OFF ROAD TIRES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In March 2024, The Goodyear Tire & Rubber Company, one of the world's largest tire companies with over 140 years of experience and a global presence in 22 countries, launched the RL-5K off-the-road (OTR) tire with a three-star load capacity rating for heavy-duty loaders and wheel dozers. This new tire is designed to offer larger wheel loaders increased load carrying capacity, featuring a deep tread for enhanced cut resistance and traction in challenging conditions. The RL-5K, Goodyear's latest radial OTR tire in the 45/65R45 size, is constructed to withstand the necessary air pressure for a 16% increase in load-carrying capacity compared to its predecessor.
• In November 2023, Continental, a global leader in tire technology with over 150 years of experience, highlighted the Continental VF TractorMaster Hybrid, a tire specifically designed for agricultural contracting work. This tire, developed by Continental's research and development teams in Germany and Portugal, offers enhanced comfort on roads and superior traction on both hard and soft soils. The VF TractorMaster Hybrid features an integrated sensor that continuously monitors tire pressure and temperature, helping to extend the tire's lifespan and ensure optimal performance. Additionally, its unique hybrid tread pattern provides excellent traction in the field while maintaining comfort during road use.
• In April 2023, Michelin, a leading global mobility company with over 130 years of experience in tire innovation, introduced the MICHELIN X Mine L4 tire, a groundbreaking radial tire designed for earthmover applications. Specifically engineered for the Komatsu WE2350/P&H L2350 large wheel loader used in surface mining, this tire offers enhanced mobility and productivity. Key features include improved traction, reduced tread wear, an optimized footprint, and an increased life expectancy of 50% or more compared to competitor tires. The MICHELIN X Mine L4 tire is designed to run cooler than competitors, maintaining an optimal temperature even at higher speeds, which enhances its durability and performance in challenging mining conditions. Additionally, the tire is compatible with Michelin's MEMS tire pressure monitoring system (TPMS), enabling improved uptime and seamless connectivity in mining operations.
• In February 2023, Continental AG, a global leader in tire technology with over 150 years of experience, launched its largest tractor tire to date, the VF TractorMaster in size VF900/60R42. This tire measures 2,147 millimeters in diameter and weighs 450 kilograms, with a load index of 189 (10,300 kilograms). It is designed to carry the weight of more than 300 horsepower, catering to the increasing demand for powerful agricultural machinery due to rising costs and the need to transport larger loads more efficiently.