According to Future Market Insights, the global off highway tires market will be valued at US$ 9,405.4 Million in 2023 and will increase at a CAGR of 7.9% from 2023 to 2033. The top 3 countries are predicted to account for 25%-30% of the market by the end of 2023, the growth of the construction sector in developing countries has raised demand for construction and material handling equipment, which is expected to fuel considerable growth in the off highway tires market. The rising usage of off-road vehicles such as cranes, wheel loaders, special purpose vehicles, telescopic handlers, and tractors is driving the rise of the off highway tires industry.
| Attributes | Details |
|---|---|
| Market Size 2022A | US$ 8,716.8 Million |
| Market Size 2023E | US$ 9,405.4 Million |
| Market Size 2033F | US$ 20,118.3 Million |
| Value CAGR (2023 to 2033) | 7.9% |
During the forecast period, the global off highway tires market will be driven by growing off-road vehicle sales and farm mechanisation. In addition to this, the development of environmentally friendly off-highway tyres is likely to give the sector with a profitable growth potential.
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The market analysis for Off Highway Tires from 2018 to 2022 exhibited a historical growth rate of 5.3% CAGR, Manufacturing companies are focusing on product innovation and new product launches of highway tires to cater to end-users increasing demand, which in turn, increases the market's expansion from 2018 to 2022.
According to the most recent FMI analysis, the off highway tires market is expected to grow at a rate of 7.9 % between 2023 and 2033. Manufacturers of off highway tires are boosting manufacturing capacity for high performance radial tires with long service life and outstanding all-season traction. Manufacturers are stepping up research and development to add robust and flexible sidewalls, as well as self-cleaning connections for optimum pulling force. In addition to this, harvester tires with lower pressure are being developed, which will result in less soil compaction.
The global manufacture of off highway tires is presently undergoing a thorough transformation. The increased use of off-road vehicles in leisure and military activities is a significant element driving the growth of the off-road vehicle industry. Military operations use off-road vehicles to transport freight and munitions. During wartime, these trucks are also used to deliver large loaded weaponry. Also, new technology such as GPS on these trucks for constructing field borders and marking field lines allow for less soil compaction and time savings when planting by mapping the lines.
Off-road equipment are utilised in the farm and agriculture industries to carry out important day-to-day tasks. Utility off-road vehicles are used in agricultural tasks such as crop planning and scouting, irrigation, and rock selection among others. Nowadays, most farm labour is done with machineries, which necessitates tyre replacement at regular intervals, augmenting the growth of the worldwide off highway tires market throughout the forecast period.
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ATVs are a notable trend in the off highway tires market. The growing use of off highway tires in aggregate quarries for handling material and transport is likely to enhance the global market. Surging demand for ATVs due to their use over diverse terrains that other vehicles cannot access is likely to push the off highway tyres market to a greater extent.
With a greater emphasis on eliminating petroleum-based fuels, the off highway tires industry is expected to see the development of green tyres as a noteworthy trend. In addition to this, the increasing cost of synthetic petroleum based rubber and natural rubber has had a considerable influence on the price value of off highway tires, consequently hurting worldwide market growth.
The rising number of medium-sized farms throughout the world is increasing demand for agricultural equipment, which in turn is increasing demand for agriculture tyres. As a result of rising industrialisation across the world, transportation operations have risen. Intercity transportation activities, such as business-to-business (B2B) and business-to-consumer (B2C) trade, are growing, creating a need for small and fast transportation vehicles to navigate around cities effectively. The aforementioned factors are propelling the global off highway tires market.
Asia-Pacific will account for the greatest share of the off highway tires market in 2023, owing to numerous infrastructure development activities in the region. China and India are the Asia-Pacific off-road tyre market's leaders. The economic rise of China and India, together with China's large investments in road and other infrastructure development, will drive Asia-Pacific regional market demand. Also, increased demand from emerging countries and strategic initiatives by major industry players are projected to drive the growth of the off highway tires market.
In 2023, Asia Pacific has evolved as one of the top manufacturing and consumption centres for off-highway vehicle tyres in recent years, particularly in the agricultural and mining sectors. Rising investment in the construction and mining industries is supporting the expansion of off-highway vehicle tyres. Earth moving equipment such as loaders and excavators and tractors are high-demand driving vehicle types. Tractor use in the agriculture industry has been expanding to satisfy increased crop demand due to growing population in the region. During the projected period, demand for off-highway vehicle tyres is predicted to rise due to an increase in the use of earth movers for infrastructure projects across the region.
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Key players operating in the Off Highway Tires market are MICHELIN, Continental AG, Bridgestone, The Goodyear Tire and Rubber Company, TOYO TIRE and RUBBER, JK TYRE and others.
Key manufacturers are increasing their regional market and building direct presence in local markets through mergers and acquisitions with local suppliers, as well as expanding their dealer network around prospective high demand locations. Also, manufacturers producing model-specific tires.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Sales Channel, End Use, Region |
| Regions Covered | North America; Latin America; Eastern Europe; Western Europe; East Asia; South Asia and Pacific; Central Asia; Russia & Belarus; Balkan & Baltic Countries; The Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Argentina, Germany, The United Kingdom, France, BENELUX, Nordics, Italy, Spain, Poland, Hungary, Romania, Czech Republic, China, Japan, India, ASEAN, Türkiye, South Africa, Northern Africa, KSA, UAE, Israel, Australia & New Zealand |
| Key Companies Profiled | Bridgestone; Michelin; Goodyear; Yokohama Tire; China National Tire & Rubber; MRF; Continental AG; Belshina; Cheng-Shin Rubber; Eurotire |
| Customization & Pricing | Available upon Request |
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Off Highway Tires Market
