Off-the-Road [OTR] Tire Market Size, Share & Industry Analysis, By Tire Type (Radial, Bias, Solid) By Industry (Construction & Mining, Agricultural, Industrial), By Sales Channel (OEM, Aftermarket) And Regional Forecast, 2024-2032

As mechanization increases across industries such as agriculture and construction, so is the demand for off-the-road tires. These tires consist of deep threads, which assist them in providing more traction on various surfaces with loose dirt, sand, grave, and others. Moreover, their wider and deeper grooves sink into the gravel and mud surfaces and provide more rolling friction and stability.

Growing demand for construction equipment, agricultural tractors, mining equipment, and rapid infrastructural development across developed and emerging economies are expected to boost the demand for off-the-road (OTR) tires over the forecast period. Additionally, the surge in demand for 4WD and AWD vehicles for various recreational activities is expected to propel market growth in years to come. Moreover, these tires provide enhanced traction and rolling friction, improving safety and enhancing the driving experience. Hence, increasing demand for driving safety on uneven surfaces is anticipated to boost the market growth in years to come.

The companies are launching new variants of their off-the-road tires with advanced materials and improved capacities to offer the new features. For instance, in March 2021, Yokohama off-highway tire brand Galaxy has launched new variants of its L4 and E4 tires for the mining industry. These new variants are featured heat-resistant and cut-resistant compounds along with high load-carrying capacity. However, the requirement of high initial investments in these tires may restrain the market growth over the forecast period.

Market Segmentation:

The off-the-road

tire market is segmented by tire type, by industry, by sales channel, and by region.

By tire type, the market is segmented into radial, bias, and solid.

The radial tire segment is anticipated to witness the fastest growth rate over the forecast period. The growth trend is driven by the advantage of radial tires in various applications. Radial off-the-road tires provide low fuel consumption, high traction, enhanced cut resistance in the tread area of the tire, and floatation. Moreover, radial tires also provide heat resistance; hence they run much cooler as compared to solid and bias tires. However,  bias tires are also anticipated to witness a significant growth rate due to their low cost compared to radial off-the-road tires and high load-carrying capacity.

By industry type, the market is segmented into construction & mining, agricultural, and industrial.

The agricultural segment held the largest market share in the off-the-road tire market in 2020 and is anticipated to continue its dominance over the forecast period. Moreover, Growing mechanization in the agricultural sector is driving the segment growth. Additionally, growing adoption and awareness of agricultural tractors and their benefits in farming are some of the factors expected to influence the segment growth. Moreover, the construction and mining segment is also anticipated to witness an eye-catching growth rate due to increasing investment in infrastructural development and the increasing use of advanced machinery in the construction and mining sectors.

By sales channel type, the market is segmented into OEM and aftermarket

The aftermarket segment is expected to witness the fastest CAGR over the forecast period. Increasing demand for the replacement of tires in construction, agricultural, mining, and other industries fuels the segment growth. Moreover, maintenance requirements for machinery among these sectors are expected to boost the segment growth. The OEM segment is also expected to witness significant growth due to increasing sales for agricultural tractors and heavy industrial vehicles with preinstalled off-the-road tires.

Key Players:

Major players operating in the global off-the-road

tire market include Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Continental AG, YOKOHAMA Rubber CO. Ltd., Sumitomo Tires, Apollo Tyres Ltd., Nokian Tyres, China Rubber Tire & Rubber Co. Ltd, Prometeon Tyre, Group S.R.L., BKT Tire, Qingdao Rhino Tyre Co., Ltd., Titan, International, Inc., Trelleborg AB, and Triangle Group Co. Ltd. among the others.

Key Insights

• New Advancements in Off-the-Road
  Tire Market


• Number of Products, Key Countries, 2020


• New Product and Launches, Key Players

Regional Analysis:

Based on geography, the off-the-road

tire market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

The Asia Pacific held the largest market share of the off-the-road tire market in 2020 and is expected to continue leading the market during the forecast period. The rapid expansion of manufacturing, construction, and agricultural sectors in emerging countries of Asia, including China, India, Japan, and others, is anticipated to boost the market growth during the forecast period. Additionally, growing mechanization across these industries further creates a surge in demand for off-the-road tires in Asia. Europe also held a significant market share in 2020 due to the technological advancement in the off-the-road tire industry and the presence of strong key players across the region.

Segmentation

ATTRIBUTE	DETAILS
By Tire Type	Radial Bias Solid
By Industry	Construction & Mining Agricultural Industrial
By Sales Channel	OEM Aftermarket
By Geography	North America (USA, Canada, and Mexico) Europe (Germany, France, U.K., and Rest of Europe) Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific) Rest of the World