Off-road Tires Market Surpassing USD 849.3 Billion by 2030 Exclusive Report By Acumen Research and Consulting
Acumen Research and Consulting
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Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Off-road Tires Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
BERLIN, July 04, 2022 (GLOBE NEWSWIRE) -- The Global Off-road Tires Market size was registered at USD 459.6 Billion in 2021 and is expected to reach the value of USD 849.3 Billion by 2030, growing at a CAGR of 7.3% during the forecast period from 2022 to 2030.
The off-road tire market is developing as mechanization progresses in industries such as agriculture, mining, and construction. These tires have substantial threads that improve in traction on a range of terrain, including loose gravel, mud, dirt, and others, making them suitable for extreme weather conditions and uneven roadways. Furthermore, their deeper and wider grooves penetrate into sand and dirt surfaces, increasing rolling turbulence and stability.
Increased off-highway automobile sales and infrastructural development will fuel expansion in the global off-road tires market during the forecast period. Furthermore, impacts of climate change and low-cost tires from the unorganized sector are hindering the expansion of the global off-road tire industry. Nonetheless, the development of environmentally responsible off-road tires is expected to provide the sector with profitable growth potential.
Off-road tire demand is expected to expand as demand for agricultural tractors, construction equipment, heavy machinery, and rapid infrastructure development in advanced and emerging economies rises. Furthermore, rising demand for AWD, UTV, and 4WD vehicles for a variety of leisure activities is expected to boost market growth in the coming years. Additionally, the enhanced grip and sliding friction increase safety and the driving experience. As a result, market growth for safe driving on uneven terrain is likely to accelerate in the coming years. In addition, these tires are frequently used in heavy-duty trucks and vehicles for off-road activities such as mining, agriculture, logistics, and construction. The growing use of off-road vehicles such as excavators, special purpose vehicles, telescopic handlers, dump trucks, and tractors is propelling the off-road tire business forward.
Off-road tire manufacturers are increasing production capacity for high-performance heavy-duty application tires with great reliability and outstanding all-season traction. They're increasing R&D investments to include strong and durable sidewalls along with self-cleaning connectors for increased pull force. Furthermore, lower-pressure harvester tires are being designed, which will result in much less soil compaction. Besides that, the major industry participants in the off-road tire market are diversifying their portfolios, as farming is expected to provide the greatest revenue of any industrial sector. Bridgestone, among other things, created harvester and long jumper tires to help improve harvests.
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ATVs to Become Game-changer in Off-road Tire Market
The fastest expanding marketplaces for ATVs (All-terrain vehicles) are predicted to push the off-road tire market to a higher extent due to its use throughout varied sorts of terrain that other vehicles cannot access. With the growing emphasis on eliminating petroleum-based fuels, the development of greener tires is anticipated to be a prominent trend in the off-road tire market. Moreover, the Growing use of off-road tires in aggregate compactors for resource handling and transportation is expected to boost the global market. The high cost of natural rubber and synthetic petroleum-based rubber, on the other hand, has had a significant impact on the cost of off-road tires, influencing the global market growth.
Off-road Tires Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global off-road tires market. Asia-Pacific held the majority of the off-road tire market in 2021 and is expected to maintain its dominance during the forecast period. Asia's construction, manufacturing, and agricultural sectors, particularly India, China, and Japan, are likely to fuel market growth throughout the forecast period. Furthermore, as these industries become more automated, demand for off-road tires in Asia rises. Europe had a significant market share in 2021 due to technological improvements in the off-road tire industry and the presence of strong key players throughout the region.
Off-road Tires Market Segmentation
The global off-road tires market has been segmented by Acumen Research and Consulting based on material, tire height, vehicle, and distribution channel. Based on the material, the market is divided into synthetic rubber, carbon black, fabrics & wire, natural rubber, and others. Based on tire height, the market split into below 31 inches, 31-40 inches, 41-45 inches, and above 45 inches. Based on vehicle, the market is classified into 4WD HDT, dirt bikes & quad, UTV, SUV, OTR, and others. Based on distribution channel, the market is categorized into OEMs, and aftermarket.
Some key players covered global in the off-road tires industry are Yokohama Tire Corp., GITI Tire, Bridgestone Corporation, Hankook, JK Tyre & Industries Ltd., Hengfeng Rubber, Toyo Tire, Nokian Heavy Tyres Ltd., Triangle Group, Nortec, Michelin, and Continental AG.
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