Off-The-Road Tire Market Size to Reach US$ 39.8 Billion, Globally, by 2028 at 5.1% CAGR

IMARC Group, a leading market research company, has recently releases report titled, "Off-the-Road Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global off-the-road tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the off-the-road tire market?

The global off-the-road tire market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.

What is off-the-road tire?

Off-the-road (OTR) tires are specialized tires with deep tread patterns designed to provide high traction and stability on uneven surfaces such as rock, mud, loose dirt, or gravel. They are primarily used in heavy-duty vehicles, including cranes, wheel loaders, telescopic handlers, tractors, all-terrain vehicles (ATVs), military trucks, and specialized purpose vehicles. They offer several benefits, such as high heat and rolling resistance, increased durability, enhanced vehicular performance, optimum stability, easy mobility, and reduced contact patch area. They can withstand harsh terrain and operate in extreme conditions. As a result, OTR tires find extensive applications in the construction, mining, recreation, and agriculture sectors across the globe.

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What are the growth prospects and trends in the off-the-road tire industry?

The global off-the-road tire market is primarily driven by the increasing construction activities such as bridges, highways, dams, and power supply grids. Moreover, the rising adoption of automated machinery in several industrial processes is positively influencing market growth. Additionally, the emerging trend of farm mechanization and the escalating demand for off-the-road tractors in the agriculture sector have catalyzed market growth. Furthermore, the increasing use of OTR tires in dirt bikes and quads for various recreational purposes is contributing to market growth. Other factors, including the rising integration of advanced sensor-based technologies with OTR tires, significant expansion of the construction industry, and rapid urbanization, are also anticipated to propel the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Vehicle Type:
Mining Vehicles
Construction & Industrial Vehicles
Agricultural Vehicles
Others

Breakup by Tire Type:
Radial Tire
Bias Tire

Breakup by End-Use:
OEM
Replacement

Breakup by Distribution Channel:
Online
Offline

Breakup by Rim Size:
Below 29 inches
29-45 inches
Above 45 inches

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Apollo Tyres
Balkrishna Industries Limited
Bridgestone Corporation
Cheng Shin Rubber Ind. Co. Ltd.
China National Tire & Rubber Co. Ltd. (China National Chemical Corporation Limited)
Continental AG
Double Coin Holdings (Shanghai Huayi Group Corporation Limited)
JK Tyre & Industries Ltd.
Michelin
Pirelli & C. S.p.A.
The Goodyear Tire & Rubber Company
Titan International Inc.
Trelleborg Ab
Yokohama Rubber Co. Ltd.

Browse full report with TOC & List of Figure: https://www.imarcgroup.com/off-the-road-tire-market

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