Off-the-Road Tire Market Expected to Grow at 6 % CAGR During the Forecast Period

Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Off-the-Road Tire Market Research Report.

Market Synopsis

Off-the-Road (OTR) tires are usually used in heavy-duty vehicles such as construction, agricultural, logistics, and mining industry and offer traction on unpaved surfaces like gravel, mud, sand or loose dirt. These tires are specially built to roll through tough roads and carry a considerable amount of load. OTR tires differ in composition and size depending on the requirement of the job site environment. They are designed for large construction vehicles that include haul trucks, wheel loaders, backhoes, graders, and trenchers. According to a new report by Market Research Future (MRFR), the global OTR tire market is expected to grow at 6 % CAGR.

Drivers and Restraints

There has been a notable growth of the construction industry in developing countries that have increased the demand for material handling and construction equipment. This is likely to drive the growth of OTR tires market globally. Further, national governments and several regional organizations are focusing on magnifying the benefits from the mining sector, which is resulting in increased mining activities globally. The growth of construction and mining industry across the globe is a prime factor driving the demand for OTR tires.

Moreover, the growth of the market is driven by the increased use of telescopic handlers, tractors, wheel loaders, cranes, and special purpose vehicles. The use of technology for achieving increased longevity with heat resistance and reduced rolling resistance are sure to generate opportunities for the manufacturers globally. Also, use of heavy equipment and machinery in mining, industrial and agricultural sectors increases the use of mining, agricultural and mining tires. Increased mechanization and automation in developing countries along with improvement in infrastructure in off-road vehicles is sure to drive the market during the forecasted period.

Meanwhile, the market also experienced a drawback due to challenges in the coal mining segment. With the increasing cost of coal mining due to various government regulations, the growth of off-the-road tires can be affected. Also, the decline in crude oil prices has led to weak mining activities and weak construction, which is restricting the market growth.

Access Report @ https://www.marketresearchfuture.com/reports/off-the-road-tire-market-5029

Global Off-the-Road Tire Market Segmentation

Globally, the off-the-road tire market can be segmented on the basis of construction type, vehicle type, distribution channel and by regions.

On the basis of construction type, the market can be segmented into bias, belted bias and radial. Among these, the bias segment is expected to hold the largest market share. Bias tires are constructed using cross ply and the cords stretch from bead to bead. Bias tires are preferred over radial tires as it facilitates the entire tire to flex. The flexibility offers a smooth and comfortable ride on rough and uneven terrains. However, these tires have less traction and less control at higher speed.

On the basis of vehicle type, the market can be segmented into mining, agriculture vehicles, construction and industrial equipment and others. The commercial vehicles are expected to witness a prominent growth during the forecast period due to the rise in demand for OTR tires in vehicles used for tractor applications and off-road construction.

Based on distribution channel, the market can be segmented into OEM and aftermarket. The OEM segment is anticipated to expand at a fast pace since these tires are used in bad weather conditions and do not require frequent replacement. OTR tires require to be replaced only when they are damaged or worn out after prolonged use.

The market can also be segmented into North America, Europe, Asia Pacific and Rest-of-the-World.

Regional Analysis

Asia Pacific out of all regions is expected to dominate the global market. In this region, China is the leading manufacturer and has the maximum number of sales, thereby driving the market growth globally. Countries like Malaysia, Japan, India, and Thailand are experiencing a boom in the sales. The growth in the construction and agricultural industry in this region is expected to contribute growth in the off-the-road tire market globally.

Industry Developments

Balkrishna Industries Ltd. (BKT) is boosting up its production capabilities of off-the-road tire plants in India to achieve a 10 % share in the global market by the end of 2025.

Bridgestone has recently announced that three of the company’s brand tire lines have been mentioned as original equipment on the all-new BMW X3. The company is also supplying a range of tires in 14 sizes in its Dueler H/P Sport AS, Blizzak and Alenza 001.

Competition Analysis

Some of the prominent players of global off-the-road tire market are Balkrishna Industries (BKT) (India), Apollo Tyres (India), Bridgestone (Japan), Cheng Shin Rubber Industry Co (Taiwan), Continental AG (Germany), and more.