Off The Road Tire Market Highlights:
The global Off-the-road tire market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of Off-the-road tire market is influenced by the implementation of stringent vehicular emission and fuel economy norms. Tires are important for the energy required to operate vehicles. The resistive forces experienced by the vehicle in motion are due to rolling resistance of tires. Tires with lower rolling resistance consume less vehicle fuel. Government of various countries have taken initiatives to promote the production and adoption of tires by the manufacturers for controlling such harmful emissions. Therefore, the introduction of stringent vehicular emission and fuel economy norms drive the growth of the off-the-road tire market. Also, the growth in the construction and mining sector, along with the increase in the production of off-the-road vehicles, is expected to spur the growth of the market.
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Off The Road Tire key companies analyzed:
Apollo Tyres (India), Balkrishna Industries (BKT) (India), Bridgestone (Japan), Cheng Shin Rubber Industry Co (Taiwan), Continental AG (Germany), Giti Tire (Singapore), The Goodyear Tire & Rubber Company (U.S.), JK Tyre & Industries Ltd (India), Michelin (France), Nokian Tyres plc (Finland), Pirelli & C. S.p.A. (Italy), The Titan Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden) and The Yokohama Rubber Company (Japan) among others.
Global Off-the-road tire market Information by Construction Type (Bias, Belted bias and Radial), by Vehicle type (Mining, Agriculture Vehicles, Construction and Industrial Equipment and Others), by distribution channel (OEM and Aftermarket) And Region – Forecast To 2023
Based on construction type, the radial tire segment is expected to grow at the highest CAGR. The radial tires use cords, which extend from the beads and across the threads. These tires are designed to be at right angle to the centerline of tire. The cords in the tire are parallel to one another and the stabilizer belts are placed under the tread. All these features ensure that the radial tires are high in strength and are durable. They also ensure better control of the vehicle at high speed along with low rolling resistance. However, radial tires also have some disadvantages as they do not have self-cleaning ability, and are rougher at lower speeds.
Between the distribution channels, the original equipment manufacturers (OEMs) are expected to dominate the growth of the market. OEM segment is expected to grow at a higher rate than aftermarket. This is due to the rise in production of off-the-road vehicles, and rise in the number of OEM production facilities in the developing regions.
Market Research Analysis:
This study provides an overview of the global off-the-road tire market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global off-the-road tire market by its construction type, vehicle type, distribution channel and region.
Asia Pacific region, of all regions, is expected to dominate the global off-the-road tire market. In Asia Pacific region, China is a leading manufacturer of off-the-road vehicles and it also has the maximum amount of sales, thereby driving the growth of the market in the region. Countries such as India, Japan, Thailand, and Malaysia, are also experiencing a boom in the sales of off-the-road tires and vehicles. Also, the booming agriculture and construction industry in the region, is expected to contribute growth in the global market. The growth of off-the-road tire market will be followed by the North America and Europe.
The report for Global Off-the-road tire market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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