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Off-the-Road Tire Market by Product (Radial Tires, Bias Tires and Non-Pneumatic Tires), Vehicle Type (Earthmovers, Loader & Dozers, Graders, Material Handling Equipment and Tractors & Agricultural Equipment), End-Users (Construction, Industrial, Mining, Agriculture, Ports and Other), Target Market (Original Equipment manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2027

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Sep 2020 | 151 Views
 
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Off-the-Road Tire Market Outlook -2027 

Off-the-road (OTR) tires are largely utilized in heavy-duty vehicles for off-road applications in mining, agriculture logistics, and housing industries. Growth of the housing industry in developing countries has fueled the demand for construction and material handling equipment, which in turn is expected to boost the growth of the off-the-road tires market significantly. The growth of the market is further driven by rise in use of off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors, and special purpose vehicles. 

 

Market scope and structure analysis:

                Report Metric

                                               Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Product, Vehicle, End Users, Target Market, Geography

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa

  Companies covered

Bridgestone, Michelin, Goodyear, Yokohama Tire, China National Tire & Rubber, MRF, Continental, Belshina, Cheng-Shin Rubber, and Eurotire

 

COVID-19 scenario analysis:

  • With the shutdown of all the major industries there is almost zero demand for the tiers or vehicles, which is expected to hamper the market growth. In addition, the inventory kept with tire manufacturers has risen to one month’s worth of production.
  • The producers are currently working on strategies, such as production cut, to reduce stockpiling.
  • The tire manufacturers are also facing difficulties with the storage space due to the lockdown.
  • The slump in tire demand has also nullified the benefits of a sharp decline in natural rubber prices.
  • Farmers are unable to tap rubber because of lack of labor, due to which all major activities have been put to halt until further notice. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis 

The factors such as increase in the sales of off-highway vehicles and rise in farm mechanization boost the growth of the global off-the-road tire market. Moreover, extreme weather conditions and low-cost tires from an unorganized market restrain the growth of the global market. However, introduction of eco-friendly off-the-road tires is anticipated to provide lucrative growth opportunity for the market expansion.

The global off the road tire market trends are as follows:

Increase in the sales of off-highway vehicles 

Off-the-road vehicles industry is currently witnessing a complete change in manufacturing globally. The major factor that boost the growth of the off-the-road vehicles market is increase in adoption of off-road vehicles in military and recreational operations. Off-road trucks are utilized in military operations to move cargo, fuels, and ammunition. These vehicles also are utilized for the transportation of heavy loaded weapons during wars. Furthermore, advanced technologies like GPS on these vehicles, for creating field boundaries and marking field lines, permit to decrease soil compaction and save planting time by plotting the lines. 

Increase in farm mechanization 

Off-Road machines are used to carry out major day-to-day operations in the farm and agriculture industry. Utility off-road vehicles are utilized for agricultural operations as an example in crop plotting and scouting, for selecting rocks, for irrigation purposes, and so on. Nowadays, most of the work is been carried out using this machinery in the fields, which leads to replacement of tires at regular intervals which will boost the growth of global off the road tire market in the forecasting period.

Key segments covered:

               Segments

                              Sub-segments

  Product

  • Radial Tires
  • Bias Tires
  • Non-Pneumatic Tires

  Vehicle Type

  • Earthmovers
  • Loader and Dozers
  • Graders
  • Material Handling Equipment
  • Tractors and Agricultural Equipment

  End Users

  • Construction
  • Industrial
  • Mining
  • Agriculture
  • Ports
  • Other

  Target Market

  • Original Equipment Manufacturers (OEM)
  • Aftermarket

 

Key benefits of the report:

  • This study presents the analytical depiction of the global market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global off-the-road tire market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global off-the-road tire market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global off-the-road tire market analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions answered in the off the road tire market research report: 

  • Which are the leading market players active in the off the road tire market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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