Off-road Tires Market Analysis

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.