Global Off the Road Tire Market is evaluated to exhibit a 4.92% CAGR during the forecast period. Off the road, tires use extreme tread to provide more traction on unpaved roads with loose dirt, gravel, or sand. The road tire finds its applications in the construction, mining, and agriculture sector due to various benefits. The major players are expected to establish their presence globally through the procurement of local and regional players for expanding their presence in those regions during the assessment period.
The global off the road tire market is expected to register incredible market expansion owing to intense competition and accelerating technology advancements to sustain with rising farm mechanism and growing construction activities. The mining industry includes heavy machinery, such as excavators, backhoe loaders, skid steer loaders, dumpers, bulldozers, motor graders, road rollers, and others. These vehicles are generally used in areas where roads are in damaged conditions or are non-existent, such as forests, taverns, and plateaus. Furthermore, the major players are concentrating to enhance their services, and expanding geographically into the developing economies is expected to drive the global market growth during the study period.
Global Market for Off the Road Tires is classified into Vehicle Type, Construction Type, Distribution Channel, and Region.
In terms of the vehicle type segment, the global market has been classified into the agricultural vehicle, construction and industrial equipment, and others.
In terms of the construction type global off the road tire market has been classified into bias, radial, and belted bias segments.
The distribution channel segment is further categorized into original equipment manufacturers (OEM) and aftermarket.
The region-specific analysis of the off the road tire market has been classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
In 2018, Asia-Pacific evaluated for USD 8.5 billion with the highest GAGR of 43.2% and it is expected to exhibit a substantial CAGR of 5.31% during the review period. The regional market growth is attributed to the fastest growth of the automotive industry in countries such as China, India, and Japan. Additionally, the growing demand for off the road tires in the region is propelled by the increasing construction activities, industrial development, and the growing requirement for fuel-efficient technologies.
Europe accounted for the second-largest market in 2018, valued at USD 5.1 billion approximately, and it is expected to register a 4.59% CAGR in the coming years. The regional market growth is driven by the existence of leading global off the road tire manufacturers such as Michelin, Continental AG, Pirelli & C. SpA., and Nokian Tyres PLC.
The Major Players of the Global Off the Road Tire Market are Continental AG (Germany), Bridgestone (Japan), Goodyear (US), Michelin (France), Pirelli & C S.P.A(Italy), Cheng Shin Tire (Taiwan), Titan International, Inc. (US), Toyo Tire Corp. (Japan), and Apollo Tyres Ltd. (India).
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