Off Highway Vehicle Tire Market Size Worth US$ 14 Bn by 2027

The global off highway vehicle tire market size is poised to reach around US$ 14 Bn by 2027 and is anticipated to grow at a CAGR of 6% from 2020 to 2027

News provided by

Acumen Research and Consulting

Apr 20, 2020, 09:30 ET

LOS ANGELES, April 20, 2020 /PRNewswire/ -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Off Highway Vehicle Tire Market (By Product: Pneumatic, Non-Pneumatic; By Application: Recreational/Utility, Utility, Youth, Sports; By End Use: Sports, Military, Entertainment, Hunting, Agriculture, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027".

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Rising investment in construction and mining industries supports the development of off highway vehicle tires. Tractors and earth-moving machines such as excavators, loaders, etc. are main demand types for driving vehicles. Tractor adoption rates in the farming sector have raised in favor of rising demand in Asia Pacific countries due to population has growth. Growing earth movers are projected to increase demand for off highway vehicle tires during the forecast timeframe owing to infrastructure construction projects around the globe. However, these vehicles high costs and repair expenditures are projected to substantially reduce the off highway market. Globally, governing authorities enforce strict laws for reducing automotive carbon emissions. Fuel use for off highway vehicles is high as relative to standard cars and generates more carbon emissions because off highway vehicles need a lot of fuel to run. Increased carbon emissions for these vehicles are expected to impede growth of off highway vehicle market.

The utility is expected to remain the dominant product category in the off highway vehicle industry. All the major companies have an outstanding range of goods for the off highway vehicle sector. Thanks to increasing tourism and leisure activities across the globe, sport will probably be at the highest rate of growth during this time.

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Regional Outlook

In Asia-Pacific the off highway tires market is projected to be dramatically expanding, leading to the growing use of off highway vehicles in mining and construction. In addition, the rising urbanization trend in BRIC would fuel demand for construction activities, further boosting the region's market for off highway vehicle tires. In addition, several OEMs in the area endorse advancement in tire technology to satisfy the growing demands of customers on the off highway tire markets in North Americans and Europe. North America will witness considerable development with a strong propensity to trail off highway vehicles including quads and mountain bikes. The increased demand for green vehicles, along with the involvement of many players of off highway vehicles boosts product production. In addition, the region's large distribution network would boost demand growth further.

About the Market

Vehicles off highway tires are tiled or pebble-faced surfaces and are capable of moving forward. They have wide tires with thick, open treads and adjustable suspensions. These cars are the most commonly used in areas without paved roads for journeys and move. Higher clearance and improved capacity permit these vehicles to navigate difficult and low-traction trails and highways. Many off highway tires are designed to be used in rough conditions, with low friction pressure, decreasing their stability and enabling the rope to suit the conditions. Such a pattern can be used on a broader variety of surfaces, but tubeless tires under high strain are likely to split the bead.

Market Segmentation

By Product

  • Pneumatic
  • Non-Pneumatic

By Application

  • Recreational/Utility
  • Utility
  • Youth
  • Sports

By End Use

  • Sports
  • Military
  • Entertainment
  • Hunting
  • Agriculture
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key Players & Strategies

Participants include major global players such as Deutz AG, Cummins Inc., Kubota Corporation, J. C. Bamford Excavators Ltd., Caterpillar Inc., Deere and Company, AGCO Corporation, Hitachi Construction Machinery Co. Ltd., Others.

Research and development advances in innovative tire technologies and the use of emerging technology, including nanotechnology, offer future prospects for the global growth of off highway vehicle tires. The use of materials like silica decreases heat build up by about 30 percent and lowers rolling resistance 40 percent, which increases product performance. The NanoPro-Tech idea has been developed by industry actors such as Bridgestone, which increases the fuel efficiency and the durability of tire water grips.

Herstellers are widening their commodity range to include a larger customer base. Battlax Adventurecross AX41, was unveiled to Bridgestone in January 2019 as its off highway motorcycle line-up. It will broaden its range and further increase the proportion of off highway pneumatic goods over the planned timeline.

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