For depth analysis, Global Off the Road Tire Market is segmented by Construction Type (Bias, Belted bias and Radial), Vehicle type (Mining, Agriculture Vehicles, Construction and Industrial Equipment and Others), distribution channel (OEM and Aftermarket) And Region.
Global Off the Road Tire Market Highlights:
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.
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Off the Road Tire Market Key Companies Studied in this report are 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.
Moreover, the growth of the market is driven by the increased use of telescopic handlers, tractors, wheel loaders, cranes, and special purpose vehicles. The use of technology for achieving increased longevity with heat resistance and reduced rolling resistance are sure to generate opportunities for the manufacturers globally. Also, use of heavy equipment and machinery in mining, industrial and agricultural sectors increases the use of mining, agricultural and mining tires. Increased mechanization and automation in developing countries along with improvement in infrastructure in off-road vehicles is sure to drive the market during the forecasted period.
Market Segments Analysis:
On the basis of construction type, the market can be segmented into bias, belted bias and radial. Among these, the bias segment is expected to hold the largest market share. Bias tires are constructed using cross ply and the cords stretch from bead to bead. Bias tires are preferred over radial tires as it facilitates the entire tire to flex. The flexibility offers a smooth and comfortable ride on rough and uneven terrains. However, these tires have less traction and less control at higher speed.
On the basis of vehicle type, the market can be segmented into mining, agriculture vehicles, construction and industrial equipment and others. The commercial vehicles are expected to witness a prominent growth during the forecast period due to the rise in demand for OTR tires in vehicles used for tractor applications and off-road construction.
Based on distribution channel, the market can be segmented into OEM and aftermarket. The OEM segment is anticipated to expand at a fast pace since these tires are used in bad weather conditions and do not require frequent replacement. OTR tires require to be replaced only when they are damaged or worn out after prolonged use.
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.
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The report gives the clear picture of current Off the Road Tire 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.
Table Of Contents:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Stud
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4.2 Forward Collision Warning
4.3 Dynamic Brake Support
4.4 Crash Imminent Braking
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