Market Research Report
Off-the-Road Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Off-the-Road Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: September 16, 2021
IMARC Services Private Limited
Content info: 148 Pages
Delivery time: 2-3 business days
The global off-the-road tire market exhibited moderate growth during 2015-2020. Off-the-road (OTR) tires refer to the deep treaded tires that provide high traction over unlevelled surfaces, including rock, mud, loose dirt, or gravel. Various off-the-road vehicles include cranes, wheel loaders, telescopic handlers, tractors, all-terrain vehicles (ATVs), military trucks, and specialized purpose vehicles. OTR tires provide high heat and rolling resistance, better durability, enhanced vehicular performance, optimum stability, easy mobility, and reduced contact patch area. As a result, these tires are widely adopted across various sectors, including construction, mining, recreation, and agriculture.
The expanding construction industry coupled with rising infrastructural development across diverse geographic locations is augmenting the demand for OTR vehicles. Rising construction activities such as bridges, highways, dams, power supply grids, etc., are further bolstering the OTR tire market. Moreover, the market is also driven by the increasing adoption of automated machinery for several industrial processes. The prevalent trend of farm mechanization along with the rising demand for off-the-road tractors in the agriculture sector is also driving the market. The increasing adoption of OTR tires in dirt bikes and quads for several recreational purposes is also driving the market. The market is also being catalyzed by technological advancements. For instance, the rising integration of various sensor-based technologies with OTR tires helps in monitoring tire pressure and temperature and proactively addresses any potential hazards by providing real-time data analysis.
The COVID-19 pandemic outbreak in early 2020, however, has negatively impacted the growth of the off-the-road tire market. Several industrial and construction activities were temporarily halted due to national lockdowns across the globe. Lockdowns also resulted in raw material supply disruption and temporary shutdown of plants manufacturing OTR tires. From 2021, however, we expect the global off-the-road tire market to recover and to grow at a CAGR of around 5% during 2021-2026.