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Europe Off-The-Road Tire Market to Grow at a CAGR of 4.57% During 2022-2027, Propelled by the Rising Development of Numerous Infrastructural Projects

Published on Nov 10, 2022

The latest report by IMARC, titled “Europe Off-The-Road (OTR) Tire Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, finds that the Europe off-the-road tire market is expected to exhibit a CAGR of 4.57% during the forecast period (2022-2027). Off-the-road tire refers to tires formed with blocky, heavy-duty tread patterns and puncture-resistant sidewalls that provide high traction over unlevelled surfaces, such as mud, loose dirt, rock and gravel. The most commonly available off-the-road tires include tractors, wheel loaders, cranes, telescopic handlers, all-terrain vehicles (ATVs), specialized purpose vehicles and military trucks. OTR tires offer better heat, improved durability, enhanced vehicular performance, optimum stability, reduced contact patch area, and easy mobility. Owing to this, OTR tires are extensively utilized in numerous industry verticals, including mining, recreation, agriculture and mining.

We are regularly tracking the direct effect of the COVID-19 on the market, along with the indirect influence of the associated industries. These observations will further be integrated into the market.

Europe Off-The-Road Tire Market Trends:

One of the primary factors driving the market is the rising development of numerous infrastructural projects, such as housing facilities, construction of roads and railways and industrial complexes. Additionally, the constant upgradation of numerous commercial structures, including dams, highways, bridges, and power supply grids across various geographical locations, is creating a positive market outlook. Other than this, there has been an escalating demand for large haul trucks in various quarrying and mining applications on account of the exponentially growing mining sector. Besides this, the significant growth in the agriculture sector, along with the increasing adoption of farm mechanization trends, is positively influencing the market growth. In line with this, the growing trend of radial OTR tires providing numerous advantages, such as lesser fuel consumption, better mileage, and improved road grip, is propelling the market growth. Furthermore, the launch of various government policies to ensure labor safety across heavy-duty industries is boosting the demand for cranes, bulldozers, backhoes and bulldozers. Moreover, the rising integration of OTR tires with various advanced technologies, including cut and chip resistance sensors, tire pressure and temperature monitoring systems, and real-time data analysis,  is creating lucrative growth opportunities for the key players.

Market Summary:

  • Based on the vehicle type, the market has been divided into mining, construction and industrial, agricultural, and other vehicles.
  • On the basis of the tire type, the market has been bifurcated into radial and bias.
  • The market has been categorized based on the end use into OEM and replacement.
  • Based on the distribution channel, the market has been segmented into online and offline.
  • On the basis of the rim size, the market has been segregated into below 24 inches, 24-30 inches, 31-35 inches, 36-39 inches, 40-50 inches, 51-55 inches, and above 56 inches.
  • Based on the region, the market has been classified into Germany, France, Russia, the United Kingdom, Italy, Spain, and others.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Balkrishna Industries Limited, Bridgestone Corporation, Continental AG, Double Coin Tyre Group Ltd., Michelin, Nokian Tyres, Pirelli, The Goodyear Tyre & Rubber Company, Trelleborg, Triangle Tires, and Yokohama Rubber Company Limited.
     

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