Portland, OR, Nov. 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ATV-UTV tire industry garnered $385.8 million in 2018 and is expected to reach $698.1 million by 2026, growing at a CAGR of 7.5% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
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Rise in trend of adventure sports & recreational activities, adoption of ATV-UTV in military activities, and government rules to support driving ATVs and UTVs on roads have augmented the growth of the global ATV-UTV tire market. Whereas, growth in the retreading tires market and volatile prices of raw materials hinder the market growth. On the contrary, rise in the automobile sector and production of safer ATVs and production of safer ATVs and UTVs are expected to offer lucrative opportunities in the near future.
COVID-19 Scenario-
- Due to the global lockdown, the manufacturing processes by the companies in ATV_UTV tire market have come to a halt. In addition, the market has witnessed a decrease in demand due to restrictions on travel and tourism.
- Moreover, due to precautionary measures taken by the government in various region, the industry has witnessed disruption in supply chain.
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Based on industry vertical, it is categorized into agriculture, military, mountaineering, and others. The mountaineering segment held the largest share in 2018, accounting for nearly three-fifths of the global ATV-UTV tire market. However, the military segment is expected to portray the highest CAGR of 11.3% during the forecast period.
Based on application, it is categorized into all-terrain vehicle (ATV) and utility terrain vehicle (UTV). The ATV segment is anticipated to register the fastest CAGR of 8.8% during the forecast period. However, the UTV segment held the largest share in 2018, accounting for more than two-thirds of the global ATV-UTV tire market.
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The global ATV-UTV tire market across North America held the largest share in 2018, accounting for around half of the market. However, the market across Asia-Pacific is estimated to hit 9.0% during the study period. The report also analyzes regions including Europe and LAMEA.
Major market players in the report include Bridgestone, Duro Tire, Carlisle, KENDA Tire, Goodyear, Michelin, Maxxis, Titan International Inc., Sedona Tire and Wheel, and Toyo Tire.
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