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.
Off-Road tires are generally thought to be useful for stability and grip on unpaved terrains such as sand, mud, dirt, and others. Off-road tires are widely used in structural engineering, gravel and gravel mining, agriculture, dam construction, and a variety of other industries. Off-road tires are designed with a heavy-duty traction pattern, blocky sidewalls, and puncture-resistant partition walls to withstand rock smashing while maintaining a grip on mud and other debris. However, the expansion of the construction and mining industry in emerging nations has increased demand for building and handling of materials machinery, which is predicted to significantly boost the growth of the off-road tire market.
Off-road Tires Market Dynamics
|Off-road Tires Market
|Market Size 2021
|USD 459.6 Billion
|Market Forecast 2030
|USD 849.3 Billion
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Material, By Tire Height, By Vehicle, By Distribution Channel, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|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.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The off-road tire market has significant potential and is expected to increase over the forecast period, owing to the advancement of industrialization and increasing urbanization, particularly in emerging nations such as India and China. Furthermore, increased global demand for modern agricultural vehicles, as well as advancements in farm mechanization, particularly in emerging economies, are influencing the growth of the off-road tire market. Furthermore, the increase in government expenditures on various agricultural items of machinery and machinery, resulting in high consumption of off-road tires globally, is predicted to fuel the off-road tires market expansion. Furthermore, increased demands for off-highway vehicles in advanced and emerging nations, as well as an increase in worldwide construction activity, are expected to boost the growth of the off-road tires market during the forecast period.
However, the market for off-road tires has certain constraints that are expected to stymie the market's potential growth, such as fluctuating raw material availability and an increase in the gap between OTR tires producers and consumers, while extreme weather events and customization options are expected to challenge the market's growth during the forecast period.
Off-road TiresMarket Segmentation
The global off-road tires market segmentation is based on the material, tire height, vehicle, distribution channel and geography.
Market by Material
Based on the material, the synthetic rubber segment is predicted to develop the fastest in the coming years. The synthetic segment is further segmented into butadiene rubber and styrene-butadiene rubber. Furthermore, synthetic rubber benefits tire in a variety of ways, including control, hold, safety, and convenience. Similarly, having additional features such as friction resistance, impact resistance, fuel efficiency, course stability, puncture resistance, steering response, wet traction, and weather resistance allows such tires to operate in difficult settings. On the other hand, the widespread usage of styrene-butadiene and butadiene polymers in agricultural and mining vehicles considerably adds to the high market capture ability. The material's superior compressive and flexural tolerances, as well as its affordable cost, are driving its widespread adoption.
Market by Tire Height
In terms of tire height, the above 45-inch segment will dominate the market in 2021. The primary growth driver is the rising demand for Industrial and commercial trucks. Various developments, such as agribusiness mechanization and automation, increasing mining and infrastructure development activity, growing technology in agricultural applications, and higher use of heavy machinery, are likely to promote segment penetration.
Market by Vehicle
In terms of vehicles, the UTV segment is predicted to dominate the off-road tire market in 2021. Utility terrain vehicles (UTVs) are driven primarily by their potential to serve as off-road vehicles and transit equipment. The off-road tire must be capable of maneuvering past obstacles and traversing rough terrain. Handling equipment must be sturdy enough to transport cargo while remaining above softer soil. These vehicles are usually equipped with a roll-over protection mechanism. Utility terrain vehicles are mostly used for leisure and recreation. These are also used in many industries, including forestry, military and defense, and agriculture. However, the growing customer preference for offload recreational activities is propelling the utility terrain vehicle segment forward.
Market by Distribution Channel
Based on the distribution channel, the aftermarket segment is predicted to have considerable market shares in the coming years. Off-road tires have a shorter lifespan than other types of tires. As a result, the aftermarket segment holds a larger share of the market. Consumers' rising spending power, a better understanding of vehicle maintenance, and a rise in aftermarket dealers are all helping the aftermarket tire business. Furthermore, increased agricultural mechanization and significant development in professional farm operations are driving increasing demand for aftermarket tires.
Off-road Tires Market Regional Overview
The Middle East & Africa (MEA)
Asia-Pacific will account for the largest share of the off-road tire market in 2021. India and China are the Asia-Pacific off-road tire market leaders. India's and China's economic expansion, together with China's significant investments in road and other infrastructure construction, will drive Asia-Pacific regional market opportunity. However, rising demand from emerging economies and strategic actions by major industry players are expected to propel the off-road tire market forward. Because of the region's strong increase in industrial businesses, the Asia-Pacific off-road tire market is predicted to grow rapidly. Increased government spending on infrastructure is expected to boost the development of construction vehicle models, boosting the Asia-Pacific as well as European off-road tire markets.
Off-road Tires Market Players
Some of the prominent players in global off-road tires market 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.
The global off-road tires market size accounted for USD 459.6 Billion in 2021.
The projected CAGR of off-road tires during the analysis period of 2022 to 2030 is 7.3%.
The prominent players of the global off-road tires market involve 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.
Asia-Pacific held the dominating share for off-road tires during the analysis period of 2022 to 2030
North America region exhibited fastest growing CAGR for off-road tires during the analysis period of 2022 to 2030
Higher sales for AWD/4WD and UTV vehicles, rising individual attention in off-road leisure activities, and technological innovations in products for improved reliability are the prominent factors that fuel the growth of global off-road tires market
Based on material, synthetic rubber segment held the maximum share for off-road tires market in 2021