Off-Highway Wheels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Off-Highway Wheel Market Report is segmented by product type (alloy wheel and steel wheel), application type (agriculture, construction (earth moving machinery), material handling (mobile cranes and forklift trucks), and mining (mobile mining equipment), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market size and forecasts for the Off-Highway Wheels Market are provided in terms of value (USD) for all segments.

Off-Highway Wheels Market Size

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Off-Highway Wheels Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 1.79 Billion
Market Size (2029) USD 2.40 Billion
CAGR (2024 - 2029) 6.04 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Off-Highway Wheels Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Off-Highway Wheels Market Analysis

The Off-highway Wheels Market size is estimated at USD 1.79 billion in 2024, and is expected to reach USD 2.40 billion by 2029, growing at a CAGR of 6.04% during the forecast period (2024-2029).

Over the medium term, increasing agriculture mechanization trends in emerging countries and a surge in commercial and residential construction projects worldwide are anticipated to drive the agricultural and construction machinery markets, which in turn is expected to drive the demand for the off-highway wheels.

An increase in production and demand for off-road vehicles is expected to drive the off-highway wheels market during the forecast period. Growth in automation in several industries like infrastructure, mining, construction, and agriculture boosted the use of off-road vehicles in these sectors.

The construction industry is highly dynamic, and numerous factors, such as the overall economy, budgets, and global economic scenario, are influencing the market’s growth. Volatility in these aspects affects the businesses of construction equipment OEMs, which will, in turn, affect the off-highway wheel demand.

Anticipated growth in electrification in off-highway equipment and rising emphasis on emission occurring through this equipment are anticipated to encourage the off-highway wheel manufacturers to develop low-cost solutions to cater to the dynamically changing demands of customers.

Off-Highway Wheels Market Trends

INCREASING INVESTMENT INTO CONSTRUCTION INDUSTRY

The construction industry is highly dynamic, and numerous factors, such as the overall economy, budgets, and global economic scenario, are influencing the market’s growth. Volatility in these aspects affects the businesses of construction equipment OEMs, which will, in turn, affect the off-highway wheel demand.

The Asia-Pacific region holds significant opportunities for the growth in demand for construction machinery. With the prospects of large infrastructure projects and shifting labor dynamics, the demand for construction equipment is expected to witness growth during the forecast period. Due to the COVID-19 pandemic, many industries, including the construction industry, witnessed a slump in investment in the first half of 2020; however, the same is likely to witness a prominent growth during the forecast period.

Several Countries are witnessing significant infrastructure growth owing to an increase in investment across the country. Infrastructure, such as the construction of buildings, tunnels, rail networks, roads, and bridges, is attracting major investments across the country. Growing infrastructure development across the country is likely to increase the demand for construction equipment during the forecast period. For instance,

In March 2022, Four Algerian and Chinese firms signed a deal worth nearly USD 7 billion to develop an integrated phosphates project (PPI) in Algeria. The agreement was signed by Algerian firms Manal and Asmidal, a subsidiary of Algerian energy firm Sonatrach, with Chinese firms Wuhuan Engineering and Tianjin Chemical, a nitrogen and phosphate fertilizer production company.

Several rail and road projects further add up demand for machinery in the Asia-Pacific over the forecasted period. For instance,

  • In February 2022, the Indian Government announced a capital of INR 2.45 trillion (USD 32.7 billion) for the development of rapid transit systems and metro projects across India.
  • In September 2021, China invested around USD 154.88 billion (RMB 1 trillion) for an expansion of the railway network in the Yangtze River Delta (YRD) region.

In addition, the investments in infrastructure, both public and private, such as the Indonesian National Medium-term Development Plan (USD 460 billion), Vietnam Socio-Economic Development Plan (USD 61.5 billion), and the Philippine Development Plan “Build, Build, and Build” (USD 71.8 billion), are expected to increase the demand for off-highway vehicles in this region.

The increase in construction development across the globe is likely to enhance the demand for construction machinery, which in turn is likely to enhance the demand for wheels in the coming years.

Off-Highway Wheels Market : Relative Shares in Financing National Infrastructure Pipeline (NIP), India, FY 2022

Asia-Pacific is Anticipated to Dominate the Market

Despite unpredictable growth in the real estate sector, noteworthy development of road and rail infrastructure by the nations across the Asia-Pacific region to endure the demand stemming from the growing service and industrial sectors has resulted in substantial growth of the construction industry in recent years. These increasing infrastructural activities raised the need for off-highway vehicles, in turn driving the demand for off-highway wheels.

For instance, in China, after the COVID-19 situation, several cities and provinces like Beijing, Shanghai, and Fujian, among others, announced significant infrastructure plans. Eight cities and provinces announced an investment budget of approximately USD 4.8 trillion. These investments are expected to help the country take up new infrastructure projects and speed up existing construction projects.

After the pandemic, the demand for tractors is rising significantly in India. Moreover, the agriculture sector has a good share of GDP. The GDP share of the agriculture sector increased to 19.9% in FY 2021 compared to 17.8% in FY 2020. The tractor sales have shown tremendous growth compared to the previous year. The tractor sales ended with a yearly growth of 20%, with sales of approximately more than 9 lakh units in FY 2021, compared to 7.09 lakh units in FY2020. An increase in the sales of tractors has also increased the demand for off-highway wheels in India, and the tractor industry is expected to show significant growth in the coming years.

The construction industry is subjugated by private and state-owned enterprises, and increased government and private spending in this esteem are driving the industry toward global primacy. The market for other types of construction machinery and excavators is expected to strengthen in countries such as Japan, China, India, etc., during the forecast period. Also, the rising construction of a significant warehousing industry in China and the global marine traffic are expected to deliver a corpus opportunity for off-highway wheels.

The increasing use and diverse application portfolio of agricultural machinery has encouraged collaboration between the equipment OEMs to better address the market. Other countries in Asia-Pacific include Sri Lanka, Australia, Bangladesh, Kiribati, Papua New Guinea, Bhutan, Laos, Peru, Brunei, Malaysia, the Philippines, and Burma (Myanmar), where the agricultural machinery market is expected to grow over the forecast period.

Moreover, with the growing investments in commercial projects, infrastructure, renewable energy, and public infrastructure, the off-highway vehicle wheels segment is anticipated to record growth at a modest pace in the coming years, thereby enlightening both investor and consumer confidence.

Off-Highway Wheels Market : Growth Rate By Region, 2023-2028

Off-Highway Wheels Industry Overview

Several key players, such as Titan International Inc., Moveero Limited, Trelleborg AB, Accuride Corporation, Rimex, Steel Strips Wheels Ltd, Maxion Wheels, and others dominate the off-highway wheels market. The players operating in the market are concentrating on several growth strategies to gain a competitive edge over other players. For instance,

In March 2022, Titan International Inc. entered into a definitive agreement for the sale of its Australian wheel business to off-highway vehicles, Tyres, a leading local national tire, wheel, and service provider.

In September 2021, Maxion Wheels announced the start of the production of truck wheels from Maxion’s San Luis Potosí, Mexico.

In June 2021, Anyang Rarlong Machinery Co. Ltd. developed energy-saving manufacturing technology for engineering wheel rims to improve production efficiency with no defects caused by oxide scale, with an aim to achieve the purpose of energy-saving.

Off-Highway Wheels Market Leaders

  1. Accuride Corporation

  2. Trelleborg AB

  3. Titan International, Inc.

  4. Steel Strips Wheels Limited

  5. Moveero Limited

*Disclaimer: Major Players sorted in no particular order

Off-Highway Wheels Market Concentration
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Off-Highway Wheels Market News

  • May 2023: YOKOHAMA acquired all outstanding shares of Trelleborg Wheel Systems Holding AB. Through this acquisition, the company expanded its product portfolio.
  • February 2022: Titan International Inc. and Kubota Tractor Corporation (KTC) entered into an agreement on Titan's new Trac Loader II tires for utility and compact tractor models used in light construction, agricultural, commercial, and residential applications.

Off-highway Wheels Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 5.1 By Product Type

      1. 5.1.1 Alloy Wheels

      2. 5.1.2 Steel Wheels

    2. 5.2 By Application Type

      1. 5.2.1 Agriculture

      2. 5.2.2 Construction (Earth Moving machinery)

      3. 5.2.3 Material handling (Mobile Cranes and Forklift Trucks)

      4. 5.2.4 Mining (Mobile Mining Equipment)

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Titan International Inc.

      2. 6.2.2 Moveero Limited

      3. 6.2.3 Trelleborg AB

      4. 6.2.4 Accuride Corporation

      5. 6.2.5 Rimex

      6. 6.2.6 Steel Strips Wheels Ltd.

      7. 6.2.7 Maxion Wheels

      8. 6.2.8 OTR Wheel Engineering

      9. 6.2.9 Carrier Wheels Private Limited

      10. 6.2.10 Bohnenkamp AG

      11. 6.2.11 Citic Dicastal Co. Ltd.

      12. 6.2.12 Trident International

      13. 6.2.13 Levypyörä Oy

      14. 6.2.14 JS Wheels

      15. 6.2.15 Anyang Rarlong Machinery Co. Ltd.

      16. 6.2.16 STARCO

      17. 6.2.17 Sun Tyre and Wheel Systems

      18. 6.2.18 Baluchistan Wheels Limited

      19. 6.2.19 Topy industries Ltd.

      20. 6.2.20 SAF Holland Group

      21. 6.2.21 Bhagwati Wheels

      22. 6.2.22 Pronar Wheels

      23. 6.2.23 Tej Wheels

      24. 6.2.24 Camso Wheels

      25. 6.2.25 Mefro Wheels GmbH

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Off-Highway Wheels Industry Segmentation

An off-highway wheel is a rotary metal frame with a solid disc, or a spoke fitted on a wheel hub.

The off-highway wheels market is segmented by product type, application type, and geography. Based on the product type, the market is segmented into alloy wheels and steel wheels. Based on the application type, the market is segmented into agriculture, construction (earth moving machinery), material handling (mobile cranes and forklift trucks), and mining (mobile mining equipment). Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. 

For each segment, the market size and forecast have been done based on the value (USD).

By Product Type
Alloy Wheels
Steel Wheels
By Application Type
Agriculture
Construction (Earth Moving machinery)
Material handling (Mobile Cranes and Forklift Trucks)
Mining (Mobile Mining Equipment)
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Off-highway Wheels Market Research Faqs

The Off-highway Wheels Market size is expected to reach USD 1.79 billion in 2024 and grow at a CAGR of 6.04% to reach USD 2.40 billion by 2029.

In 2024, the Off-highway Wheels Market size is expected to reach USD 1.79 billion.

Accuride Corporation, Trelleborg AB, Titan International, Inc., Steel Strips Wheels Limited and Moveero Limited are the major companies operating in the Off-highway Wheels Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Off-highway Wheels Market.

In 2023, the Off-highway Wheels Market size was estimated at USD 1.69 billion. The report covers the Off-highway Wheels Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Off-highway Wheels Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Off-highway Wheels Industry Report

Statistics for the 2024 Off-Highway Wheels market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Off-Highway Wheels analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Off-Highway Wheels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)