Europe OTR Tire Market
Europe Off-the-Road Tire Market Expanding at a Steady 5.22% CAGR between 2023 and 2029
Published | 16 June 2023
Europe off-the-road tire market is flourishing because of an increasing farm mechanization, increasing commercial vehicles, and rising sales of off-highway vehicles
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Europe Off-the-Road Tire Market size to grow at a steady CAGR of 5.22% during the forecast period between 2023 and 2029. Major growth drivers for the Europe off-the-road tire market include an increasing construction activity, rising agricultural mechanization, and the growing mining industry. The continuous upgrading of commercial structures like bridges, dams, highways, and power supply grids across various geographical locations is also contributing to the market's growth. The expanding mining sector is another significant factor, leading to a rising demand for large haul trucks in mining and quarrying applications. The European market is witnessing a surge in the adoption of radial OTR tires, which offer numerous advantages such as improved mileage, reduced fuel consumption, and enhanced road grip. The growth of the agriculture sector and the increasing adoption of farm mechanization trends are further fueling the market's expansion. Also, the adoption of government regulations aimed at ensuring the safety of workers in industries involving heavy-duty operations is stimulating the need for machinery like forklifts, cranes, backhoes, and bulldozers. Hence, such aspects are expected to contribute to the expansion of the market in Europe. However, fluctuating raw material prices and shift of energy sectors towards renewable energy are anticipated to hinder the overall market growth during the period in analysis.
Europe Off-the-Road Tire Market– Overview
The Europe Off-the-Road (OTR) tire market refers to the segment of the tire industry that focuses on the manufacturing, distribution, and sale of tires specifically designed for vehicles operating in off-road conditions. These conditions typically include rugged terrains, uneven surfaces, and challenging environments where standard passenger car tires would not be suitable. OTR tires are designed to provide enhanced traction, durability, and stability for various off-road applications such as construction and mining equipment, agricultural machinery, industrial handling equipment, and specialized vehicles used in sectors like forestry and ports. The Europe OTR tire market encompasses the demand, supply, and trade of these specialized tires within the European region.
Impact of COVID-19 on Europe Off-the-Road Tire Market
COVID-19 pandemic adversely impacted Europe Off-the-Road (OTR) tire market. The market experienced disruptions in the supply chain as global restrictions on transportation and factory closures caused delays in the production and distribution of OTR tires. Reduced economic activity and uncertainty resulted in decreased demand from industries heavily reliant on off-road vehicles, such as construction, mining, and agriculture. However, there were shifts in usage patterns, with increased demand in the agricultural sector due to its essential nature. As the situation improved and restrictions were lifted, the market began to recover, aided by government stimulus measures and infrastructure projects. The pandemic also emphasized the importance of safety and efficiency, leading to a greater focus on technological advancements in OTR tires.
Europe Off-the-Road Tire Market – By Application
Based on application, the Europe off-the-road tire market is divided into Construction and Mining, Agriculture, and Industrial segments. The construction and mining segment holds the highest share in the Europe Off-the-Road (OTR) tire market. The construction and mining industries require heavy-duty and durable tires that can withstand challenging terrains and heavy loads. OTR tires specifically designed for construction and mining applications offer features such as enhanced traction, cut and chip resistance, and increased load-carrying capacity, making them suitable for these demanding environments. Also, the construction and mining sectors are significant contributors to the European economy, driving infrastructure development and resource extraction. These industries rely heavily on off-road vehicles and equipment, such as loaders, dump trucks, excavators, and bulldozers, which in turn require OTR tires. The ongoing construction projects, mining operations, and infrastructure developments in Europe contribute to the consistent demand for OTR tires in the construction and mining segment.
Major players operating in the Europe Off-the-Road Tire Market include Michelin, Continental, Pirelli, Nokian Tyres, Trelleborg, Vredestein, Yokohama, Magna Tyres Group, Petlas Tire Corporation, and Alliance Tire Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Off-the-Road Tire Market . It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Off-the-Road Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Europe Off-the-Road Tire Market - By Product Type (Solid, Radial, Bias Tire); By Rim Size (Upto 20 inch, 20-25 inch, 25-40 inch, 40-50 inch, 50-60 inch, Above 60 Inch); By Vehicle Type (Loader, Dump Truck, Cranes, Dumpers, Tractors); By Application (Construction and Mining, Agriculture, Industrial); By Distribution Channel (OEM, Aftermarket); By Countries (Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, The Netherlands, Rest of Europe), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: June 2023
Increasing commercial vehicles, rising sales of off-highway vehicles, and growing farm mechanization are projected to propel the expansion of the Europe off-the-road tire market during the forecast period between 2023 and 2029
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