Off The Road Tires Market Share Analysis 2022, Industry Size, Top Manufacturers, Demands and Trends – Toyo Tire & Rubber Ltd., The Titan Tire Corporation, Trelleborg AB
Research Reports
Jul 05, 2022
Off The Road Tire Market Overview
Off The Road Tire Market is expected to be valued at USD 422 Billion with a CAGR of 6% Forecast by 2027. The report covers segmentation and drivers for a better glimpse of the market in the coming years. Off the road tires have registered a significant growth in adoption rates over the past few years in developing nations, such as China, Australia, and Brazil, owing to the rising automotive production and growing automotive aftermarket. The off the road tire market is mainly dependent upon the automobile production and sale. Thus, the fluctuation in demand for automobiles has an impact on the market. The global passenger and commercial vehicle production volume in 2019 was almost 91 million units and is projected to register a steady growth rate in the coming years
Off The Road Tire market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Off The Road Tire Market are, Toyo Tire & Rubber Co., Ltd. (Japan), The Titan Tire Corporation (U.S.), and Trelleborg AB (Sweden)
Growth Drivers:
- The increase in the demand for bigger off the road tires
- To support their mining activities
- The demand for agricultural tires across the world
- To customer trade is growing day by day
Most important Segments of Off The Road Tire market covered in this report are,
Global Market for Off the Road Tires is segmented based on vehicle Type, Construction Type, Distribution Channel, and Region. The vehicle type segment is bifurcated into mining, agricultural vehicle, construction and industrial equipment, and others. Off the road tires have applications in the mining, construction, and agriculture industries. These tires are used in large-scale machinery at construction, mining, and other sites that often have muddy paths and no roads. The mining industry relies on heavy machinery, such as excavators, backhoe loaders, skid steer loaders, dumpers, bulldozers, motor graders, road rollers, and others. These vehicles need to operate in areas where roads are in dilapidated conditions or are non-existent, such as forests, taverns, and plateaus.
The off the road tires market has been segmented into bias, radial, and belted bias segments based on construction type. The construction type defines the features and the downsides of the tires, such as the amount of rolling resistance, the smoothness of rides, shock absorbance, and the longevity of these tires. Bias tires have nylon belts that run at 30 to 45-degree angle with the tread line. The multiple overlapping rubber plies in the tire connect the sidewall and tread. The stiff internal construction causes less contact with the ground and may result in overheating.
Based on distribution channel, the global market is bifurcated into original equipment manufacturers (OEM) and aftermarket. The aftermarket segment is leading the sales channel segment and accounted for a value share of 60.4% in 2018. The life span of off the road tires is relatively less, leading to the high requirement of tires for the vehicle during its life span. This results in a higher share of the aftermarket segment in the global off the road tires market. The processes in the OEM segment involve the procurement and installation of off the road tires while manufacturing the vehicle by industrial vehicle manufacturers.
Off The Road Tire Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Off The Road Tire Market.
- Off The Road Tire Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Off The Road Tire Market market-leading players.
- Conclusive study about the growth plot of Off The Road Tire Market for forthcoming years.
- In-depth understanding of Off The Road Tire Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Off The Road Tire Market.
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The Off The Road Tire market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Off The Road Tire market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Off The Road Tire Market Regional Analysis
Based on region, the report on the off the road tire market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific accounted for the largest market share of over 43.2% in 2018, with a market value of USD 8.5 billion and is expected to register the highest CAGR of 5.31% during the forecast period. Asia-Pacific has one of the largest automotive aftermarkets, owing to the rapid growth of the automotive industry in countries such as China, India, and Japan. The increased demand for off the road tires in the region can be credited to factors, such as the growing construction activities, industrial development, and the rise in demand for fuel-efficient technologies.
Europe was the second-largest market in 2018, valued at USD 5.1 billion, and it is projected to exhibit a 4.59% CAGR in the coming years. The off the road tires market in the region is one of the largest. The presence of leading global off the road tire manufacturers such as Michelin, Continental AG, Pirelli & C. SpA., and Nokian Tyres PLC is driving the market. These companies are offering low cost and technologically advanced off-road tires for increasing their market share and are contributing to the increasing use of such tires throughout the region.
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