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Low Rolling Resistance Tire Market Growth Projections and Opportunities
The growth of the off-the-road (OTR) tire market is set to be propelled by escalating construction activities and the increasing mechanization of farming worldwide. The market is segmented based on construction type, vehicle type, and distribution channel.
Concerning construction type, the global market is categorized into bias, belted bias, and radial. In 2018, the radial segment held the dominant market share at 51.5%, amounting to USD 10,124.72 million. Projections indicate a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period, showcasing a robust trajectory.
The vehicle type segment includes mining, agricultural vehicles, construction and industrial equipment, and others. The agricultural vehicle segment claimed a significant market share of 43.1% in 2018, valued at USD 8,473.3 million. Forecasts suggest a steady 5.6% CAGR over the forecast period, demonstrating sustained growth.
Examining end-users, the market is divided into Original Equipment Manufacturers (OEM) and aftermarket. In 2018, the aftermarket segment dominated with the largest market share at 60.4%, reaching a value of USD 11,863.6 million. Projections anticipate a commendable 5.5% CAGR during the study timeframe, emphasizing the aftermarket's pivotal role in the market.
Regionally, Asia Pacific emerged as the leader in 2018, commanding a substantial market share of 43.2% and a value of USD 8,494 million. Forecasts predict a commendable 5.3% CAGR over the projected period, emphasizing the region's significant contribution to market growth.
In summary, the global OTR tire market is poised for expansion, fueled by increased construction activities and the mechanization of farming practices. The radial segment, agricultural vehicles, and the aftermarket segment are key drivers of this growth, with the Asia Pacific region playing a pivotal role in shaping the market's trajectory. These trends underscore the industry's resilience and potential for sustained growth in the foreseeable future.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022-2030 |
Low Rolling Resistance Tire Market Highlights:
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