Why the Off-road Tires Market Is Set To Explode? | Global Players are Interco Tire Corporation, The Yokohama Rubber Co. Ltd., JK TYRE & INDUSTRIES LTD., Continental AG, Michelin, Nortec, Maxxis International, Bridgestone Corporation, Sumitomo Rubber Indus

Growing demand for construction vehicles will drive off-road tires market growth. Ever-increasing construction activities across the globe will necessitate deployment of heavy-duty rock trucks and excavators further fueling product demand. Significantly rising investments toward residential and commercials buildings will support the industry trends throughout the forecast timeframe.

The off-road tires market is highly fragmented in terms of the competitive landscape, enabling the industry giants such as Continental AG, Michelin, and various others to adopt strategies and plans whilst deploying umpteen technological innovations in order to sustain their geographic presence across the market.

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Worldwide off-road tire market is characterized by string of various government policies and regulations to ensure robust performance and high driver safety. Following are some of the chief trends that are estimated to impel off-road tires market outlook over the forecast period.

Off-road tires are also used for the ATVs and UTVs, which were previously considered for off-road sports or leisure travels only. But presently, these vehicles have started showing up just as commonly as regular vehicles owing to easy maneuverability, light weight structure, high fuel efficiency and low cost of ownership. Moreover, they offer unmatched driving performance over multiple terrains, leading toward growing adoption of ATVs and UTVs.

Ongoing technological advancements in product manufacturing will stimulate off-road tires market trends. New generation tires will boast of enhanced tread patterns and performance attributes and will provide higher durability and heat resistance over the predecessor. Consistently expanding distributor & dealership network across the globe will also foster product penetration over the study timeline.

Furthermore, growing innovations to develop advanced product portfolio featuring self-sealing tires, and Self-Supporting Runflat (SSR) tire systems will positively influence business growth. The implementation of SSR system improves the safety of vehicle as it prevents the damage to side walls of tires in crunch situations. Rising adoption of advanced tire manufacturing techniques among the prominent Industry players including Michelin, Continental AG, and Pirelli will help expanding the consumer base for these specialty tires.

Owing to the tough terrains and superior grip, a noteworthy inclination towards large diameter tires has been witnessed by off-road tires market players globally.

It has been apprehended that due to the aforementioned factor, above 45 inches tire height segment is projected to amass considerable gains over the period of seven years. High demand from the agriculture sector is likely to propel the segmental growth on the grounds of improved grip and wear resistance.

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Industry biggies are unveiling new product launches intending to stimulate their revenue generation which is predicted to complement the product outlook in the coming years. As a matter of fact, Alliance Tire Group in mid-2018 flagged off an advanced galaxy brand radial tires catering to off-the-road applications.

Wide scale presence of adventure trails and racing events across Europe is expected to promote the regional growth. This permits the adoption of advanced off-road vehicles, thereby supporting the exponentially rising growth graph of Europe off-road tire industry during 2019-2025.

Steady customer inclination towards adventure activities would open up new opportunities for the regional market players.

One of the fundamental restraints that off-road tires market has been observing is the fluctuating raw material prices perhaps attributed to vividly transforming government trade policies. Say for example, China in April 2018, levied higher duties on the synthetic rubber imported from the United States, Singapore and Europe whilst restricting the rise of the global market. However, it is pivotal to state, that off-road tire market vaunts a slew of profitable growth grounds for industry expansion.

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