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ATV-UTV Tire market is Expected to Reach $698.1 million by 2026
PORTLAND, OREGON, UNITED STATES, May 4, 2023 /einpresswire.com / -- According to a recent report published by Allied Market Research, titled, "atv-utv tire market by Type, Application, and industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global ATV and UTV tire market size was valued at $385.8 million in 2018, and is projected to reach $698.1 million by 2026, registering a CAGR of 7.5%.
North America dominates the market, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global ATV-UTV tire market share in 2018, whereas Canada is expected to grow at a significant rate in the ATV-UTV tire industry during the forecast period.
ATV-UTV tires are the special type of tires that are intended to provide a better and efficient driving experience. These types of tires are designed in such a way that they push the mud away from vehicles causing it to move at a suitable speed, maintaining traction at the same time. Inclination toward adventurous sporting has increased the demand for better and efficient ATVs and UTVs, which eventually supplements the growth of the ATV-UTV tire market across the globe.
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Numerous products have been launched by different companies such as TOYO Tires for the introduction of SxS tires, followed by partnerships made by different companies, which fuels the ATV-UTV tire industry. In addition, governments across the globe have made certain regulations for the use of ATVs to carry out small tasks, which also acts as a factor for the ATV-UTV tire market growth.
Different types of ATV-UTV tires are available, which include racing tires, sand tires, mud tires, and all terrain tires, with a wide application in agriculture, military operations, mountaineering, and other activities.
Factors such as rise in trend of adventure sports & recreational activities, adoption of ATV and UTV in military activities, and government rules to support driving ATVs and UTVs on roads propel the growth of the market. Moreover, factors such as growth in the retreading tires market, followed by volatile prices of raw materials are the factors that hamper the growth of the market across the globe. However, anticipated rise in the automobile sector along with production of safer ATVs and UTVs propel the growth of ATV-UTV tire market.
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Key Findings of the Study
By type, the all-terrain tire segment generated the highest revenue in 2018.
By industry vertical, the mountaineering segment was the highest revenue contributor in 2018 and is expected to maintain the lead during the forecast period.
By application, the ATV vehicle is anticipated to exhibit the highest CAGR during the forecast period.
By region, North America contributed the highest ATV-UTV tire market revenue in 2018, followed by Asia-Pacific, Europe, and LAMEA.
The key players analyzed in this report are Bridgestone, Carlisle, Duro Tire, Goodyear, KENDA Tire, Maxxis, Michelin, Sedona Tire and Wheel, Titan International Inc., Toyo Tire.
David Correa
Allied Analytics LLP
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