Off The Road Tire Market overview
The Off the Road Tire Market is anticipated to hold a cagr of 4.92% between 2022 and 2030. The
Off the Road Tires are a type of tyres. It uses a deep tread to provide
enhanced friction on surfaces such as gravel, mud, loose dirt, etc. They are
designed to be used both on-road and off-road; however, not all vehicles can be
used off-road, but this has the specialty to work off-road efficiently. The
heavy-duty equines and vehicles used for heavy works require OTR tires as they
can perform on harsh roads. It does not sacrifice safety and quality
performance even if working in those harsh conditions.
It is used in many industrial types of equipment, such as tow
vehicles, articulated, container handlers, rubber tire dozers, scrapers and
many more. It improves execution and dependability. The lockdown due to the
virus spread affected the Off the Road
Tire Market as the industrial activities were halted. The disruption in raw
materials is also a declining factor for the market during the pandemic.
Transportation activities, industrialization, and the rise in medium-size
farmers are the boosting factor for the market. The low cost of tires and high
cost of research and development will hinder the market growth.
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Off The Road Tire Market Key Players
·
Toyo Tire & Rubber Co. Ltd.
(Japan)
·
The Titan Tire Corporation (U.S.)
·
Trelleborg AB (Sweden)
Off The Road Tire Market segmentation
Based on the segment Vehicle Type, the market is bifurcated into
Mining, Agricultural vehicles, Construction and Industrial Equipment, and
Others. Among them, the agriculture segment holds the largest market share due
to the interest in horticulture and the use of this in the farm will probably
have a propelling effect on the market. By the Construction Type, Off the Road Tire Market is fragmented
into Radial, Bias and Belted Bias.
The bias tire portion will rule the market in the forecast period,
and it gives a smooth ride on harsh surfaces when contrasted with spiral tires.
In addition to it, the bias tires are more affordable compared to others. The
radial tire portion is also holding a large section of the market. The Distribution
Channel of the market consists of
Aftermarket and OEM. In the present scenario, the aftermarket has high
demand as the OTR tires are less durable than other tires, which is the reason
for the high share of the segment.
Off The Road Tire Market Regional
analysis
The Off the Road Tire Market size is analyzed in prominent regions
such as Asia Pacific, Europe, North America, South America, the middle east and
Africa. The Asia Pacific dominates the market share as the region has gained a
market value of USD 8.5 billion and registered a CAGR of 5.31% in the coming
years. The key reasons for the development are enhancing construction
activities and demand for energy-efficient technologies are driving the market.
Europe was the second-largest holding region of the market in 2018. The
increase in the government interest in development exercises will increase the
interest in construction vehicles.
Off The Road Tire Industry news
A North Carolina cyclist is suing Rene Herse Cycles alleging the
company was negligent in selling a tubeless road tire that blew off a hookless
rim, causing a crash.
Segmentation
By Vehicle Type
·
Mining
·
Agricultural Vehicle
·
Construction
·
Industrial Equipment
·
Others
By Construction Type
·
Radial
·
Bias
·
Belted Bias
By Distribution Channel
·
Aftermarket
·
OEM
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