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.
Request Sample of the Report on Off-the-Road Tire Market
Forecast 2032:
https://www.alliedmarketresearch.com/request-sample/A07147
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
|
Procure Complete Report (280 Pages PDF with Insights, Charts,
Tables, and Figures):
https://www.alliedmarketresearch.com/checkout-final/off-the-road-tire-market-A07147
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.
To Talk With Our Industry Expert
@ https://www.alliedmarketresearch.com/connect-to-analyst/A07147
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.
Browse More Trending Reports
Satellite-Based Earth Observation Market Size,
Share, Competitive Landscape and Trend Analysis Report, by Product
Type, by Satellite Orbit, by End-use: Global Opportunity Analysis
and Industry Forecast, 2023-2032
Satellite Manufacturing Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Application, by Satellite
Type, by Size: Global Opportunity Analysis and Industry Forecast,
2021-2031
About Us
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market
Research provides global enterprises as well as medium and small
businesses with unmatched quality of "Market Research Reports" and
"Business Intelligence Solutions." AMR has a targeted view to
provide business insights and consulting to assist its clients to
make strategic business decisions and achieve sustainable growth in
their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
AMR Resource Center:
https://www.alliedmarketresearch.com/resource-center
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/off-the-road-tire-market-to-reach-11-6-billion-globally-by-2032-at-6-5-cagr-allied-market-research-302219841.html
SOURCE Allied Market Research