New York US, May 04, 2022 (GLOBE NEWSWIRE) -- Off the Road Tire Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Off the Road Tire Market” information by Vehicle Type, by Construction Type, by Distribution Channel and Region – Forecast to 2027” market size to grow at a compound annual growth rate of 4.92% by 2025.
Market Scope:
In the farm & agriculture industries, off-road machines are utilized to carry out significant day-to-day tasks. A utility off-road vehicle is used in agricultural operations such as crop planning and scouting, rock selection, and irrigation, among other things. The majority of work is now done in the fields using this machinery, which necessitates tire replacement at regular intervals, which is likely to drive the global off-road tire market forward throughout the forecast period.
Dominant Key Players on Off the Road Tire Market Covered are:
- Michelin (France)
- Titan International Inc. (US)
- Apollo Tyres Ltd. (India)
- Cheng Shin Tire (Taiwan)
- Bridgestone (Japan)
- Toyo Tire Corp. (Japan)
- Goodyear (US)
- Continental AG (Germany)
- Pirelli & C S.P.A (Italy)
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Market USP Exclusively Encompassed:
Market Drivers
Increasing Adoption in Different Sectors to Boost Market Growth
High heat and rolling resistance, superior longevity, improved vehicular performance, utmost stability, simple movement, and a smaller contact patch area are all features of OTR tires. As a result, these are majorly used in a variety of industries, such as mining, construction, agriculture, recreation, and so on. This will fuel market growth at the forecast period.
High R&D Costs to act as Market Restraints
The high research and development costs may act as a market restraint over the forecast period.
Volatility in Raw Material Price to act as Market Challenge
The volatility in raw material price may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (139 Pages) on Off the Road Tire Market:
https://www.marketresearchfuture.com/reports/off-the-road-tire-market-5029
Segmentation of Market Covered in the Research:
The global off the road tire market is bifurcated based on distribution channel, construction type, and vehicle type.
By vehicle type, agriculture vehicle will lead the market over the forecast period.
By construction type, radial will dominate the market over the forecast period.
By distribution channel, aftermarket will spearhead the market over the forecast period.
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Regional Analysis
APAC to Command Off the Road Tire Market
In the off-road tire market, Asia Pacific has the biggest market share. This off the road tire market is worth USD 8.5 billion & is expected to grow at a CAGR of roughly 5.31 percent in the next years. The surge in demand for off-road tires in this region is due to a number of causes, including increased industrial development, increased construction activities, & an increase in demand for energy-efficient technologies. In 2020, Asia Pacific had the greatest market share of off-road tires, and this trend is likely to continue during the forecast period. During the projected period, the rapid expansion of the industrial, construction, & agricultural sectors in emerging Asian countries such as India, China Japan, and others is expected to promote market growth. In addition, the increased mechanization of these industries is driving up demand for off-road tires in Asia. For market analysis, Asia Pacific includes Japan, China, India, and Indonesia. Infrastructure projects are likely to develop as they are a vital facet of boosting connectivity and influencing long-term growth. The requirement for residential buildings has increased in recent years as a result of population expansion and migration to large cities. As per the Asian Development Bank, major Asia Pacific countries will require investing about USD 1.7 trillion yearly in infrastructure development between now and 2030 to meet infrastructural development needs. These factors are predicted to promote construction equipment demand and have a beneficial impact on OTR tire demand.
Emerging economies including China and India are driving the mining sector in this region. During recent years, the mining industries in India and China have expanded significantly. As per the Indian Brand Equity Foundation, it is India that is the world's second-largest producer of coal in 2021 and the world's second-largest producer of crude steel in 2020. As these countries are populated densely, local demand for minerals and metals is substantial. Thus, these countries' mining investments have expanded dramatically. Because of the modest field sizes and reliance on the seasonal rains for mechanical farming, irrigation, mechanical farming is not much employed in this region, unlike in the west. As a result, in comparison to the west, the agricultural OTR tire market in the APAC region is underserved. The increased use of irrigation for agriculture, as well as rising per capita income, would improve the market for the agriculture equipment and, by extension, OTR tires in this region. The Asia Pacific OTR tires market is expected to increase at a CAGR of 4.6 percent in the forecast period. Because of the various infrastructure development efforts in the region, Asia Pacific will account for about half of the off-road tire market share in 2020, with China leading the way, followed by India and Japan. China's and India's economic expansion, combined with China's significant investments in road & other infrastructure development, would boost regional market demand. However, rising demand from India & strategic initiatives from major companies are expected to help the market grow even faster.
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COVID-19 Impact on the Global Off the Road Tire Market
However, the COVID-19 pandemic crisis in early 2020 has hampered the expansion of the off-road tire business. Due to national lockdowns around the world, several construction and industrial activities were temporarily halted. Raw material supplies were disrupted, and manufacturers producing OTR tires were temporarily shut down as a result of the lockdowns. However, we estimate the global off-road tire industry to rebound and develop starting in 2021.
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