Off The Road Tire Market Is Likely Upsurge by , Size, Share, Trend
The global off-the-road tire market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6% by 2023. This market is influenced by the implementation of strict vehicular emission and fuel economy regulations. One of the significant factors contributing to market development is the use of off-the-road tires in mining applications. These tires play a crucial role in vehicle efficiency, as they affect rolling resistance, which, in turn, impacts fuel consumption.
Governments in various countries are advocating the production and adoption of tires that help control emissions, in line with stringent vehicular emission and fuel economy standards. This focus on environmental regulations is influencing the growth of the off-the-road tire market. Additionally, the expansion of the construction and mining sectors, along with increased production of off-the-road vehicles, is expected to further boost market growth.
Key Players: Prominent players in the global off-the-road tire market include:
The Yokohama Rubber Company (Japan)
Apollo Tyres (India)
Giti Tire (Singapore)
Michelin (France)
JK Tyre & Industries Ltd (India)
Continental AG (Germany)
Cheng Shin Rubber Industry Co (Taiwan)
Nokian Tyres plc (Finland)
Balkrishna Industries (BKT) (India)
Bridgestone (Japan)
Pirelli & C. S.p.A. (Italy)
The Titan Tire Corporation (U.S.)
Oyo Tire & Rubber Co., Ltd. (Japan)
Trelleborg AB (Sweden), among others.
Market Segmentation: The global off-the-road tire market is segmented based on region, distribution channel, vehicle type, and construction type.
Region: Segments include North America, Asia Pacific, Europe, and the Rest of the World (ROW). The Asia Pacific is expected to dominate the market, with China being a significant producer and consumer of off-the-road vehicles and tires. North America and Europe also hold substantial market positions.
Distribution Channel: Segments include Aftermarket and OEM. OEMs are expected to lead this segment due to increased production of off-the-road vehicles and the establishment of more OEM production facilities in developing nations.
Vehicle Type: Segments include Construction and Industrial Equipment, Agriculture Vehicles, Mining, and others.
Construction Type: Segments include Radial, Belted Bias, and Bias. The bias segment is expected to hold the largest market share.
The Asia-Pacific region, particularly China, is anticipated to lead the global off-the-road tire market due to its prominent role in off-the-road vehicle production and sales. Other countries in the region, such as Japan, India, Thailand, and Malaysia, are also witnessing increased trade in off-the-road tires and vehicles. The growth of the construction and agriculture industries is expected to further drive market expansion globally, with North America and Europe also holding significant positions in the market.