Global Off-The-Road Tire Market Influenced by Mining Application
Off-The-Road Tire Market Synopsis
The global market for off-the-road tire market is projected to grow at a CAGR of 4.9% by 2030. It is an important market and is estimated to expand during the forecast period. The expansion of the off-the-road tire market 2020 is affected by enforcing the strict and stringent vehicular emission and fuel financial measures.
The primary factor contributing to the development of the market is the mining application. Tires are a crucial element for the efficient operation of vehicles. The resistance experienced by the vehicle while it is in the motion, occurs due to rolling resistance of tires. Tires which possess lower rolling resistance use lesser fuel.
Government of several countries have taken initiatives to advocate the manufacturing and adoption of tires by the producers for controlling adverse emissions. Hence, the establishment of stringent vehicular emission and fuel economy norms impact the growth of the off-the-road tire market. Additionally, the expansion in the construction and mining sector coupled with the rise in production of off-the-road vehicles is believed to upsurge the growth of the market.
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Key Players
The eminent players of global off-the-road tire market consists of The Yokohama Rubber Company (Japan), Apollo Tyres (India), Giti Tire (Singapore), Michelin (France), JK Tyre & Industries Ltd (India), Continental AG (Germany), Cheng Shin Rubber Industry Co (Taiwan), Nokian Tyres plc (Finland), Balkrishna Industries (BKT) (India), Bridgestone (Japan), Pirelli & C. S.p.A. (Italy), The Titan Tire Corporation (U.S.), Oyo Tire & Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden) and others.
Off the Road Tire Market Segmentation
The global off-the-road tire market is classified on the basis of region, distribution channel, vehicle type and construction type. On the basis of region, off-the-road tire market can be segmented into North America, Asia Pacific, Europe and the Rest of the World (Row). On the basis of distribution channel, off-the-road tire market can be segmented into Aftermarket and OEM. Among the distribution channels, the original equipment manufacturers are estimated to lead the distribution channel segment.
OEM vertical is expected to expand at a higher rate than aftermarket. Owing to the increase in production of the off-the-road vehicles and the rise in number of OEM production facilities in the developing nations. On the basis of vehicle type, off-the-road tire market can be classified into Construction and Industrial Equipment, Agriculture Vehicles, Mining and others. On the basis of construction type, off-the-road tire market can be classified into Radial, Belted Bias and Bias. Of all construction types, the bias segment is expected to hold the maximum market share.
The construction of the bias tires cords and the cross-ply are utilised in a way that they stretch from bead to bead. Regional Segmentation On the basis of region, the market has been segmented into North America, Asia Pacific, Europe and the Rest of the World (RoW). Of all the areas, the Asia-Pacific is projected to dominate the global off-the-road-tire market.
In the APAC region, China is the preeminent producer of off-the-road vehicles and it also procures the maximum number of sales, which results in the expansion of the market region. Countries like Japan, India, Thailand and Malaysia are also witnessing an upsurge in the trade of off-the-road tires and vehicles. The boost in construction and agriculture industry is also meant to increase the sales and thereby assisting in the expansion of the market at a global level. The second position is attained by the North American market, followed by Europe.
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