Market – OTR Tires Market size was valued $7.5 billion in 2020 and is estimated to grow at a CAGR of 3.5% during 2021-2026. The growing demand for mining, agriculture and construction are fueling the OTR Tire market. Additionally, the rising demand for commercial vehicles and the need for off-the-road tires for optimal performance including glass transition temperature are driving the growth of the market.

Racing Tires Market – Racing Tire market size is forecast to reach $12.6 billion by 2025, growing at CAGR 4.28% during 2020-2025 owing to the increasing revenue generation from formula one racing championship. The growing number of viewership across the world opting for viewing through online channels on smartphones is set to opens up new streams of revenue generation in the racing business.

Green Tires Market – Green Tires market size is forecast to reach US$143.2 billion by 2026, after growing at a CAGR of 11.2% during 2021-2026. Green tires are tires that have been modified to have a low rolling resistance by using materials like silica. The addition of silica to the tire formulation improves the energy efficiency of the tires while also increasing their overall safety.

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