According to the latest report by IMARC Group, titled, “Off-the-Road Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global off-the-road tire market size reached US$ 27.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 37.9 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
Off-the-road (OTR) tire is widely available as all-terrains (A/T), mud-terrains (M/T), rock, and snow tires. It is puncture-resistant and has reinforced sidewalls that aid in avoiding damage and accidents on any terrain. It is rigid and has special tread patterns to provide easy mobility as compared to street tires. It assists in offering a firm grip on rocky, muddy, snowy, and sandy terrains. It provides safety and performance even in challenging off-road conditions. As it is utilized to create traction between the road and the vehicle for propulsion, the OTR tire is employed in the construction, mining, and agriculture industries across the globe.
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Off-the-Road Tire Market Trends and Drivers:
At present, the rising adoption of OTR tires in the agriculture industry for crop plotting and scouting, selecting rocks, and irrigation purposes represents one of the primary factors propelling the market growth. Besides this, the growing adoption of OTR vehicles in military operations to carry cargo, fuels, and ammunition is offering a positive market outlook. Apart from this, the increasing utilization of OTR vehicles, such as cranes, bulldozers, wheel loaders, telescopic handlers, and tractors, is positively influencing the market. Moreover, the rising demand for OTR tires in the construction industry for developing dams, bridges, and highways across the globe is bolstering the growth of the market. Furthermore, the increasing integration of several sensor-based technologies in OTR tires that offer real-time data analysis and monitor tire pressure and temperature is strengthening the growth of the market.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Apollo Tyres
- Balkrishna Industries Limited
- Bridgestone Corporation
- Cheng Shin Rubber Ind. Co. Ltd.
- China National Tire & Rubber Co. Ltd. (China National Chemical Corporation Limited)
- Continental AG
- Double Coin Holdings (Shanghai Huayi Group Corporation Limited)
- JK Tyre & Industries Ltd.
- Michelin
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- Titan International Inc.
- Trelleborg Ab
- Yokohama Rubber Co. Ltd.
Off-the-Road Tire Market Report 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on vehicle type, tire type, end-use, distribution channel and rim size.
Breakup by Vehicle Type:
- Mining Vehicles
- Construction & Industrial Vehicles
- Agricultural Vehicles
- Others
Breakup by Tire Type:
- Radial Tire
- Bias Tire
Breakup by End-Use:
- OEM
- Replacement
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Rim Size:
- Below 29 inches
- 29-45 inches
- Above 45 inches
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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