Off
the Road Tire Market to Touch USD 27.3 Billion at 4.92% CAGR by 2025
Rising
Automation in Industrial Processes to Positively Impact Off the Road Tire
Market Growth
APAC
to Dominate Off the Road Tire Market
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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