Off-Road Tires Market Analysis Forecast To 2025
off-road tires market is witnessing tremendous progress in recent years, with automation, connectivity and digitization serving as the pivotal growth drivers. With the proliferation of off-road tire trends, businesses are rapidly announcing the integration of sensor technologies into their tire products. This trend has given rise to the so-called smart track tires which contain embedded sensors and high connectivity in vehicle systems including telematics platforms.
Ongoing technological advancements in product manufacturing will stimulate off-road tires market trends. New generation tires will boast of enhanced tread patterns and performance attributes and will provide higher durability and heat resistance over the predecessor. Consistently expanding distributor & dealership network across the globe will also foster product penetration over the study timeline.
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Off-road tires are also used for the ATVs and UTVs, which were previously considered for off-road sports or leisure travels only. But presently, these vehicles have started showing up just as commonly as regular vehicles owing to easy maneuverability, light weight structure, high fuel efficiency and low cost of ownership. Moreover, they offer unmatched driving performance over multiple terrains, leading toward growing adoption of ATVs and UTVs.
Furthermore, growing innovations to develop advanced product portfolio featuring self-sealing tires, and Self-Supporting Runflat (SSR) tire systems will positively influence business growth. The implementation of SSR system improves the safety of vehicle as it prevents the damage to side walls of tires in crunch situations. Rising adoption of advanced tire manufacturing techniques among the prominent Industry players including Michelin, Continental AG, and Pirelli will help expanding the consumer base for these specialty tires.
However, consistently changing regional trade policies and fluctuating raw material prices may negatively affect the product demand over the forecast timeframe. Some countries levy high import tariffs on rubber raw materials which should increase the product price, restricting the industry expansion. For instance, in 2018, China increased the import duties on synthetic rubber coming from the U.S., Singapore, and the European Union. Though the current scenario of global trade war may restrain off-road tires market demand, the expansion of production facilities across the globe will help countering this negativity.
Based on raw materials, synthetic rubber segment is projected to substantially grow over 7.5% CAGR through 2025. The growth is attributed to superior heat and abrasion resistance provided by the material during vehicle operations. Moreover, the tires built from synthetic rubber exhibits longer lifecycle owing to lesser wear and tear. The way these products withstand variable temperatures and permit strong hold over slippery surfaces, it will support the segment penetration over the forecast timeframe.
The product is utilized for several off road vehicle types such as SUV, UTV, 4WD, HDT, Dirt Bikes & Quad and OTR. Pertaining to rising recreational activities and dirt bike events hosted across the globe, the Dirt Bikes & Quad segment is presumed to witness substantial gains in the off-road tires market. The increasing development of recreational parks and tracks for ATV will escalate the product demand.
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Charts & Figures
FIG. 1 Off-road tires market segmentation
FIG. 2 Industry landscape, (Thousand Units) (USD Million), 2014 – 2025
FIG. 3 Industry ecosystem analysis
FIG. 4 Value addition
FIG. 5 Growth potential analysis, 2018
FIG. 6 Off-road tires market Price by material, 2014–2025 (USD/Kilo)
FIG. 7 Price by tire height, 2014–2015 (USD/Tire)
FIG. 8 Price by vehicle, 2014-2025, (USD/Tire)
FIG. 9 Company market share analysis, 2018
FIG. 10 Porter’s analysis
FIG. 11 PESTLE analysis
FIG. 12 Market volume share by material, 2018 & 2025
FIG. 13 Market volume share by tire height, 2018 & 2025
FIG. 14 Market volume share by vehicle, 2018 & 2025
FIG. 15 Market volume share by distribution channel, 2018 & 2025
FIG. 16 Off-road tires market share by region, 2018 & 2025
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