Market Research Report
Off-road Tires Market Size By Material, By Tire Height, By Vehicle, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, Application Growth Potential & Forecast, 2021 - 2027
|Off-road Tires Market Size By Material, By Tire Height, By Vehicle, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, Application Growth Potential & Forecast, 2021 - 2027|
Published: October 29, 2021
Global Market Insights Inc.
Content info: 230 Pages
Delivery time: 2-3 business days
The off-road tires market is expected to showcase robust growth through 2027 due to mounting popularity of recreational off-roading activities across the globe. Moreover, technological advancements and innovations in product design are likely to further support market growth through the forecast period.
Off-road tires can carry vehicles over rough terrains like boulders, rocks, mud, dirt, sand, snow, and other uneven surfaces. These tires have specifically designed tread patterns, wherein the grooves between these tread blocks are broader than conventional tires. Their structure makes them more resistant to punctures, which has played a vital role in boosting business growth in recent years.
Following the COVID-19 outbreak, there has been a surge in consumer interest in travelling for leisure to remote and less crowded places in COVID bubbles with the aim of preventing the transmission of the novel coronavirus. Subsequently, the spike in travel to off-road destinations has driven product uptake during the pandemic.
The off-road tires market has been segregated on the basis of material, tire height, vehicle, distribution channel, and region. In terms of material, the market has further been divided into natural rubber, synthetic rubber, carbon black, fabrics & wire, and others. The fabrics & wire sub-segment held a considerable share in the market in 2020 and is anticipated to register a CAGR of approximately 6.6% over the assessment timeframe.
With respect to tire height, the market has been categorized into below 31 inches, 41-45 inches, 31-40 inches, and above 45 inches. The off-road tires industry size from the 31-40 inches sub-segment is slated to exhibit strong growth at a CAGR of around 7.2% through the analysis period. The 41-45 inches sub-segment accounts for a nominal share in the market and is likely to observe a slower growth rate through 2027 than the other segments.
Based on vehicle, the off-road tires market has been segmented into SUV, 4WD HDT, UTV, OTR, dirt bikes & quad, and others. In 2020, the dirt bikes & quad sub-segment garnered a notable valuation and is estimated to grow at around 8.2% CAGR over the review period. Even though dirt bikes & quad generate low demand for off-road tires compared to other vehicles, the segment is likely to record substantial growth in the coming years.
By distribution channel, the off-road tires market has been categorized into secondary/replacement, original equipment, and distributor/dealer equipped. The distributor/dealer equipped sub-segment is set to acquire over 24% share in terms of volume in the market by the end of 2027.
In the regional landscape, the Latin America off-road tires market accounted for more than 8% of the overall industry revenue in 2020 and is speculated to exhibit significant growth through the forecast timeline.