Off The Road Tires Market Demand, Growth Analysis and Forecast 2018 to 2023

May 17, 2018: Heraldkeeper.com: This Global Electric Vehicle Charging Station Market 2018 report provides Market Information Report by Construction Type (Bias, Belted bias and Radial), by Vehicle type (Mining, Agriculture Vehicles, Construction and Industrial Equipment and Others), by distribution channel (OEM and Aftermarket) And Region.

Off The Road Tires Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023. Global off the Road Tires Market is growing at 6% CAGR within forecast period of 2018 to 2023. This growth of Global off the Road Tires Market is attributed to continuous growth of various sectors such as agricultural and logistics, mining and construction. The growth of the market is further driven by the increase in the use of the off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors and special purpose vehicles.

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Market Scenario:

Off-the-road tire, also, known as the Specialty Tire, as the name suggests are tires specially designed for the Vehicles used in the sectors such as construction, mining, highway service and port etc. Attributing to their qualities such as extreme durability and resistance to the heat & reduced rolling, the specialty tires are exclusively used in the off-the-road vehicles such as cranes, wheel loaders, telescopic handlers, tractors and special purpose vehicles.

Major Players Analyzed In Study Are: Apollo Tyres (India), Balkrishna Industries (BKT) (India), Bridgestone (Japan), Cheng Shin Rubber Industry Co (Taiwan), Continental AG (Germany), Giti Tire (Singapore), The Goodyear Tire & Rubber Company (U.S.), JK Tyre & Industries Ltd (India), Michelin (France), Nokian Tyres plc (Finland), Pirelli & C. S.p.A. (Italy), The Titan Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden) and The Yokohama Rubber Company (Japan) among others.

Market Research Analysis:

The highly competitive market for Off the Road Tire is adorned by several well-established players having the international and regional presence. These players incorporate collaboration, acquisition, partnership, product, and technology launch in order to maintain their market position. The market players are committed delivering reliable, leading-edge products, and services.

Based on construction type, the radial tire segment is expected to grow at the highest CAGR. The radial tires use cords, which extend from the beads and across the threads. These tires are designed to be at right angle to the centerline of tire. The cords in the tire are parallel to one another and the stabilizer belts are placed under the tread. All these features ensure that the radial tires are high in strength and are durable. They also ensure better control of the vehicle at high speed along with low rolling resistance. However, radial tires also have some disadvantages as they do not have self-cleaning ability, and are rougher at lower speeds.

Between the distribution channels, the original equipment manufacturers (OEMs) are expected to dominate the growth of the market. OEM segment is expected to grow at a higher rate than aftermarket. This is due to the rise in production of off-the-road vehicles, and rise in the number of OEM production facilities in the developing regions.

Regional Analysis:

Globally, Asia Pacific market is expected to lead the for Off the Road Tire market followed by the North America and Europe respectively. The growth of APAC market attributes to the burgeoning agriculture and construction sectors in the region. China, among other APAC countries, hold the largest market share in the regional market, witnessing augmenting sales, thereby driving the growth of the regional market. While the market in the countries like India, Japan, Thailand, and Malaysia, are also, perceiving the galore accruals.

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