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Off-road Tires Market Size

Report ID: GMI4367
Published Date: Oct 2021
Report Format: PDF

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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.

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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.

Off-road Tires Market Report Attributes
Report Attribute	Details
Base Year:	2020
Off-road Tires Market Size in 2020:	420.55 Billion (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	7.5%
2027 Value Projection:	709.76 Billion (USD)
Historical Data for:	2017 to 2020
No. of Pages:	230
Tables, Charts & Figures:	342
Segments covered:	Material, Tire Height, Vehicle, Distribution Channel, and Region
Growth Drivers:	Increasing AWD/4WD vehicles and off-roading recreational activities Technological advancements in products for enhanced safety Initiatives to strengthen the agriculture and forestry sector Improving economic conditions along with increasing off-road endurance racing activities Proliferating construction and mining sector
Pitfalls & Challenges:	High initial investment and fluctuating raw material prices

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Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of off-road tires accounted for USD 420.5 billion in 2020 and will exhibit a CAGR of 7.5% between 2021 and 2027, says this GMI report.

The synthetic rubber products held around 30% of the revenue share in 2020 and will grow with the extensive usage of BR and SBR in agricultural and mining vehicles.

The above 45-inch off-road tires segment is set to record more than USD 445 billion up to 2027 driven by the surging product requirement in agricultural and OTR vehicles.

The Asia Pacific market accounts for more than 50% share in 2020 and will expand with increasing infrastructure development projects in China, India, and Japan.

Key participants across the industry comprise JK Tyre & Industries Ltd., Nokian Heavy Tyres Ltd., Nortec, Bridgestone Corporation, Yokohama Tire Corp., and others.