Off-the-Road Tire Market By Tyre Type (Radial, Bias, Solid), By Rim Size (14-24 Inch, 25-30 Inch, 31-50 Inch, Above 50 Inch) By Application (Construction and Mining Equipment, Agriculture Tractors, Industrial Equipment, All-Terrain Vehicles) : Global Opportunity Analysis and Industry Forecast, 2023-2032
Off-the-road-tire Market
The Off-the-road-tire market was valued at $6.28 billion in 2022 and is estimated to reach $11.6 billion by 2032, exhibiting a CAGR of 6.32% from 2023 to 2032.
Off-the-road tire is specifically designed for rugged and challenging off-road terrains. This tire is commonly found on heavy-duty vehicles and machinery utilized in construction, mining, agriculture, forestry, and various industrial settings. It serves as a crucial component in heavy machinery, supporting heavy loads while ensuring durability and longevity in harsh operational environments. The off-road tire is engineered to resist punctures and damage better than standard tires.
The global off-the-road-tire market is growing at a notable pace due to several factors, such as increase in aftermarket demand, rise in industrialization, and increase in farm mechanization. In recent years, there has been an increase in instances of farm mechanization due to scarce labor force, increase in labor wages, and surge in need to increase productivity in farms. Many developing nations across the globe are adopting farm modernization, which is anticipated to drive the market for off-the-road-tire market. For instance, India has been strongly focusing on farm mechanization in recent years due to rapid urbanization leading to a shrinking labor workforce. The shifting of worker preferences from agriculture to other industries contributes to labor deficits in agricultural operations.
However, factors such as the availability of low-cost tiers in the aftermarket and extreme weather conditions hinder the market growth. Nevertheless, advancements in off-the-road tires and implementation of emission regulations present lucrative prospects for the growth of the global off-the-road tire industry. For instance, on March 20, 2024, the new three-star RL-5K off-the-road tire was launched for large wheel loaders and wheel dozers. The new tire range is capable of withstanding high air pressure, which results in a 16% increase in load carrying capacity in heavy vehicles. The newly launched tire series has 250-level durable threads, which can deliver high traction during heavy loads.
Segmentation OverviewThe global off-the-road-tire market is segmented into tire type, rim size, application, and region.
Depending on tire type, the global market is segregated into radial, bias, and solid. According to rim size, the market is classified into 14–24-inch, 25–30-inch, 31-50 inch, and above 50 inch. As per the application, it is categorized into construction & mining equipment, agriculture tractors, industrial equipment, and all-terrain vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy tire type, the bias segment held the highest market share in 2022.
Depending on rim size, the 25-30-inch segment acquired the largest market share in 2022.
According to the application, the industrial equipment segment was the major shareholder share in 2022.
Region wise, Asia-Pacific dominated the off-the-road-tire market in 2022.
Competitive ScenarioThe major players operating in the off-the-road-tire market include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, Pirelli, Titan International, Inc., The Yokohama Rubber Company, Nokian Tyres Plc., CEAT Tyres, and Magna Tyres. Other players include TheCarlster Group, Triangle Tire, Apollo Tyres, Double Coin Tires, and Belshina OTR Tires. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, new product development & innovation, and marketing & advertising to sustain their position in the competitive market.
Key Market SegmentsBy Tyre TypeRadial
Bias
Solid
By Rim Size14-24 Inch
25-30 Inch
31-50 Inch
Above 50 Inch
By ApplicationConstruction and Mining Equipment
Agriculture Tractors
Industrial Equipment
All-Terrain Vehicles
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Continental AG
Bridgestone Corporation
Michelin
The Goodyear Tire & Rubber Company
Pirelli
Titan International, Inc.
The Yokohama Rubber Company
Nokian Tyres plc.
CEAT Tyres
Magna Tyres