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
Global Off The Road Tire Market is a very dynamic market and is expected to witness high growth over the forecast period. The global Off-the-road tire market is driven with the continuous growth of various sectors such as agricultural and logistics, mining and construction. The growth of the market is further driven by the increase in the use of the off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors and special purpose vehicles. The increasing use of technology for achieving attributes such as increased durability including heat resistance, and reduced rolling resistance, are expected to generate opportunities for the manufacturers in the global market. The increase in the use of heavy machineries and equipment in the agriculture, mining and industrial sectors, also increases the use of agricultural, mining and industrial tires.
The market experienced a downturn in the past few years, majorly, due to challenges in the coal mining segment. The increasing cost of coal mining due to the introduction of various government regulations, hinders the growth of the off-the-road tire market. The decline in the prices of crude oil has led to a weak construction and mining activities. This slowdown in the growth of the construction and mining sector, is also expected to restrict the growth of the off-the-road tire market. Despite the hindrances, the global off-the-road tire market is projected to grow at the CAGR of ~6%.
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Of all construction types, the bias segment is projected to account for the largest market share. The construction of the bias tires is cross ply and the cords are used such that they stretch from bead to bead. Bias tires possess an advantage over radial tires as it facilitates the entire body of the tire to flex. This flexibility facilitates a comfortable and smooth ride on uneven and rough terrains. However, the disadvantages of using these tires is that they have less traction and control at higher speed.
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 key players of global off-the-road tire market include 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.
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