Asia-Pacific, notably China, leads in revenue contribution with a forecasted CAGR of 6.44%. China’s commitment of USD 89.3 billion towards infrastructure and urbanization projects, along with a projected 4.2% annual growth in construction between 2022 and 2025, fuels demand for off-highway wheels. Meanwhile, North America expects a 5.83% CAGR. Despite pandemic disruptions causing a 32.9% GDP decline, the region’s off-highway wheel market is rebounding, propelled by construction, mining, and agriculture sector recoveries. The United States Construction Databook Series foresees rapid construction sector growth.
New York, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) — Off-road vehicles used in mining, building, and industrial settings are the most common applications for off-highway tires. They are a popular substitute for the typical on-road tires used on cars typically driven in topographically challenging terrain. Off-highway vehicles may travel on and off paved or gravel terrain. They are sometimes referred to as off-road vehicles, overland vehicles, or adventure vehicles. It is often recognized by large tires with wide, deep treads, flexible suspension, or even caterpillar tracks.
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Growing Use of Farm Mechanization in Emerging Markets Drives the Global Market
According to Straits Research, “The global off-highway wheels market size was valued at USD 1556.2 million in 2023. It is expected to reach USD 2555.8 million by 2032, growing at a CAGR of 6.12% during the forecast period (2024–2032).” Mechanization in the agricultural sector was crucial to transformation, mainly in high-income countries. Additionally, over the past few years, emerging markets have seen a gradual increase in the adoption rate of mechanization in the agricultural sector (such as African nations, ASEAN nations, and other developing nations). The demand for mechanization is primarily influenced by rapid urbanization, the expansion of medium-sized farms, rising rural wages, and seasonal labor shortages. Because it increases crop output by enhancing the efficacy and efficiency of inputs used in crop production, the agricultural sector needs agricultural mechanization. The growth of mechanization and an increase in medium-scale farmers are driving the adoption of tractor rental in Ghana and other African countries, particularly those in the south of the Sahara. This should help farmers who cannot afford tractors by allowing tractor owners to get the most out of their vehicles. Due to technological development and growing consumer demand, which is increasing tractor sales, the need for automated farming has increased.
Use of Solid Tires Creates Tremendous Opportunities
Solid tires are frequently used on forklifts and other material-handling equipment. Still, they are also increasingly common on compact construction machinery used in harsh environments or puncture-prone jobs like paving, demolition, and waste management. As solid tires are used more frequently, wheel manufacturers should experience future growth opportunities. By providing real-time performance data on crucial systems, such as tires, hydraulics, and engines, onboard equipment telematics can assist with timely preventive maintenance to ensure minimal downtime. These days, even solid tires have performance-tracking systems that give users access to information about temperature, travel time, etc. Wheel-integrated sensor technology represents a further market that wheel producers can grow.
Asia-Pacific is the highest revenue contributor and is anticipated to expand at a CAGR of 6.44% during the forecast period. The largest Off-Highway Wheels market in the region for equipment like cranes is China. Additionally, it is leading the charge in the race to electrify cranes. The government also wants to support the creation of significant projects, fresh infrastructure, and urbanization initiatives. The Chinese government set aside USD 89.3 billion to pay for these projects. The construction sector is projected to expand by an average of 4.2% annually between 2022 and 2025. These development-related factors are predicted to increase demand for construction-related vehicles and equipment, which could stimulate the market for off-highway wheels. Civil construction is one of the main factors promoting the development of the Chinese construction industry.
North America off-highway wheels market share is anticipated to grow at a CAGR of 5.83% during the forecast period. The market will experience significant growth in the future due to an increase in agricultural activity, a rebound in the construction sector, and other factors. However, the pandemic caused an economic slowdown in the United States, which was reflected in the GDP with a 32.9% drop rate in the construction, agricultural, and other sectors. This was due to supply chain disruptions, labor and supply shortages, and other factors. United States off-highway wheels are once more in demand despite pandemic difficulties; factors influencing this demand include a recovery in the construction, mining, and agricultural sectors. The United States Construction Databook Series predicts that the construction industry will increase soon.
- Based on product type, the global off-highway wheels market is bifurcated into alloy wheels and steel wheels. The steel wheels segment is the highest contributor to the market and is expected to grow at a CAGR of 6.12% during the forecast period.
- Based on the application, the global off-highway wheels market is bifurcated into agriculture, construction, material handling, and mining. The agriculture segment is the highest contributor to the market and is expected to grow at a CAGR of 6.2% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.44% during the forecast period.
The global off-highway wheels market’s major key players are Moveero Limited, Accuride Corporation, Steel Strips Wheels Limited, Maxion Wheels, OTR Wheel Engineering, Carrier Wheels Private Limited, Bohnenkamp AG, Citic Dicastal Co. Ltd, Trident International, Levypyörä Oy, JS Wheels, Trelleborg AB, Anyang Rarlong Machinery Co. Ltd, Titan International Inc., STARCO, Sun Tyre and Wheel Systems, Baluchistan Wheels Limited, Topy industries Ltd, SAF Holland Group, Bhagwati Wheels, Pronar Wheels, Tej Wheels, and Camso Wheels.
- In September 2022, the largest wheel manufacturer in the world, Maxion Wheels, revealed today that its newest plant for truck steel wheels, with Inci Holding as a partner, is prepared to open in Turkey. Additionally, a facility will be built by the two businesses to start selling forged aluminum Commercial Vehicle (CV) wheels in 2024.
- In October 2022, engineering firm OTR announced Program for port wheel inspections with Taylor Machine Works.
Global Off-Highway Wheels Market: Segmentation
By Product Type
By Application Type
- Material Handling
- North America
- Rest of the World
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Originally published at https://www.einpresswire.com/article/686892670/global-off-highway-wheels-market-size-is-estimated-to-reach-usd-2555-8-million-by-2032-growing-at-a-cagr-of-6-12-straits-research