Off-the-Road Tire Market Research, 2032
The global off-the-road tire market size was valued at $6.3 billion in 2022, and is projected to reach $11.6 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Market Introduction and Definition
Off-the-road tires, also known as off-road tires, are specifically designed for use in rugged and harsh off-road environments. These tires are commonly used on heavy-duty vehicles and equipment which are used in construction, mining, agriculture, forestry, and other industrial applications. These tires are extensively used in heavy machinery, which support heavy loads and provide durability and longevity in harsh operating conditions. Off-the-road tires are designed to withstand puncture and damage as compared to normal tires. There has been growth in demand for off-the-road tires due to an increase in construction and mining activity. Similarly, with the growth in recreational activities such as off-roading, these tires are extensively used in all-terrain vehicles and SUVs, further driving the market growth.
Key Takeaways
- The off-the-road tire market share covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
- More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major off the road tires market industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
Recent Key Strategies and Developments
- On March 20, 2024, The Goodyear Tire & Rubber Company launched the new three-star RL-5K Off-the-Road (OTR) tire 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 also has 250-level durable threads, which can deliver high traction during heavy loads.
- On December 2, 2022, Bridgestone Corporation announced that its subsidy company, Bridgestone Mining Solutions Australia Pty. Ltd., has completed the acquisition of Otraco International Pty Ltd, an Off-the-Road (OTR) tire management solutions provider. This acquisition is a part of Bridgestone's strategic growth investment to accelerate the global expansion plan. According to the company, the mining tire and solutions business segment is an important business segment for the company, in which the group is continuously and proactively investing its strategic resources.
- On April 16, 2021, Bridgestone Corporation announced its plan to invest in modernization in its Shimonoseki Plant, as part of strategic growth investments. The modernization of the plan is expected to be completed by 2025, the company also announced. The addition of Solar power generation equipment to increase the portion of the Shimonoseki Plant electricity generation through renewable energy sources, reducing CO2 emissions and environmental impacts. The new manufacturing facility will look after the manufacturing of tires for mining and construction vehicles.
Key Market Segments
- By Tyre Type
- 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
- By Region
- North America
- 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
- CEAT Tyres
- Continental AG
- Bridgestone Corporation
- Nokian Tyres plc.
- Pirelli
- Titan International, Inc.
- The Yokohama Rubber Company
- Michelin
- Magna Tyres
- The Goodyear Tire & Rubber Company