Off the Road Tyres Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Off the Road Tyres market reached a value of about USD 28.7 billion in 2021. The industry is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027 to reach a value of about USD 35.3 billion by 2027.

The global Off the Road Tyres industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is driven by the growing infrastructural and mining activities, especially in emerging nations. In the industry report, the key demand indicator is the highest category spender by region— Asia Pacific.

Off The Road Tyres: Industry Definition and Segmentation

Off-road tyres are vehicle tyres that have a deep tread pattern for better grip on unpaved terrains such as loose soil, mud, sand, or gravel. They have more deep and broader grooves to assist the tread sink into mud or gravel. Off-road tyres can transport vehicles over rocks, stones, sand, dirt, snow, mud, and other uneven terrains. The tread patterns on the wheels' tyres will be uniquely created, and the grooves between the tread blocks will be more comprehensive. Off-road tyres will also have strengthened sidewalls to increase puncture resistance. The Off the Road Tyres industry report comprises segments by type (Passenger Tyres, Heavy Trucks, Two Wheelers, Agricultural, Aircraft, OTR Tyres (<=49"), OTR Tyres (>49")) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

The Asia Pacific Region is Driving the Growth of the Industry

The Asia Pacific holds the largest share in the industry as in regions like China, Japan, India, and Indonesia. Infrastructure projects are expected to expand due to the need for residential structures resulting from population expansion and migration to large cities. As a result, the market is witnessing growth. Furthermore, the rapid developments in the mining industry in regions like China and India are furthering the industry's expansion.

The market is being driven by the rising need for construction and mining equipment due to increased infrastructure building activities and expansion in the mining industry, which is expanding OEM demand for OTR tyres. Construction activities require a developing transportation network, significant investments in roads, bridges, and tunnels to make commuting more accessible, an enhanced supply chain network to facilitate commerce, expanding industrial industries, and building construction. Hence, due to rising labour costs, the need for improved productivity, and making the most use of resources, demand for sophisticated machinery increases, leading to the industry's expansion. Furthermore, the rising investments from private and government sectors are furthering the need for construction and mining equipment, thus resulting in the market's expansion.

However, the fluctuations in the cost of raw materials are likely to have a negative impact on the market.

Best Procurement Practices

The global Off the Road Tyres industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by significant global Off the Road Tyres regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

All-terrain tyres are noted for their versatility in terms of terrain handling. They have grooves and channels that uniformly distribute the weight and increase traction. All-terrain tyres are great for off-roading, snow and ice, sand, and other soft surfaces. They're also recognised for their long-term effectiveness. They have essential characteristics of all-terrain tyres (ATTs), including Snow & Ice Traction, Largest Tread Depth, Aggressive Multi-Pitch Pattern, Cushioning Layer, Large Void Area, Tread Design. These tyres are divided into All-terrain (AT), Mud-terrain (MT), Snow/Winter, and Sand.

Growing Applications of the Product Paired with Technological Breakthroughs, Further Boosting the Procurement of Off the Road Tyres

The industry is being propelled by applying the product in military operations. Military operations use off-road vehicles to transport freight, fuel, and munitions. These trucks are also used to deliver significant, loaded armaments during wartime. In addition, the Increased need for agricultural mechanisation and different government programmes has also raised the demand for agriculture tractors, which has a favourable influence on OTR tyre demand. Also, the various technological advancements in the product, such as integrating different sensor-based technologies with OTR tyres, aid in tyre pressure and temperature monitoring and proactively address any possible dangers through real-time data analysis. Furthermore, new technology like the Global Positioning System (GPS) on these trucks, which are used to create field borders and mark field lines, allows for less soil compaction and quicker planting by charting the lines. Thus, the market is likely to expand due to the following innovations.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Off the Road Tyres Industry Report

• The Michelin Group
• Bridgestone Corporation
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd
• Titan International, Inc

Market Landscape

These firms used new product introductions, collaborations, and joint ventures to gain traction in the OTR tyre industry. Many companies are working on strategic initiatives and R&D projects to incorporate new technology into off-road tyres to strengthen their market position.

Key Initiatives by Companies

• Michelin's agricultural OTR tyre portfolio was increased in May 2021 by introducing the TRAILXBIB. The tyre is built with farm equipment capability and revolutionary technology to retain soil, guarantee uniform weight distribution, and provide high levels of soil protection through the tyre contact patch.
• Michelin said in February 2021 that it is working on a recycling plant with Enviro, a Swedish firm. The industrial unit is in Chile's Antofagasta area. A total of 30,000 tonnes of earthmover tyres would be recycled each year at the facility. Carbon black, pyrolysis oil, gas, and steel are among the reusable products produced by the firm. Tyres, conveyor belts, and anti-vibration items are rubber-based goods that utilise reusable materials.