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

Regional Analysis

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North America has dominated the global off road tires market, and the region is expected to hold 42.3% of the market share in 2024 owing to a strong presence of the manufacturing and automotive industries in the region. Countries like the U.S. and Canada have large automotive production bases and the highest vehicle ownership per capita globally. Major automakers have their manufacturing plants as well as testing facilities in these countries for developing off road vehicles. This has ensured steady demand for off road tires from both OEMs and aftermarket channels in North America. The dominance of full-sized pickup trucks and SUVs for both personal and commercial applications further augment the demand.

Another factor for North America's prominence is the enthusiastic off roading culture among masses. Off roading is a popular recreational activity with organized racing events and trails across states. This supplements continuous consumption of tires for pleasure vehicles and replaces worn-out tires regularly. Additionally, mining and construction industries rely heavily on off road equipment and vehicles for activities, keeping the replacement market buoyant. The availability of wide product range at competitive prices from regional as well as global brands have made North America an attractive market for off road tire manufacturers.

Among growing regions, Asia Pacific is emerging as the fastest expanding market for off road tires globally. Countries like India, China, and Indonesia are experiencing substantial increase in the sales of utility vehicles, small commercial vehicles and tractors that require off road capabilities. The Infrastructure development activities across regions along with use of construction equipment is consistently rising. This has augmented demand from both replacement and OEM sales channel. With growing economies and disposable income, demand for recreational vehicles and off roading as an activity have picked up momentum in the Asia Pacific region. Along with improving trade relationships, the Asia Pacific off road tires market presents lucrative prospects for investments and expansion by global as well as regional off road tire manufacturers.