Acumen research and consulting estimates that global off highway vehicle tire market is expected to reach the market value of around US$ 14 Bn by 2027 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecasting period 2020 – 2027.
Off highway vehicle tires are most widely used in off highway equipment used in manufacturing, mining and automotive applications. They are common for vehicles normally used in rough terrains with a traditional alternative on road tires.
The report provides analysis of global Off highway vehicle tire market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The demand for off highway vehicle tires has a synergistic relationship with other sectors, including the construction and mining industries. Increasing use of off highway vehicle tires in the mining industry would generate opportunities over the forecast period to broaden the off highway tire market. In addition, the manufacturers emphasize increasing the tires power, longevity and efficiency. This will increase the demand for off highway vehicle tires and further expanded the market for off highway vehicle tires market. In the coming years, projected growth in off highway vehicle production will increase the demand for off highway vehicle tires, further generating prospects off highway vehicle tires market. The increase in construction, mining aggregates will further drive the development of the off highway tire industry throughout the evaluation period. Off highway vehicles are primarily used in aggregate quarry for transportation and materials processing purposes. In fact, demand for building equipment grew dramatically over the years.
Asia Pacific accounts for a large share of the global off highway market owing to the high penetration rates on off highways and the booming automobile industry, which has contributed to higher off highway vehicle manufacturing, particularly in China and India. In these countries, manufacturers set up manufacturing facilities to satisfy the increasing demand for off highway vehicle tires and thereby foster market growth. For eg, Yokohama Tire Corp. reported in May 2018 that its subsidiary ATG is investment in its 4th off highway pull manufacturing plant in India, worth some US$ 300 - 400 Mn. In addition, several OEMs in North Americans and Europe endorse advances in tire technology to satisfy the growing demands of customers on the off highway tire markets.
The market research study on “Off Highway Vehicle Tire Market (Off Highway Vehicle Tire Market By Product: Pneumatic, Non-Pneumatic; Off Highway Vehicle Tire Market By Application: Recreational/Utility, Utility, Youth, Sports; Off Highway Vehicle Tire Market By End Use: Sports, Military, Entertainment, Hunting, Agriculture, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Off Highway Vehicle Tire market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Off Highway Vehicle Tire market size, and segment markets By Product, application, end use, and geography along with the information on companies operating in the market. The Off Highway Vehicle Tire market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Off Highway Vehicle Tire market is segmented as below:
Off Highway Vehicle Tire Market By Product
Off Highway Vehicle Tire Market By Application
Off Highway Vehicle Tire Market By End Use
Off Highway Vehicle Tire Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such as Deutz AG, Cummins Inc., Kubota Corporation, J. C. Bamford Excavators Ltd., Caterpillar Inc., Deere and Company, AGCO Corporation, Hitachi Construction Machinery Co. Ltd., Others.
The market value of Off Highway Vehicle Tire is anticipated to be around US$ 14 Bn in 2027.
It is anticipated to grow over 6% CAGR amid the forecast period 2020-2027.
Asia Pacific held maximum share in 2019 led by the China.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Growing infrastructure development activities across the globe is a key driver of the market.
The growth of the global market is impeded by increasing implementation of environmental regulations by the government would increase pressure on the manufacturers.
Off highway vehicle tires are most widely used in off highway equipment used in manufacturing, mining and automotive applications.