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Off-the-Road Tire market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 14, 2025 /EINPresswire / -- Allied Market Research published a report, titled, "Off-the-Road Tire Market by Product (Radial Tires, Bias Tires, and Non-Pneumatic Tires), Vehicle Type (Earthmovers, Loader and Dozers, Graders, Material Handling Equipment, and Tractors and Agricultural Equipment), End User (Construction, Industrial, Mining, Agriculture, Ports, and Others) and Target Market (Original Equipment Manufacturers (OEM) , and Aftermarket): Global Opportunity Analysis and
industry Forecast, 2023-2032". According to the report, the off-the-road tire market was valued at $6.3 billion in 2022, and is estimated to reach $11.6 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
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Market Introduction and Definition
Off-the-road tires, also known as off-road tires, are specifically designed for use in rugged and harsh off-road environments. These tires are commonly used on heavy-duty vehicles and equipment which are used in construction, mining, agriculture, forestry, and other industrial applications. These tires are extensively used in heavy machinery, which support heavy loads and provide durability and longevity in harsh operating conditions. Off-the-road tires are designed to withstand puncture and damage as compared to normal tires. There has been growth in demand for off-the-road tires due to an increase in construction and mining activity. Similarly, with the growth in recreational activities such as off-roading, these tires are extensively used in all-terrain vehicles and SUVs, further driving the market growth.
Prime determinants of growth
The global off-the-road tire market is experiencing growth due to increase in aftermarket demand, growth in industrialization, and increase in farm mechanization. However, factors such as the availability of low-cost tiers in the aftermarket and extreme weather conditions hinder the market growth. Moreover, retreading OTR tires and strengthening emission regulations offer remunerative opportunities for the expansion of the global off-the-road tire market.
Recent Key Strategies and Developments
.On March 20, 2024, The Goodyear Tire & Rubber Company launched the new three-star RL-5K Off-the-Road (OTR) tire for large wheel loaders and wheel dozers. The new tire range is capable of withstanding high air pressure which results in a 16% increase in load carrying capacity in heavy vehicles. The newly launched tire series also has 250-level durable threads, which can deliver high traction during heavy loads.
.On December 2, 2022, Bridgestone Corporation announced that its subsidy company, Bridgestone Mining Solutions Australia Pty. Ltd., has completed the acquisition of Otraco International Pty Ltd, an Off-the-Road (OTR) tire management solutions provider. This acquisition is a part of Bridgestone's strategic growth investment to accelerate the global expansion plan. According to the company, the mining tire and solutions business segment is an important business segment for the company, in which the group is continuously and proactively investing its strategic resources.
.On April 16, 2021, Bridgestone Corporation announced its plan to invest in modernization in its Shimonoseki Plant, as part of strategic growth investments. The modernization of the plan is expected to be completed by 2025, the company also announced. The addition of Solar power generation equipment to increase the portion of the Shimonoseki Plant electricity generation through renewable energy sources, reducing CO2 emissions and environmental impacts. The new manufacturing facility will look after the manufacturing of tires for mining and construction vehicles.
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Market Segmentation
By tire type, the bias tire type dominated the global market share as the demand for bias tire type segment is growing due to its rigid design, bias tires are made up of several layers of nylon or polyester cords. Bias tires are known for their sturdy and rigid design, moreover, due to their outstanding durability and resistance to cuts, punctures, and sidewall damage, bias tires are an ideal choice for tough off-road environments with a lot of sharp objects, rocks, and debris.
By rim size, the 25–30-inch segment dominated the off-the-road tire market, and its demand is driven by its large diameter and high ground clearance, making them an ideal choice for use in construction mining and industrial equipment. 25–30-inch tires are ideal for use in harsh environments that require navigating through rocky and uneven surfaces, as 25–30-inch tires help vehicles maintain traction and avoid obstacles.
By application, the industrial equipment segment dominated the global market share, driven by growth in infrastructure development, construction projects, and manufacturing activities globally. The growing demand for industrial activity is creating more demand for off-the-road tires. Moreover, the growth in the logistics sector has resulted in an increase in demand for warehouses, distribution centers, and manufacturing facilities, which require industrial machinery such as forklifts, reach trucks, and pallet jacks, which further create demand for off-the-road tires, thus further contributing to the growth in market demand.
Regional Outlook
The growing demand for all-terrain vehicles and off-roading vehicles in developing countries such as India, Mexico, Indonesia, Vietnam, and others, is creating market demand for the off-the-road tire market . Similarly, these countries are also experiencing infrastructural development and growth in construction activities, which is further driving the demand for the off-the-road tire market.
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Competitive Landscape
Continental AG
Bridgestone Corporation
Michelin
The Goodyear Tire & Rubber Company
Pirelli
Titan International, Inc.
The Yokohama Rubber Company
Nokian Tyres plc.
CEAT Tyres
Magna Tyres
The report provides a detailed analysis of these key players in the global off-the-road tire market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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