Global Off The Road

iCrowdNewswire   Jan 18, 2021  1:00 AM ET

Usually, Off-the-Road (OTR) tires are used in heavy-duty vehicles that are not only useful for sectors like agricultural, construction, logistics, and mining industry, but can also offer traction on unpaved surfaces like gravel, loose dirt, mud, or sand. Market Research Future (MRFR) has published a research report about the global off the road tire market that ciphers aggrandizement for this market at 6% CAGR (Compound Annual Growth Rate) between 2017 and 2023.

The climacteric factor for the global off the road tire market is continuous growth of various sectors such as agricultural & logistics, mining & construction. Other factors contributing to the growth are the increase in the use of the off-the-road vehicles (including special purpose vehicles), and increasing use of technology for achieving attributes like increased durability. The increase in the use of heavy machinery and equipment in agriculture, mining, and industrial sectors is boosting the market. However, increasing the cost of coal mining due to the introduction of various government regulations can hamper market growth. The falling prices of crude oil have resulted in weak construction and mining activities.

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The global off the road tire market has been segmented on the basis of construction type, distribution channel, vehicle type, and lastly, region. Based on construction type, this market has been segmented into bias, belted bias and radial. Among these, the bias segment is being projected to hold the largest market share during the forecast period.

As per the distribution channel, the market has been segmented into the original equipment manufacturer (OEM) and aftermarket. During the forecast period, the OEM segment is anticipated to rise at rapid speed because these tires are useful in bad weather conditions and they do not require frequent replacement. OTR tires require replacement only when they are damaged or worn out after prolonged use. By vehicle type, the market can be segmented into agriculture vehicles, construction & industrial equipment, mining vehicles, and others.

The regional segmentation of the global off the road tire market segments the market into the regional markets namely Europe, North America, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific region has been anticipated to dominate the global market. In this region, China is a leading manufacturer of off-the-road vehicles, and it also has the maximum amount of sales. Other important country-specific markets in this region are India, Japan, Malaysia, and Thailand, followed by the remaining countries of the Asia Pacific region. Vital factors pushing the market growth in this region include the presence of many key market players in this region and the growing agriculture & construction industry in this region.

North America is the second largest regional market due to the established automotive sector, developed infrastructure, and the presence of many key market players. The key country-specific markets in this region are USA and Canada.

Europe is the third largest regional market whose primary reasons for growth are the same as in North America. The decisive country-specific markets in this region are France, Germany, Italy, and the UK, followed by the remaining countries of Europe.

Key Players

The key players in the global off the road tire market include Apollo Tyres (India), Bridgestone (Japan), Balkrishna Industries (BKT) (India), Continental AG (Germany), Cheng Shin Rubber Industry Co (Taiwan), The Goodyear Tire & Rubber Company (USA), Giti Tire (Singapore), Michelin (France), JK Tyre & Industries Ltd (India),  Pirelli & C. S.p.A. (Italy), Nokian Tyres plc (Finland), Toyo Tire & Rubber Co., Ltd. (Japan), The Titan Tire Corporation (USA),  Trelleborg AB (Sweden) and The Yokohama Rubber Company (Japan).

Latest Industry News

  • Tireco Inc. has launched its new Milestar Patagonia SXT tire at the King of the Hammers UTV race. The race marks the Milestar brand’s first foray into utility terrain vehicle off-road competition. 5 FEB 2019
  • Continental is to sponsor the Extreme E off-road electric racing series that will take teams to the most remote corners of the world. Continental will also serve as a proving ground for the tire manufacturer to develop its tire technologies. Individual tires will be developed for the different terrains. 6 FEB 2019

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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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