Market Research Future (MRFR) is of the view that during the forecast period (2017-2023), the global off-the-road tire Market Revenue could attain a CAGR of 6%.
Market Drivers and Top Challenges
Expanding population along with mounting demand for higher yield has boosted the need for tractors and agriculture equipment vehicles, which benefits the Off The Road Tire Market Revenue . Surge in preference for modern equipment in farming activities augments the adoption of tractors, which favors the Off The Road Tire Market Revenue . India and China are the significant Market Revenue s for agriculture tractor in the world, in terms of Market Revenue . These countries are considered as highly attractive Market Revenue s for OTR tire and are expected to retain their lucrative positions in the worldwide Market Revenue in the coming years.
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Besides, India, China, Mexico, and Brazil are now focusing on investing substantially in construction, which employs a large number of construction vehicles. This factor works in favor of the Off The Road Tire Market Revenue to a great extent. To elaborate, in 2017, China had invested close to USD 9 Bn in construction projects in 16 countries across Europe which was a part of the “Belt and Road Initiative”.
Advent of several bilateral agreements combined with emergence of intercontinental routes for the improvement of trade are presumed to boost the demand for construction vehicles. This is expected to elevate the Market Revenue position during the evaluation period, predict data experts. Establishment of manufacturing facilities in developing nations is giving rise to adoption rate of industrial vehicles, including trucks and warehouse forklifts, which pushes the demand for OTR tires.
The worldwide off-the-road tire Market Revenue has been segregated depending on the construction type, vehicle type and the distribution channel.
With respect to the construction type, the Market Revenue caters to bias, belted bias and radial. The bias segment’s coverage in the Market Revenue is expected to be the largest in the years to come. Bias tires are made using the cords stretch from bead to bead and cross ply. These types of tires are more in demand compared to radial tires as it allows the entire tire to flex. This flexibility ensures smooth as well as comfortable ride even on rough and uneven terrains.
In terms of the vehicle type, the Market Revenue has been split into agriculture vehicles, mining, construction and industrial equipment and others. The commercial vehicles could note significant demand in the review period as a result of the strong demand for OTR tires in vehicles that are used for tractor applications as well as off-road construction.
The distribution channels covered by MRFR are OEM and aftermarket. The OEM segment touted to rise at a quick pace as such tires can be used in bad weather conditions and are not needed to be frequently replaced. These are needed to be replaced only when damaged after prolonged use.
The key Market Revenue s for off the road tire include North America, Asia Pacific, Europe, as well as the Rest-of-the-World (RoW).
In the coming years, Asia Pacific is touted to be the most profitable Market Revenue for off-the-road tire. China is considered to be the leading manufacturer of off-the-road vehicles, generating maximum Market Revenue , which has put the region on the international map. Countries like India, Thailand, Malaysia and Japan, are also noting a significant rise in the Market Revenue of off-the-road tires and vehicles. Also, the consistently expanding construction and agriculture industry in the region has done wonders for the Market Revenue .
With national governments along with multiple regional organizations working on magnifying the benefits of the mining sector, there has been surge in mining activities in Europe and North America. This factor has made these regions some of the top Market Revenue s for off the road tire. The booming construction and mining industry in the regions is a chief factor that elevates the demand for OTR tires.
Some of the top players competing in the worldwide off-the-road tire Market Revenue are Bridgestone (Japan), The Titan Tire Corporation (U.S.), Giti Tire (Singapore), Pirelli & C. S.p.A. (Italy), Cheng Shin Rubber Industry Co (Taiwan), Nokian Tyres plc (Finland), Apollo Tyres (India), JK Tyre & Industries Ltd (India), The Yokohama Rubber Company (Japan), Toyo Tire & Rubber Co., Ltd. (Japan), Continental AG (Germany), Trelleborg AB (Sweden), Balkrishna Industries (BKT) (India), The Goodyear Tire & Rubber Company (U.S.), Michelin (France), among others.