The global Off the Road Tyres market reached a value of about USD 28.7 billion in 2021. The industry is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027 to reach a value of about USD 35.3 billion by 2027.
The global Off the Road Tyres industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is driven by the growing infrastructural and mining activities, especially in emerging nations. In the industry report, the key demand indicator is the highest category spender by region— Asia Pacific.
Off-road tyres are vehicle tyres that have a deep tread pattern for better grip on unpaved terrains such as loose soil, mud, sand, or gravel. They have more deep and broader grooves to assist the tread sink into mud or gravel. Off-road tyres can transport vehicles over rocks, stones, sand, dirt, snow, mud, and other uneven terrains. The tread patterns on the wheels' tyres will be uniquely created, and the grooves between the tread blocks will be more comprehensive. Off-road tyres will also have strengthened sidewalls to increase puncture resistance. The Off the Road Tyres industry report comprises segments by type (Passenger Tyres, Heavy Trucks, Two Wheelers, Agricultural, Aircraft, OTR Tyres (<=49"), OTR Tyres (>49")) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
The Asia Pacific holds the largest share in the industry as in regions like China, Japan, India, and Indonesia. Infrastructure projects are expected to expand due to the need for residential structures resulting from population expansion and migration to large cities. As a result, the market is witnessing growth. Furthermore, the rapid developments in the mining industry in regions like China and India are furthering the industry's expansion.
The market is being driven by the rising need for construction and mining equipment due to increased infrastructure building activities and expansion in the mining industry, which is expanding OEM demand for OTR tyres. Construction activities require a developing transportation network, significant investments in roads, bridges, and tunnels to make commuting more accessible, an enhanced supply chain network to facilitate commerce, expanding industrial industries, and building construction. Hence, due to rising labour costs, the need for improved productivity, and making the most use of resources, demand for sophisticated machinery increases, leading to the industry's expansion. Furthermore, the rising investments from private and government sectors are furthering the need for construction and mining equipment, thus resulting in the market's expansion.
However, the fluctuations in the cost of raw materials are likely to have a negative impact on the market.
The global Off the Road Tyres industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by significant global Off the Road Tyres regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
All-terrain tyres are noted for their versatility in terms of terrain handling. They have grooves and channels that uniformly distribute the weight and increase traction. All-terrain tyres are great for off-roading, snow and ice, sand, and other soft surfaces. They're also recognised for their long-term effectiveness. They have essential characteristics of all-terrain tyres (ATTs), including Snow & Ice Traction, Largest Tread Depth, Aggressive Multi-Pitch Pattern, Cushioning Layer, Large Void Area, Tread Design. These tyres are divided into All-terrain (AT), Mud-terrain (MT), Snow/Winter, and Sand.
The industry is being propelled by applying the product in military operations. Military operations use off-road vehicles to transport freight, fuel, and munitions. These trucks are also used to deliver significant, loaded armaments during wartime. In addition, the Increased need for agricultural mechanisation and different government programmes has also raised the demand for agriculture tractors, which has a favourable influence on OTR tyre demand. Also, the various technological advancements in the product, such as integrating different sensor-based technologies with OTR tyres, aid in tyre pressure and temperature monitoring and proactively address any possible dangers through real-time data analysis. Furthermore, new technology like the Global Positioning System (GPS) on these trucks, which are used to create field borders and mark field lines, allows for less soil compaction and quicker planting by charting the lines. Thus, the market is likely to expand due to the following innovations.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
These firms used new product introductions, collaborations, and joint ventures to gain traction in the OTR tyre industry. Many companies are working on strategic initiatives and R&D projects to incorporate new technology into off-road tyres to strengthen their market position.
1. Executive Summary
2. Off the Road Tires Market Snapshot
2.1. Off the Road Tires Market Outlook
2.2. Off the Road Tires Industry Analysis By Type
2.2.1. Passenger Tires
2.2.2. Heavy Trucks
2.2.3. Two Wheelers
2.2.6. OTR Tires (<=49")
2.2.7. OTR Tires (>49")
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Off the Road Tires Value Chain Analysis
5. Off the Road Tires Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Off the Road Tires Cost Structure
9. Off the Road Tires Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Off the Road Tires Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. The Michelin Group
15.2. Bridgestone Corporation
15.3. The Goodyear Tire & Rubber Company
15.4. The Yokohama Rubber Co., Ltd
15.5. Titan International,Inc
The global Off the Road Tyres market size was valued at USD 28.7 billion in 2021.
As per the end-use provided, the construction segment is anticipated to lead the market between 2022 and 2027.
The major demand for the product in significant industries like infrastructural and mining is one of the essential drivers of the Off the Road Tyres market growth.
The Michelin Group, Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd, and Titan International, Inc. are a few of the major companies in the market.
The Asia Pacific region of the Off the Road Tyres industry holds a significant share in the market.
The global Off the Road Tyres market attained a value of USD 28.7 billion in 2021, driven by the rising need for the product in various industries, including construction, mining, and military, among others. Aided by the growing technological advancements, such as the integration of different sensor-based technologies and the Global Positioning System (GPS), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 3.5%. The market is projected to reach USD 35.3 billion by 2027. Some of the leading players in the industry are The Michelin Group, Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd, and Titan International, Inc.
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