Off-The-Road Tire Market Synopsis
The global market for off-the-road tire market is projected to grow at a CAGR of 6% by 2023. It is an important market and
is estimated to expand during the forecast period.
The expansion of the off-the-road tire market 2020 is
affected by enforcing the strict and stringent vehicular emission and
fuel financial measures.
The primary
factor contributing to the development of the market is
the mining application. Tires are a crucial element for the efficient operation of vehicles.
The resistance experienced by the vehicle while it is in the motion, occurs due
to rolling resistance of tires. Tires which
possess lower rolling resistance use lesser fuel.
Government of
several countries have taken initiatives to advocate the manufacturing and
adoption of tires by the producers for controlling adverse emissions. Hence, the establishment of stringent vehicular emission
and fuel economy norms impact the growth of the
off-the-road tire market. Additionally, the
expansion in the construction and mining sector coupled with the rise in
production of off-the-road vehicles is believed to
upsurge the growth of the market.
Key Players
The eminent
players of global off-the-road tire market consists
of The Yokohama Rubber Company (Japan), Apollo Tyres
(India), Giti Tire (Singapore), Michelin (France), JK Tyre
& Industries Ltd (India), Continental AG (Germany), Cheng Shin Rubber
Industry Co (Taiwan), Nokian Tyres plc (Finland),
Balkrishna Industries (BKT) (India), Bridgestone (Japan), Pirelli & C. S.p.A. (Italy), The Titan Tire Corporation
(U.S.), Oyo Tire & Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden)
and others.
Market Segmentation
The global
off-the-road tire market is classified on the basis of
region, distribution channel, vehicle type and construction type. On the basis of region, off-the-road tire market can be
segmented into North America, Asia Pacific, Europe and the Rest of the World
(Row). On the basis of distribution channel,
off-the-road tire market can be segmented into
Aftermarket and OEM. Among the distribution channels, the original equipment
manufacturers are estimated to lead the
distribution channel segment.
OEM vertical is expected to expand at a higher rate than aftermarket.
Owing to the increase in production of the off-the-road
vehicles and the rise in number of OEM production facilities in the developing
nations. On the basis of vehicle type,
off-the-road tire market can be classified into Construction and
Industrial Equipment, Agriculture Vehicles, Mining and
others. On the basis of construction type, off-the-road tire market can be
classified into Radial, Belted Bias and Bias. Of all construction types,
the bias segment is expected to hold the maximum market
share.
The construction of the bias tires cords and the
cross-ply are utilised in a way that they stretch
from bead to bead. Regional Segmentation On the basis of
region, the market has been segmented into North
America, Asia Pacific, Europe and the Rest of the World (RoW). Of all the areas,
the Asia-Pacific is projected to dominate the global off-the-road-tire
market.
In the APAC
region, China is the preeminent producer of off-the-road vehicles and it also procures the maximum number of sales, which results in the
expansion of the market region. Countries like Japan, India, Thailand and
Malaysia are also witnessing an upsurge in the trade of off-the-road tires and
vehicles. The boost in construction and agriculture industry is also meant to increase the sales and thereby
assisting in the expansion of the market at a global level. The second position
is attained by the North American market, followed
by Europe.
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