Off the Road Tire Market Overview
It is used in many industrial types of
equipment, such as tow vehicles, articulated, container handlers, rubber tire
dozers, scrapers and many more. It improves execution and dependability. The
lockdown due to the virus spread affected the Off the Road Tire Market as the industrial activities were halted.
The disruption in raw materials is also a declining factor for the market
during the pandemic. Transportation activities, industrialization, and the rise
in medium-size farmers are the boosting factor for the market. The low cost of
tires and high cost of research and development will hinder the market growth.
The Off the Road Tire Market is anticipated to hold a cagr of
4.92% between 2022 and 2030. The Off the Road Tires are a type of tyres. It
uses a deep tread to provide enhanced friction on surfaces such as gravel, mud,
loose dirt, etc. They are designed to be used both on-road and off-road;
however, not all vehicles can be used off-road, but this has the specialty to
work off-road efficiently. The heavy-duty equines and vehicles used for heavy
works require OTR tires as they can perform on harsh roads. It does not
sacrifice safety and quality performance even if working in those harsh
conditions.
Get Free Sample Report of Off the Road
Tire Market
Off the Road Tire Market Key Players
·
Toyo Tire & Rubber Co. Ltd.
(Japan)
·
The Titan Tire Corporation (U.S.)
·
Trelleborg AB (Sweden)
Off the Road Tire Market
segmentation
Based on the segment Vehicle Type, the
market is bifurcated into Mining, Agricultural vehicles, Construction and Industrial
Equipment, and Others. Among them, the agriculture segment holds the largest
market share due to the interest in horticulture and the use of this in the
farm will probably have a propelling effect on the market. By the Construction
Type, Off the Road Tire Market is
fragmented into Radial, Bias and Belted Bias.
The bias tire portion will rule the
market in the forecast period, and it gives a smooth ride on harsh surfaces
when contrasted with spiral tires. In addition to it, the bias tires are more affordable
compared to others. The radial tire portion is also holding a large section of
the market. The Distribution Channel of the market consists of Aftermarket and OEM. In the present scenario,
the aftermarket has high demand as the OTR tires are less durable than other
tires, which is the reason for the high share of the segment.
Off the Road Tire Market Regional analysis
The Off the Road Tire Market size is analyzed in prominent
regions such as Asia Pacific, Europe, North America, South America, the middle east
and Africa. The Asia Pacific dominates the market share as the region has
gained a market value of USD 8.5 billion and registered a CAGR of 5.31% in the
coming years. The key reasons for the development are enhancing construction
activities and demand for energy-efficient technologies are driving the market.
Europe was the second-largest holding region of the market in 2018. The
increase in the government interest in development exercises will increase the
interest in construction vehicles.
Off The Road Tire Industry news
A North Carolina cyclist is suing Rene
Herse Cycles alleging the company was negligent in selling a tubeless road tire
that blew off a hookless rim, causing a crash.
Segmentation
By Vehicle Type
·
Mining
·
Agricultural Vehicle
·
Construction
·
Industrial Equipment
·
Others
By Construction Type
·
Radial
·
Bias
·
Belted Bias
By Distribution Channel
·
Aftermarket
·
OEM
Read more:
Electric All Terrain Vehicle Market
Automotive Interior Trim Parts Market
Automotive Thrust Washer Market
.png)
.png)
No comments:
Post a Comment