The global off-the-road tire market is driven by rising aftermarket demand, expanding industrialization, and increased farm mechanization.
PORTLAND, Ore., Aug. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Off-the-Road Tire Market by Product (Radial Tires, Bias Tires, and Non-Pneumatic Tires), Vehicle Type (Earthmovers, Loader and Dozers, Graders, Material Handling Equipment, and Tractors and Agricultural Equipment), End User (Construction, Industrial, Mining, Agriculture, Ports, and Others) and Target Market (Original Equipment Manufacturers (OEM) , and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the off-the-road tire market was valued at $6.3 billion in 2022, and is estimated to reach $11.6 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Prime determinants of growth
The global off-the-road tire market is experiencing growth due to increase in aftermarket demand, growth in industrialization, and increase in farm mechanization. However, factors such as the availability of low-cost tiers in the aftermarket and extreme weather conditions hinder the market growth. Moreover, retreading OTR tires and strengthening emission regulations offer remunerative opportunities for the expansion of the global off-the-road tire market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $6.3 billion |
Market Size in 2032 | $11.6 billion |
CAGR | 6.5 % |
No. of Pages in Report | 280 |
Segments Covered | Tyre Type, Rim Size, Application, and Region |
Drivers | Increase in aftermarket demand |
Growth in industrialization | |
Increase in farm mechanization | |
Opportunities | Retreading of OTR tires |
Strengthening emission regulations | |
Restraint | Availability of low-cost tiers in aftermarket |
Extreme weather conditions |
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Segment Highlights
By tire type, the bias tire type dominated the global market share as the demand for bias tire type segment is growing due to its rigid design, bias tires are made up of several layers of nylon or polyester cords. Bias tires are known for their sturdy and rigid design, moreover, due to their outstanding durability and resistance to cuts, punctures, and sidewall damage, bias tires are an ideal choice for tough off-road environments with a lot of sharp objects, rocks, and debris.
By rim size, the 25-30-inch segment dominated the off-the-road tire market, and its demand is driven by its large diameter and high ground clearance, making them an ideal choice for use in construction mining and industrial equipment. 25-30-inch tires are ideal for use in harsh environments that require navigating through rocky and uneven surfaces, as 25-30-inch tires help vehicles maintain traction and avoid obstacles.
By application, the industrial equipment segment dominated the global market share, driven by growth in infrastructure development, construction projects, and manufacturing activities globally. The growing demand for industrial activity is creating more demand for off-the-road tires. Moreover, the growth in the logistics sector has resulted in an increase in demand for warehouses, distribution centers, and manufacturing facilities, which require industrial machinery such as forklifts, reach trucks, and pallet jacks, which further create demand for off-the-road tires, thus further contributing to the growth in market demand.
Regional Outlook
The growing demand for all-terrain vehicles and off-roading vehicles in developing countries such as India, Mexico, Indonesia, Vietnam, and others, is creating market demand for the off-the-road tire market. Similarly, these countries are also experiencing infrastructural development and growth in construction activities, which is further driving the demand for the off-the-road tire market.
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Players
- Continental AG
- Bridgestone Corporation
- Michelin
- The Goodyear Tire & Rubber Company
- Pirelli
- Titan International, Inc.
- The Yokohama Rubber Company
- Nokian Tyres plc.
- CEAT Tyres
- Magna Tyres
The report provides a detailed analysis of these key players in the global off-the-road tire market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- On January 23, 2024, Continental AG announced that they have set a new standard for use of sustainable materials in their upcoming tires. The company is working on manufacturing tires utilizing silica from agricultural waste, polyester from recycled PET and other renewable and recyclable materials with the Conti GreenConcept tire. Continental AG and its partners have succeeded in producing high-quality polyester yarn for tires from recycled PET bottles. Depending on tire size, between nine and fifteen PET bottles can be reused per tire.
- On July 14, 2020, Continental AG announced new steer truck tires for severe wintry on/off-road applications. The new Conti Scandinavia HS3 ED the steer-axle tire has been specially designed for goods transportation in snowy and on/off-road applications, such as timber transport, mining and use on construction sites. The new tire range offers winter traction for vehicles operating in harsh, snowy environments. The tire was developed to be used mainly in European Nordic countries with their harsh winter conditions and mountain areas with snowy roads in Central and Eastern Europe.
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