Global mud tire (MT) market is expected to expand at a CAGR of 7% during 2021-2028. The market growth is attributed to rising demand for off-road vehicles across the globe.
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Mud tires, also known as mud terrain tires, are tires used for off-road vehicles (ORVs). These tires typically have aggressive track pattern and lugs with self-cleaning bars to discharge mud and other materials on tires. These tires are made from elastic compound and are primarily designed and produced to suit rough terrain, unpaved, and mud or gravel surfaces. An off-road vehicle is a type of vehicle used to climb on or drive off gravel surface and zigzag terrains. The vehicles, equipped with large tires and high capacities of flexible suspension, are widely used in traveling off-street tracks of mountains and deserts.
Market Drivers, Restraints, Trends, and Opportunities
· Rapid growth of the automotive industry and the rising number of ORVs owners across the globe are the key factors that boost market growth.
· Increasing adoption of the ORVs for the military and defense purposes in areas such as deserts is another key driver for the market growth.
· Growing sports activities related to ORVs, rising inclination towards travel and expeditions to mountains or deserts, and exploring terrains of less travel areas especially mountains are some key factors driving the market expansion.
· High cost of mud tire acts a major restraining factor that can hamper the market expansion during the forecast period.
· The production of mud tire has been hampered during 2020 owing to the negative impact of the COVID-19 pandemic. This can be a major challenge expected to restrict the market growth.
· Large R&D investment from key manufacturing players and technological advancement that helps the development of innovative ORVs tires are offering lucrative opportunities for the market development in the coming years.
Global Mud Tire (MT) Segment Insights
In terms of types, the market is divided into radial tires and bias-ply tires. The radial tires segment dominated the market in 2020 accounting for a market share over 40% and is expected to witness a substantial growth rate in the coming years. The segment growth can be attributed to certain advantages of the tires such as mud discharging surface and high contraction. On the other hand, the bias-ply tires segment is projected to expand at a CAGR of 4.6% during the estimate period, 2021 to 2027 owing to rising demand for the tire type among the ORVs owners.
Based on applications, the global mud tire (MT) market is segmented into aftermarket and original equipment manufacturer (OEM). The aftermarket segment held a key share of the market in 2020 and is expected to dominate the market during the forecast period owing to rising adoption of aftermarket tires sue to its easy availability and cheaper price. However, the OEM segment is projected to witness a healthy growth rate owing to the production of new style, innovative and durable, and energy costs.
On the basis of regions, the market is classified as North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). North America held a dominate market share in 2020 and is expected to account for a large market share in the coming years owing to the wide organization of ORVs-based sports and presence of key global players in the region. Meanwhile, the market in Asia Pacific is projected to expand at a significant CAGR during the forecast period owing to the rising recreational events as well as growing preference for travel and expedition.
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