The Europe off-road tires market is predicted to generate around USD 125 billion revenue by 2027 on account of the higher liking toward adventure activities such as camping and forest adventures.
SELBYVILLE , Del., Nov. 3, 2021 /PRNewswire/ -- The off-road tires market is expected to surpass USD 700 billion by 2027, as reported in the latest study by Global Market Insights Inc. Increasing adoption of AWD/4WD vehicles and involvement in off-road recreational activities are fueling the industry growth.
In 2020, carbon black accounted around 25% of the off-road tires market share. It is a stabilizing material that is utilized for producing tread compounds in tires. The material provides impressive heat dissipation and wear-resistant characteristics when mixed with the rubber compound, thereby, experiencing high demand.
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SUVs are a major demand-generating segment in terms of volume. This is chiefly due to their high penetration in the automobiles sector. SUVs are considered one of the most practical bodies, i.e., as a people carrier, when compared to similar-sized sedans. The vehicle has more space and offers high customizability along with easier ingress & egress, which in turn, provide substantial thrust to the off-road tires market.
The secondary/replacement channel is predicted to showcase considerable growth while reflecting a CAGR of more than 7% through 2027. Product manufacturers are establishing retail stores to improve the overall buying experience of customers and provide safety & reliability. For instance, in April 2021, CEAT announced its initiative to set up more than 100 tire stop retail stores in Tier and Tier 2 cities across India.
Increased durability, low rolling resistance, and outstanding safety are the major aspects taken into consideration during off-road tire manufacturing. OEMs conduct multiple research activities to develop and implement efficient production operations. Recent development activities in material technologies for manufacturing high performance tires are gaining higher visibility.
The European off-road tires industry is anticipated to contribute over USD 125 billion in global off-road tires market by 2027. This is attributed to the higher liking toward adventure activities such as camping and forest adventures. Besides Europe, Asia Pacific and North America will also witness robust developments in the off-road ties market, which are supported by various favorable trends and growth-enabling conducts of industry participants.
Some major findings of the off-road tires market report include:
- Superior characteristics to support the usage of carbon black in off-road tires.
- SUVs dominate the product usage owing to their higher penetration in the off-highway vehicles sector.
- Secondary/replacement to be among the highly-preferred distribution channels of off-road tires.
- Some of the key producers of off-road tires are Yokohama Tire Corp., Nokian Heavy Tyres Ltd., Bridgestone Corporation, JK Tyre & Industries Ltd., Nortec, and others.
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