|Fastest Growing Market:||Asia-Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The off-highway wheels market was valued at around USD 1,499.8 million in 2021, and it is expected to reach USD 2,082.4 million by 2027, registering a CAGR of about 6.04% during the forecast period (2022-2027).
The market was negatively impacted by the COVID-19 in 2021. The construction, mining, and industrial activities were stopped during the lockdown period in order to contain the spread of the virus and maintain the social distancing norms. Also, a halt in manufacturing activities and disrupted the supply chain hampered the market growth for the year 2020. However, in the later half of 2020, as the lockdown measures, the demand for off-highway wheels started witnessing an increase in demand, primarily attributed to growth in the manufacturing of off-highway equipment.
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.
For instance, in the ASEAN countries, the construction sector is expected to grow at a rate of more than 6% post-2020. It is estimated that over the next five years, the combined value of all the mega-projects in the ASEAN region is expected to be valued at USD 2.9 trillion. Of this value, about USD 1.5 trillion is invested in the planning/pre-planning phase.
Scope of the Report
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 (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 Rest of the World). The report offers market size and forecasts for the Off-highway Wheels Market in value (USD Million) for above all segments.
|Construction (Earth Moving machinery)|
|Material handling (Mobile Cranes and Forklift Trucks)|
|Mining (Mobile Mining Equipment)|
Key Market Trends
Increasing Adoption Rate of Farm Mechanization
The agriculture sector is vital to economic growth. Mechanization in the agricultural sector played a vital role in terms of transformation, especially in high-income countries. In the emerging markets (such as African countries, ASEAN countries, and other developing countries), the adoption rate of mechanization in the agricultural sector has been gradually increasing over the past few years. It accounted for 4% of global gross domestic product (GDP) in 2018, and in emerging economies, it could account for more than 25% of GDP.
In the agricultural sector, India is one of the developing markets, which has steadily witnessed the demand for tractors over the last few years due to the strong government funding to Indian farmers in buying agricultural machinery in order to attain a high farming economy in the country and speedy improvement in the tractors industry.
For instance, according to the Ministry of Agriculture and Farmers Welfare, Government of India, in FY 2020-2021, USD 140 million was assigned toward mechanization, which is anticipated to fuel prospects for off-highway vehicles, substantially leading to the growth of off-highway wheels.
Current agriculture depends on a fleet of heavy-duty machinery and vehicles, from small utility vehicles and pickup trucks to massive tractors and combines that can weigh as much as 15 tons, plus attachments. The growing demand for tractors in Asia-Pacific and recovery in the global agricultural machinery market are anticipated to boost the demand for off-highway wheels during the forecast period. The trend for the electrification of farming vehicles is on the rise, which is also expected to drive the demand for off-highway wheels.
To understand key trends, Download Sample Report
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 in order to endure the demand stemming from the growing service and industrial sectors has resulted in substantial growth of the construction industry in the 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 the 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.
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.
To understand geography trends, Download Sample Report
The off-highway wheels market is moderately fragmented as there are many players in the market, like Titan International Inc., Moveero Limited, Trelleborg AB, Accuride Corporation, Rimex, Steel Strips Wheels Ltd, Maxion Wheels, OTR Wheel Engineering, Carrier Wheels Private Limited, Bohnenkamp AG, Citic Dicastal Co. Ltd, Trident International, Levypyörä Oy, JS Wheels, Anyang Rarlong Machinery Co. Ltd, STARCO, Sun Tyre and Wheel Systems, Baluchistan Wheels Limited, Topy Industries Ltd, SAF Holland Group, Bhagwati Wheels, Pronar Wheels, Tej Wheels, Camso Wheels, and Mefro Wheels GmbH. The players operating in the market are concentrating on several growth strategies to gain a competitive edge over other players. For instance,
- In 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.
- In August 2019, levypyörä oy was acquired by Nokian Heavy tires limited as part of Nokian heavy tires' growth strategy. With its two business lines, wheels, and steel structures, Levypyörä serves several original equipment manufacturers and aftermarket customers in forestry, agriculture, and earthmoving applications.
- In October 2021, OTR International acquired Hoosier Wheel, the US-based manufacturer of standard and custom wheel assemblies for off-the-road applications, including lawn and garden, agriculture, and material handling.
- In September 2021, Maxion Wheels announced the start of the production of truck wheels from Maxion’s San Luis Potosí, Mexico.
- In June 2021, The Anyang Rarlong Machinery Co. Ltd developed energy-saving manufacturing technology for engineering wheel rims to improve the production efficiency as no defects caused by oxide scale, with an aim to achieve the purpose of energy-saving.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Alloy Wheel
5.1.2 Steel Wheel
5.2 Application Type
5.2.2 Construction (Earth Moving machinery)
5.2.3 Material handling (Mobile Cranes and Forklift Trucks)
5.2.4 Mining (Mobile Mining Equipment)
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Rest of the World
184.108.40.206 South America
220.127.116.11 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Titan International Inc.
6.2.2 Moveero Limited
6.2.3 Trelleborg AB
6.2.4 Accuride Corporation
6.2.6 Steel Strips Wheels Ltd
6.2.7 Maxion Wheels
6.2.8 OTR Wheel Engineering
6.2.9 Carrier Wheels Private Limited
6.2.10 Bohnenkamp AG
6.2.11 Citic Dicastal Co. Ltd
6.2.12 Trident International
6.2.13 Levypyörä Oy
6.2.14 JS Wheels
6.2.15 Anyang Rarlong Machinery Co. Ltd
6.2.17 Sun Tyre and Wheel Systems
6.2.18 Baluchistan Wheels Limited
6.2.19 Topy industries Ltd
6.2.20 SAF Holland Group
6.2.21 Bhagwati Wheels
6.2.22 Pronar Wheels
6.2.23 Tej Wheels
6.2.24 Camso Wheels
6.2.25 Mefro Wheels GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Off-highway Wheels Market market is studied from 2018 - 2027.
What is the growth rate of Off-highway Wheels Market?
The Off-highway Wheels Market is growing at a CAGR of 6.04% over the next 5 years.
What is Off-highway Wheels Market size in 2018?
The Off-highway Wheels Market is valued at 1580 Million USD in 2018.
What is Off-highway Wheels Market size in 2027?
The Off-highway Wheels Market is valued at 2082 Million USD in 2027.
Which region has highest growth rate in Off-highway Wheels Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Off-highway Wheels Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Off-highway Wheels Market?
Accuride Corporation, Moveero , Trelleborg AB, Rimex, Titan International, Inc. are the major companies operating in Off-highway Wheels Market.