by The off road tires market comprises products such as all-terrain vehicle (ATV) tires, utility task vehicle (UTV) tires, sand tires, and mud tires. Off road tires provide excellent traction, stability and durability on rough terrains and surfaces. The growing recreational activities such as ATV racing, mudding, off-roading and military applications have augmented the demand for off road tires.
The Global Off Road Tires Market is estimated to be valued at US$ 18.65 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Off Road Tires are Bridgestone Corporation, CEAT Ltd., Cheng Shin Rubber Ind. Co., Ltd. (Maxxis), Continental AG, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Kumho Tire Co., Inc., Michelin, Nokian Tyres plc, Pirelli & C. S.p.A., Toyo Tire Corporation, Triangle Tire Co., Ltd., Uniroyal Tires, Ventus Rubber Co., Ltd., and Yokohama Rubber Company. Bridgestone Corporation, Michelin and Goodyear are three leading manufacturers and suppliers of off road tires globally.
The growing demand for participation in off roading activities and usage of utility vehicles for work purposes has been driving the off road tires market. Furthermore, increasing sales of ATVs and UTVs are also augmenting the market growth.
Geographically, North America dominates the Off Road Tires Market Regional Analysis followed by Europe. However, Asia Pacific is expected to witness highest growth rate owing to rapidly growing construction, mining and agriculture industries in the region. Key manufacturers are expanding their production facilities and distribution networks across developing regions to leverage growth opportunities.
Market key trends
One of the primary trends influencing the Off Road Tires Market Growth has been rising adoption of electric vehicles. With growing emphasis on sustainable mobility, electric ATVs, UTVs, SUVs and mini trucks are gaining popularity. This has led tire manufacturers to develop specialized off road tires suitable for performance and longer life in electric vehicles. Companies are actively investing in R&D to introduce tires with enhanced traction, lower rolling resistance and high voltage insulation properties for electric off road mobility. This shifts focus from conventional petroleum-based tires to greener rubber compounds and technologies, thereby making off road driving more environment-friendly.
Porter’s Analysis
Threat of new entrants: Low startup costs and limited specialized skills required to enter the mrket make threat of new entrants moderate. However, established brands have significant brand loyalty and distribution network advantages.
Bargaining power of buyers: Large fleet owners and dealers have significant bargaining power due to bulk purchasing. However, for individual consumers, bargaining power remains relatively low as brand and product choices are limited.
Bargaining power of suppliers: A few major rubber producers supply bulk of raw materials. This makes supplier power moderate as they can influence prices. However, threat remains limited due to availability of substitutes.
Threat of new substitutes: Alternatives like solid/foam filled tires pose minimal threat currently due to performance limitations. However, ever-improving electric vehicle range could emerge as a new substitute.
Competitive rivalry: Intense competition exists among major players. Companies invest heavily in R&D, branding, distribution networks to gain competitive edge.
Geographical Regions
North America accounts for the largest share of the off-road tires market currently, due to high demand from construction and mining industries in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period, led by increasing infrastructure development and growth of mining & construction sectors in countries like China and India.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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