How Off Highway Tires Market will Grow in Future? FMI Research Offers Insights 2017 - 2027

Off Highway Tires are most commonly employed in vehicles used in off the road applications such as construction, mining and industrial sectors. They are popular alternative of the conventional on road tires for the vehicles which are generally used in terrains with uneven topography. Increasing demand off highway vehicles such as cranes, dozers, excavators, loaders, telescopic handlers, is driving the off highway tires market across the globe. Advancing technologies will create opportunities for the off highway tire manufacturers to augment their product offerings and meet the increasing customer demand. Moreover, new compounds, integrated value-added technologies such as tire pressure monitoring systems (TPMS) would help the manufacturers to manufacture more durable, efficient and long lasting tires. Manufacturers are constantly focusing on improving tire attributes, such as cut resistance, load puncture and durability. The growth of off highway tires market is significantly dependent on the developments in the construction, mining and agriculture industries. In most of the situations pneumatic tires find increasing use, which are available in two variants cross-ply and radial tires. With advancements in the tire technologies, solid off highway tires are anticipated to be increasingly used in the coming years.

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Off Highway Tires Market: Dynamics

The Off Highway tires market shares a synergic relationship with many industries including construction, and mining. Increasing use of the off highway tires in mining industry will create opportunities for the augmentation of the off highway tires market over the forecast period. Moreover, manufacturers are emphasizing on increasing the strength, durability and performance characteristics of the tires. This will further increase the demand of the off highway tires in the coming years and promote the growth of off highway tires market over the forecast period. Moreover, anticipated increase in production of off highway vehicles will increase the demand of off highway tires in the coming years, which will further create opportunities for the augmentation of off highway tires market in the coming years. Off highway vehicles are increasingly employed in aggregate quarries for transport and material handling purposes, growth in construction aggregate mining sector will further fuel the growth of the off highway tires market over the assessment period. The demand of construction equipment has also increased considerably in the years. This will have a positive impact on the sales of the off highway tires over the coming years.

Tumbling oil prices across the globe has certainly affected the mining and construction industry. This could have a negative impact on the demand of the off highway tires in the coming years. Moreover, with increasing implementation of environmental regulations by the government would increase pressure on the manufacturers, which will certainly restrain the growth of the off highway tires market over the coming years.

Off Highway Tires Market: Market Segmentation

On the basis of end use industries the off highway tires market can be segmented as follows:-

Construction
Mining
Agriculture
Industrial
On the basis of sales channel the off highway tires market can be segmented as follows:-

OEM
Replacement Tires
Off Highway Tires Market: Regional Outlook

The off highway tires market is anticipated to witness a significant growth in the Asia Pacific region over the coming years, this can be attributed to the increasing use of off highway vehicles for mining and construction purposes. Furthermore, increasing rate of urbanization in BRIC countries will increase the demand of the construction activities which will further increase the demand of off highway tires in the region. Furthermore, the off highway tires market in the North American and European is driven by the presence of numerous OEMs in the region which promote innovations in the tire technology for catering to the increasing demand of the customer.

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Off Highway Tires Market: Key Participants

Michelin
Bridgestone Corporation
Apollo Tyres Ltd
Toyo Tire & Rubber Co.
Yokohama Rubber Company
Goodyear Tire and Rubber Company
Continental AG
JK Tyre & Industries Ltd

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This release was published on openPR.