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Offroad/Mud Tyre Market Overview:
Offroad/Mud Tyre Market size is estimated to reach $846 billion by 2030, growing at a CAGR of 7.1% during the forecast period 2023-2030. Increasing demand for highly durable and long-lasting tyres, rising popularity of SUVs in recent times and people engaging in offroad tracks and outdoor fun adventures are propelling the Offroad/Mud Tyre Market growth.
Additionally, the significant investments by the government by introducing track racings as a sport and recognizing off road adventures are creating substantial growth opportunities for the Offroad/Mud Tyre Market. Simultaneously, the changing lifestyle of the consumers for outdoor adventures and going on off-road tracks to enhance their state of mind are some of the major Offroad/Mud Tyre Market opportunities. These factors positively influence the Offroad Tyre industry outlook during the forecast period.
Market Snapshot:
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Offroad/Mud Tyre Market - Report Coverage:
The “Offroad/Mud Tyre Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Offroad/Mud Tyre Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
The pandemic impacted on different industries, such as construction, infrastructure and tourism, varied significantly. Some sectors experienced a slowdown or temporary halt in operations, leading to reduced demand for off-road tires. Owing to restrictions, vehicle owners reduced the amount of driving resulting in delayed visits for maintenance or tire replacement. However, other sectors, such as agriculture and logistics, saw increased demand and drove the need for off-road tires, with the projected exponential increase in vehicle sales over the forecast period.
Ukraine is an important global producer of natural rubber, which is a crucial raw material for tire manufacturing. The conflict disrupted the supply chain of natural rubber and other raw materials, leading to shortages and increased prices of off-road tires, which in turn affects the production for off-road tires.
Key Takeaways:
Fastest Growth of Asia Pacific Region
Geographically, in the global Offroad/Mud Tyre Market share, Asia Pacific is analyzed to grow with the highest CAGR of 8.1% during the forecast period 2023-2030. Technologically advanced, highly durable and long-lasting tyres by major manufacturers present in the region are cost-effective and can endure high foot traffic driving Offroad/Mud Tyre Market in Asia Pacific region. In February 2023, JK Tyre, an Indian tires and tubes company, launched three new off-the-road tires that include 23X5.7-12 JET TRAX SUPER II 4PR TL, 26.5- 25 Loader Champ 28PR E4/L4 TL, and 23X8.50-12 JET TRAX ULTIMA 6PR TL.
Utility Task Vehicles to Register the Fastest Growth
In the Offroad/Mud Tyre Market analysis, the Utility Task Vehicles segment is estimated to grow with the highest CAGR of 8.0% during the forecast period. UTVs are specifically designed to handle rough terrains and challenging off-road conditions. As a result, they require high-performance off-road tires that can withstand various obstacles and provide traction on uneven surfaces. In June 2022, John Deere announced its five series utility tractors updates. This series of tractors come with various models for multiple applications. Models such as 5E Tractors and 5M Tractors are included in this series.
All Terrain Vehicles are driving the market growth
According to the Offroad/Mud Tyre Market forecast, the All-Terrain Vehicles held the largest market valuation of $189 billion in 2022. The number of sporting events growing all over the world, there is an increase in number of ATV tracks as well. ATVs equipped with advanced sensors and communication systems are employed for reconnaissance and surveillance missions along the borders and in remote areas. For instance, in 2022, The Ministry of Defense of India intended plans to acquire 250 ATVs through the Fast Track Procedure under the Buy category and in January 2023, Indian Army procured an extremely mobile and versatile Polaris MRZR 4 all-terrain vehicle.
Growing offroad sports activities and track racing drives the market growth
Offroad sports activities such as motocross, rally racing, and trophy track racing require specialized tyres that can withstand the intense demands of racing at mud and extreme terrains. Many governments are considering these activities as sports and are investing into tournaments and leagues in these offroad activities. Ceat announced the launch of “Ceat Enduro Tracks,” an exclusive enduro training program for off-road riding in India which commenced on June 10, 2023. This initiative will bring enduro racing closer to adventure enthusiasts across the country, offering them an opportunity to unleash their inner off-road champions.
Volatility in raw material prices hamper the market growth
Raw materials such as natural rubber, synthetic fibers and carbon black are critical components in tyre production, fluctuations in their prices can significantly impact the cost of manufacturing offroad tyres. During the Ukraine-Russia war there is a trade barrier for crude oil and rubber exports, this tends to increase in raw material prices for rest of the world.
Offroad/Mud Tyre Market Share (%) By Region, 2022
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Offroad/Mud Tyre Market. The top 10 companies in this industry are listed below:
1. Michelin (MICHELIN LTX A/T 2)
2. The Goodyear Tire & Rubber Company (Goodyear)
3. Bridgestone Corporation (DUELER)
4. Continental AG (Continental, Uniroyal)
5. Pirelli & C. S.p.A (SCORPIAN VERDE)
6. The Yokohama Rubber Company (Advan, Avid, BluEarth)
7. Cooper Tire & Rubber Company (Mastercraft)
8. Toyo Tire Corporation (Proxes)
9. Hankook Tire & Technology Co., Ltd. (Dynapro, Smart)
10. Cheng Shin Rubber Industry Co. (Maxxis)
Scope of the Report:
1. Offroad/Mud Tyre Market - Overview
1.1 Definitions and Scope
2. Offroad/Mud Tyre Market - Executive Summary
3. Offroad/Mud Tyre Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Offroad/Mud Tyre Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Offroad/Mud Tyre Market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6.Offroad/Mud Tyre Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Offroad/Mud Tyre Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Offroad/Mud Tyre Market - By Tyre Category (Market Size – US$ Million/Billion)
8.1 Standard Size
8.2 Flotation Size
9. Offroad/Mud Tyre Market - By Tyre Size (Market Size – US$ Million/Billion)
9.1 22 inches - 26 inches (small size)
9.2 27 inches - 33 inches (mid size)
9.3 33 inches - 40 inches (full size)
9.4 over 40 inches (large)
10. Offroad/Mud Tyre Market - By Vehicle Type (Market Size – US$ Million/Billion)
10.1 All Terrain Vehicles
10.2 Utility Task Vehicles
10.3 Sport Utility Vehicles
10.3 Others
11. Offroad/Mud Tyre Market - By Drive Train (Market Size – US$ Million/Billion)
11.1 Internal Combustion Engine
11.2 Electric
12. Offroad/Mud Tyre Market - By Distribution Channel (Market Size – US$ Million/Billion)
12.1 OEMs
12.2 Aftermarket
13. Offroad/Mud Tyre Market - By Geography (Market Size - US$ Million/Billion)
13.1 North America
13.1.1 The U.S.
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 UK
13.2.2 Germany
13.2.3 France
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 Rest of Europe
13.3 Asia-Pacific
13.3.1 China
13.3.2 India
13.3.3 Japan
13.3.4 South Korea
13.3.5 Australia & New Zealand
13.3.6 Rest of Asia-Pacific
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 Rest of South America
13.5 Rest of the World
13.5.1 Middle East
13.5.2 Africa
14. Offroad/Mud Tyre Market - Entropy
15. Offroad/Mud Tyre Market – Industry / Segment Competition landscape Premium Premium
15.1 Market Share Analysis
15.1.1 Market Share by Product Type – Key Companies
15.1.2 Market Share by Region - Key Companies
15.1.3 Market Share by Country - Key Companies
15.2 Competition Matrix
15.3 Best Practices for Companies
16. Offroad/Mud Tyre Market– Key Company List by Country Premium Premium
17. Offroad/Mud Tyre Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
17.1 Michelin (MICHELIN LTX A/T 2)
17.2 The Goodyear Tire & Rubber Company (Goodyear)
17.3 Bridgestone Corporation (DUELER)
17.4 Continental AG(Continental, Uniroyal)
17.5 Pirelli & C. S.p.A (SCORPIAN VERDE)
17.6 The Yokohama Rubber Company (Advan, Avid, BluEarth)
17.7 Cooper Tire & Rubber Company (Mastercraft)
17.8 Toyo Tire Corporation (Proxes)
17.9 Hankook Tire & Technology Co., Ltd. (Dynapro, Smart)
17.10 Cheng Shin Rubber Industry Co. (Maxxis)
* "Financials would be provided to private companies on best-efforts basis."
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The Offroad/Mud Tyre Market is projected to grow at 7.1% CAGR during the forecast period 2023-2030.
Global Offroad/Mud Tyre Market size is estimated to be $522 billion in 2023 and is projected to reach $846 billion by 2030
The leading players in the Offroad/Mud Tyre Market are Michelin, The Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A and others.
Increasing demand for highly durable and long-lasting tyres, rising popularity of SUVs in recent times and people engaging in offroad tracks and outdoor fun adventures are some of the major Offroad/Mud Tyre Market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing construction activities of commercial and residential buildings, mining and industrial development are the driving factors of the market. Growing popularity of SUVs in recent times and people engaging in race events like rain forest challenge, mud bogging and rock crawling are the opportunities for market growth.