Market overview
The Off the Road Tire Market is anticipated to hold a cagr of 4.92% between 2021 and 2025. 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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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.
Regional analysis
The Off the Road Tire Market 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.
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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.
Key Players
· Toyo Tire & Rubber Co. Ltd. (Japan)
· The Titan Tire Corporation (U.S.)
· Trelleborg AB (Sweden)
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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