Off-road Tires Market Size - By Material (Synthetic Rubber, Natural Rubber, Fabrics & Wire, Carbon Black), Tire Height, Vehicle, By Distribution Channel (Original Equipment, Secondary/Replacement, Distributor/Dealer Equipped) & Forecast, 2021 - 2027

Off-road Tires Market Size

Off-road Tires Market size surpassed USD 420.5 billion in 2020 and is projected to grow at over 7.5% CAGR from 2021 to 2027. The infrastructure development projects, and the growing construction sector are the key factors driving the industry growth. Investments made by several governments, especially in the emerging economies are generating requirements for off-highway vehicles.
 

For instance, China is anticipated to fund about 100 countries for railways, roads, ports, power plants, and other infrastructure development projects. This mammoth initiative will not only generate broad economic growth opportunities for recipient countries but also boost their GDP by up to 3.4% according to the World Bank.
 

On the other hand, the COVID-19 pandemic is negatively affecting the global off-road tires market. The preventive measures adopted to curb the impact of the contagious coronavirus resulted in nationwide lockdowns, mobility restrictions, and termination of several manufacturing operations that were non-essential. However, the automotive industry observed recovery of production activities in the third quarter of 2020. In addition, healthy recovery for the off-highway vehicle sector is expected due to increasing demand post-pandemic, fueling the consumption of off-road tires.
 

Synthetic rubber to witness high adoption rate for tire manufacturing

Synthetic rubber is the most widely used material for off-road manufacturing, making it the major revenue-generating segment. In 2020, the synthetic rubber segment accounted for around 30% of the revenue share and is poised to observe substantial growth rate through 2027. The extensive usage of Butadiene Rubber (BR) and Styrene-butadiene Rubber (SBR) in mining and agricultural vehicles is the prominent factor contributing to the high market capturing ability. The considerable abrasion resistance along with the cost-effectiveness offered is triggering the adoption of the material.
 

Off-road Tires Market Analysis

The above 45-inch height tires are predicted to exceed above USD 445 billion revenue by 2027. The rising need for OTR and agricultural vehicles is the key growth influencer. Various trends, such as mechanization & automation in the farming sector, growing mining activities, and the increasing adoption of earthmoving equipment, are set to spur the segment penetration. This is also evident from the initiatives taken by product manufacturers to cater to the growing demand.
 

The UTV segment holds a considerable potential for the off-road tires market and is forecast to generate a demand for more than 11 million units by 2027. The functional versatility achieved by UTVs against larger machinery, such as tractors and trucks, is boosting their adoption for various farm chores. The shifting preference toward UTV vehicles owing to convenience and maneuverability for accomplishing multiple tasks will drive the market revenue. Moreover, the growing application in racing championships and adventure events will further enhance the industry development.
 

The Asia Pacific accounts for nearly 50% of the off-road tires market share in 2020 on account of the numerous infrastructure development attempts in the region with China holding the major share followed by India and Japan. Economic growth in China and India coupled with massive investments in the road and other infrastructure developments by China will foster the regional market demand. However, the amplifying demand from India and strategic initiatives from key players are likely to further augment the industry expansion.
 

Off-road Tires Market Share

Prominent participants of the off-road tires industry include :

• Yokohama Tire Corp.
• Nokian Heavy Tyres Ltd
• Bridgestone Corporation
• JK Tyre & Industries Ltd
• Nortec

Many players are engaged in strategic initiatives and research & development activities to incorporate off-road tires with new technologies in order to reinforce their market foothold. For instance, Galaxy, a brand of Yokohama, released new variants of off-road tires for mining vehicles in 2019. These tires consist of cut and heat resistance compounds, thus generating prospects for attracting more consumers seeking durable off-road tires.
 

This market research report on off-road tires includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2027 for the following segments:

Click here to Buy Section of this Report

Market, by Material

• Synthetic rubber
• Natural rubber
• Fabrics & wire
• Carbon black
• Others

Market, by Tire Height

• Below 31 inches
• 31-40 inches
• 41-45 inches
• Above 45 inches

Market, by Vehicle

• 4WD HDT
• SUV
• UTV
• Dirt bikes & quad
• OTR
• Others

Market, by Distribution Channel

• Original equipment
• Secondary/replacement
• Distributor/dealer equipped

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • South Africa