Off the Road Tire Market Analysis
The global off the road tire market is predicted to touch USD 27.3 billion at a 4.92% CAGR between 2023- 2032, states the recent Market Research Future (MRFR) analysis. Off the road or OTR tires, simply put, are deep treaded tires that offer high traction on unlevelled surfaces such as gravel, loose dirt, mud, or rock.
Various factors are propelling the global off the road tire market share. According to the recent MRFR report, such factors include increasing population, need for higher yield due to the demand for agriculture equipment vehicles and tractors, rising preference to use modern equipment for farming activities, increased infrastructural development and mechanization in developing countries, rising automation in industrial processes, and rise in average machine hours.
On the contrary, need for significant capital investments to manufacture giant off the road tires, availability of low-cost tires in unorganized markets, high cost of research and development activities, demand and supply gap, increasing commodity prices of natural rubber, and the impact of the current COVID-19 pandemic are factors that may impact the global off the road tire market growth over the forecast period.
Off the Road Tire Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global off the road tire market based on distribution channel, construction type, and vehicle type.
By vehicle type, the global off the road tire market is segmented into construction and industrial equipment, agriculture vehicle, mining, and others. Of these, the agriculture vehicle and construction & industrial equipment segment will lead the market over the forecast period.
By construction type, the global off the road tire market is segmented into belted bias, radial, and bias. Of these, the radial segment will dominate the market over the forecast period.
By distribution channel, the global off the road tire market is segmented into aftermarket and original equipment manufacturers (OEM). Of these, the aftermarket segment will have a major share in the market over the forecast period.
Regional Analysis
Based on the region, the global off the road tire market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. It is likely to develop at a 5.31% CAGR by 2025. The presence of one of the largest automotive aftermarkets, the booming automotive industry in Japan, China, and India, burgeoning demand for off the road tires, demand for fuel-efficient technologies, industrial development, and growing construction activities are adding to the global off the road tire market growth in the region.
The global off the road tire market in Europe is predicted to hold the second-largest share over the forecast period. It is likely to develop at a 4.59% CAGR by 2025. The presence of one of the largest off the road tire market in the region, the presence of top industry players, increasing use of these tires, and the availability of technologically advanced & low cost off road tires are adding to the global off the road tire market growth in the region.
The global off the road tire market in North America is predicted to have sound growth over the forecast period. The presence of a strong distribution network, growing demand for green vehicles, the presence of multiple leading manufacturers, and growing inclination for off-road vehicles such as dirt bikes and quads for trailing activities are adding to the global off the road tire market growth in the region.
The global off the road tire market in the MEA is predicted to have steady growth over the forecast period.
Key Players
Leading contenders profiled in the global off the road tire market report include Apollo Tyres Ltd. (India), Toyo Tire Corp. (Japan), Titan International, Inc. (US), Cheng Shin Tire (Taiwan), Pirelli & C S.P.A (Italy), Michelin (France), Goodyear (US), Bridgestone (Japan), and Continental AG (Germany).
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