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Global market Insights: Off-road tire market to be worth US$705bn by 2025, forecasts Global Market Insights

Global market Insights: Off-road tire market to be worth US$705bn by 2025, forecasts Global Market Insights
Issue Time:2019-10-16

According to research from Global Market Insights, the off-road tire market is set to grow from its current market value of more than US$435bn to over US$705bn by 2025.

Shifting consumer preferences for utilizing ATVs and UTVs in applications involving driving on different terrains will support this market growth.

Ongoing technological advancements in tires, including better tread patterns and performance attributes, will see products with greater durability and heat resistance. Meanwhile, expansion of the distributor and dealership network across the globe is expected to fuel product demand over the forecasted period. Innovations such as runflats and self-sealing tires will positively influence growth in the sector

Fluctuating raw material prices owing to changing governmental trade policies across the globe will affect off-road tire demand. Higher import tariffs on rubber raw materials will restrict expansion. The synthetic rubber market is expected to grow above average industry growth by more than 7.5% by 2025.

The market for tires above 45in will register significant growth with a rising preference for large diameter tires on vehicles including OTR equipment, tractors and combine harvesters for agricultural activities.

Dirt bikes and quads will grow in popularity owing to an increase in the popularity of recreational activities and dirt bike events across the globe. Availability of recreational parks and tracks for riding ATVs in North America is also increasing.

Furthermore, the original equipment segment will account for considerable growth in the off-road tire segment. In Europe, the off-road tire market is likely to exceed US$15bn by 2025, according to Global Market Insights. Such tires are popular with consumers for forest and camping activities. The widespread presence of adventure trails and racing events will greatly influence the adoption of advanced off-road vehicles, further escalating off-road tire demand.

Key players in the off-road tire market are Michelin, Continental, JK Tyre and Sumitomo Rubber Industries..