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

The 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 Rest of the World). The Report Offers Market Sizes and Forecasts in Terms of Value (USD) for all the Above Segments.

Off-Highway Wheels Market Size

Off-Highway Wheels Market Summary
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
Market Concentration Medium

Major Players

Off-Highway Wheels Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Off-Highway Wheels Market Analsyis

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).

The off-highway wheel market is experiencing robust growth driven by several key factors, including advancements in wheel technology, increased investment in infrastructure projects, and the growing demand for durable and efficient wheels in the agriculture, construction, and mining sectors. The report analyzes the primary drivers and recent developments influencing this market.

Technological innovations are significantly propelling the off-highway wheel market. Manufacturers are focusing on developing lightweight, durable wheels that offer enhanced performance and fuel efficiency. For example,

  • Maxion Wheels, in November 2022, launched a new generation of lightweight steel truck wheels, which provide weight savings of up to 3 kg per wheel. These advancements not only improve fuel efficiency but also allow for increased payload capacities, which is crucial for off-highway applications鈥.

Furthermore, global infrastructure development is a major driver of the off-highway wheel market. Large-scale construction projects, particularly in developing economies, are increasing the demand for robust off-highway vehicles equipped with advanced wheels. Several mega projects around the world are significantly impacting the off-highway wheel market. For instance,

  • The Belt and Road Initiative (BRI) by China, launched in 2013, aims to enhance global trade routes through extensive infrastructure development across Asia, Europe, and Africa, driving demand for construction and mining equipment. India鈥檚 Bharatmala Pariyojana, initiated in 2017, is a nationwide highway development project expected to be completed in phases by 2025, boosting the need for construction vehicles and equipment.
  • Similarly, the Neom City Project in Saudi Arabia, announced in 2017 and expected to be completed by 2030, is an ambitious smart city initiative requiring vast quantities of construction machinery.

These large-scale infrastructure projects, such as the Belt and Road Initiative, Bharatmala Pariyojana, and Neom City, are set to drive substantial growth in the off-highway wheel market.

Off-Highway Wheels Market Trends

The Construction Segment is Expected to Dominate the Market Studied

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

The sector's demand for off-highway wheels is dominant due to the extensive need for earth-moving machinery in global infrastructure projects. Large-scale initiatives such as China鈥檚 Belt and Road Initiative and India鈥檚 Bharatmala Pariyojana necessitate a vast array of construction equipment, including excavators, loaders, bulldozers, and backhoes. These projects involve massive amounts of earth moving, which requires durable and high-performance wheels to ensure efficiency and reliability in challenging terrains. As countries continue to invest in building and upgrading their infrastructure, the demand for construction equipment wheels may remain robust.

Several countries are witnessing significant infrastructure growth owing to the increase in investments. 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 2024, the Indian government inaugurated and laid the foundation for 112 national highway projects across various states worth approximately USD 12.04 billion. These projects include major highway expansions and the introduction of new technologies like GNSS for barrier-free tolling.

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 鈥淏uild, Build, and Build鈥 (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 : Major Construction Projects Worldwide, Estimated Investment in USD Billion,

Asia-Pacific is Anticipated to Dominate the Market

Asia-Pacific (APAC) continues to lead the off-highway wheel market due to several key factors driving growth in the construction, agricultural, and industrial sectors. The noteworthy development of road and rail infrastructure, coupled with significant investments in new projects, has resulted in substantial growth in the construction sector across the region. This has consequently increased the demand for off-highway vehicles and wheels.

APAC countries have been heavily investing in infrastructure to support their growing industrial and service sectors. For instance, China announced significant infrastructure plans involving an investment budget of approximately USD 4.8 trillion, aimed at new projects and speeding up existing construction efforts. This investment is part of China's broader strategy to enhance its infrastructure network, including roads, railways, and urban development, which drives the demand for robust and reliable off-highway wheels.

The agricultural sector in APAC, particularly in India, is another major driver of the off-highway wheel market. The sector's contribution to India's GDP increased significantly, with tractor sales reaching over 900 thousand units in FY 2023. This surge in tractor sales highlights the rising demand for agricultural machinery, which, in turn, may boost the need for off-highway wheels. With agriculture playing a crucial role in the economies of many APAC countries, the demand for off-highway wheels is expected to continue growing.

The construction sector in APAC is dominated by both private and state-owned enterprises, with increased spending on commercial projects, renewable energy, and public infrastructure. Countries like Japan, China, and India are seeing strengthening markets for construction machinery and excavators, driven by ongoing and planned mega-projects.

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, Yokohama, Accuride Corporation, Rimex, Steel Strips Wheels Ltd, and Maxion Wheels, 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. announced a definitive agreement to sell its Australian wheel business to OTR Tyres, a prominent local provider of tires, wheels, and related services for off-highway vehicles. This strategic move was part of Titan鈥檚 efforts to streamline its global operations and focus on core markets. The sale included Titan鈥檚 production facilities, inventory, and customer contracts in Australia, allowing OTR Tyres to enhance its market presence and service offerings.
  • In February 2022, Titan International Inc. signed a significant agreement with Kubota Tractor Corporation (KTC) to supply its new Trac Loader II tires for Kubota's utility and compact tractor models. These tires are designed for light construction, agricultural, commercial, and residential applications, providing superior performance and durability. The Trac Loader II tires feature advanced tread designs and materials that improve traction, reduce soil compaction, and enhance the overall efficiency of tractors in various off-highway environments. This partnership with Kubota underscores Titan鈥檚 commitment to innovation in off-highway wheels and tires, aiming to meet the evolving needs of customers in diverse applications.

Off-Highway Wheels Market Leaders

  1. Accuride Corporation

  2. Titan International, Inc.

  3. Maxion Wheels

  4. Enkei Corporation

  5. Topy Industries, Limited

*Disclaimer: Major Players sorted in no particular order

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

  • June 2024: Titan International Inc. announced the acquisition of Carlstar Group LLC, a strategic move to strengthen its presence in the off-highway market. Carlstar, known for its high-quality wheels and tires, complements Titan's existing product line. This acquisition enables Titan to expand its offerings in agricultural, construction, and specialty vehicle segments, enhancing its market position and providing customers with a broader range of advanced wheel technologies and solutions鈥.
  • May 2023: Yokohama Rubber Co. Ltd announced the completion of its acquisition of Trelleborg Wheel Systems Holding AB (TWS), a Swedish manufacturer of off-highway tires (OHT) for agricultural and industrial machinery, from Trelleborg AB. The move aligns with Yokohama Rubber鈥檚 medium-term management plan, YX2023, and is expected to bolster its OHT business, aiming to secure stable high earnings and achieve a balanced sales composition between consumer and commercial tires.鈥

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 Accuride Corporation

      4. 6.2.4 Rimex

      5. 6.2.5 Steel Strips Wheels Ltd

      6. 6.2.6 Maxion Wheels

      7. 6.2.7 OTR Wheel Engineering

      8. 6.2.8 Carrier Wheels Private Limited

      9. 6.2.9 Bohnenkamp AG

      10. 6.2.10 Citic Dicastal Co. Ltd

      11. 6.2.11 Trident International

      12. 6.2.12 Levypy枚r盲 Oy

      13. 6.2.13 JS Wheels

      14. 6.2.14 Anyang Rarlong Machinery Co. Ltd

      15. 6.2.15 STARCO

      16. 6.2.16 Sun Tyre and Wheel Systems

      17. 6.2.17 Baluchistan Wheels Limited

      18. 6.2.18 Topy Industries Ltd

      19. 6.2.19 SAF Holland Group

      20. 6.2.20 Bhagwati Wheels

      21. 6.2.21 Pronar Wheels

      22. 6.2.22 Tej Wheels

      23. 6.2.23 Camso Wheels

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Off-Highway Wheels Industry Segmentation

An off-highway wheel is a specialized type of wheel designed for vehicles that operate primarily off paved roads. These wheels are engineered to withstand the demanding conditions encountered in various off-highway environments, including agriculture, construction, mining, and forestry. They are typically built to handle rough terrain, heavy loads, and challenging weather conditions, ensuring durability, stability, and performance in extreme operating conditions.

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 Rest of the World.

For each segment, the market size and forecast are provided 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, Titan International, Inc., Maxion Wheels, Enkei Corporation and Topy Industries, 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 1.68 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 糖心vlog传媒鈩 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)