Market Size of Off-highway Wheels Industry
| 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
*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.
