Global Off-the-Road Tire Market to hit US$ 37.9 Billion by 2027 - Industry Analysis by IMARCGroup

The global off-the-road tire market size to reach US$ 37.9 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.

BROOKLYN, UNITED STATES, February 8, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Off-the-Road Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global off-the-road tire market size reached US$ 27.9 Billion in 2021. Looking forward, the market expected to reach US$ 37.9 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.

Market Overview:

Off-the-road (OTR) tire is widely available as all-terrains (A/T), mud-terrains (M/T), rock, and snow tires. It is puncture-resistant and has reinforced sidewalls that aid in avoiding damage and accidents on any terrain. It is rigid and has special tread patterns to provide easy mobility as compared to street tires. It assists in offering a firm grip on rocky, muddy, snowy, and sandy terrains. It provides safety and performance even in challenging off-road conditions. As it is utilized to create traction between the road and the vehicle for propulsion, the OTR tire is employed in the construction, mining, and agriculture industries across the globe.

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Off-the-Road Tire Market Trends and Drivers:

At present, the rising adoption of OTR tires in the agriculture industry for crop plotting and scouting, selecting rocks, and irrigation purposes represents one of the primary factors propelling the market growth. Besides this, the growing adoption of OTR vehicles in military operations to carry cargo, fuels, and ammunition is offering a positive market outlook. Apart from this, the increasing utilization of OTR vehicles, such as cranes, bulldozers, wheel loaders, telescopic handlers, and tractors, is positively influencing the market. Moreover, the rising demand for OTR tires in the construction industry for developing dams, bridges, and highways across the globe is bolstering the growth of the market. Furthermore, the increasing integration of several sensor-based technologies in OTR tires that offer real-time data analysis and monitor tire pressure and temperature is strengthening the growth of the market.

Off-the-Road Tire Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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.

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The report has segmented the market based on vehicle type, tire type, end-use, distribution channel and rim size.

Breakup by Vehicle Type:

Mining Vehicles
Construction & Industrial Vehicles
Agricultural Vehicles
Others

Brakup 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

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