May 21, 2020 3:30 PM ET
iCrowd Newswire – May 21, 2020
The Global ATV-UTV Tire Market is estimated to grow at a CAGR of 7.5% during the forecast period 2019-2026. The market research study presents that the ATV-UTV tire industry accounted $385.8 million in the year 2018 and is estimated to reach $698.1 million by the end of the year 2026.
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The ATV-UTV tire refers to all-terrain vehicle and utility terrain vehicle tire. ATV-UTV tires are designed to operate efficiently and effectively in special conditions such as military and mountaineering operations. These types of tires are fitted across the rim of a wheel and are made up of high-performance rubber that consists of beads, joint less cap piles, tread and other materials such as fabric, carbon black and synthetic rubber.
Increase in trend of adventurous sporting and recreational activities worldwide boost the demand for long-lasting, efficient and better tires; increasing adoption of ATV and UTV in military activities and increasing government support to drive ATVs and UTVs on road are some major factors influencing the growth of the global ATV-UTV tire market over the forecast period. However, volatility in prices of raw materials and growth in tires retreading market are some major factors that are impeding the market growth.
Segmentation Overview of the Global ATV-UTV Tire Market
The report on the global ATV-UTV tire market include the study across various market segments such as tire type, application and industry verticals. These market segments are further categorized into various sub-segments to study the market in detail for the forecast period.
The Tire Type Segment of the Global ATV-UTV Tire Market is Sub-Segmented into:
- Racing Tires
- Sand Tires
- Mud Tires
- All-Terrain Tires
The Application Segment of the Global ATV-UTV Tire Market is Sub-Segmented into:
- All-Terrain Vehicle
- Utility Terrain Vehicle
The Industry Vertical Segment of the Global ATV-UTV Tire Market is Sub-Segmented into:
Geographical Overview of the Global ATV-UTV Tire Market
The global ATV-UTV tire market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK, Italy, Spain, The Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America ATV-UTV tire market dominated the global marketplace in the year 2018 followed by other regions that include APAC, Europe and LAMEA. The North American market is estimated to grow in the future period, owing to major contribution from the US market in the form of high disposable income and high inclination of local population towards adventurous sporting.
Market Competition Insights
CARLISLE (Subsidiary of the Carlstar Group LLC), Duro Tire & Wheel Corp., Kenda Tires, Maxxis International, Michelin, Sedona Tire and Wheel, Tital International Inc., The Goodyear Tire & Rubber Company, TOYO TIRE U.S.A (a subsidiary of Toyo Tire Corporation) and Bridgestone Group are some major players included in the research study of the global ATV-UTV tire market. The market players are adopting various competitive strategies to withhold the large market share in the global ATV-UTV tire market. Manufacturers are majorly focusing on product developments with production of various types of tires for ATVs and UTVs with properties like better grip, light weight and high-performance tires for better driving experience.
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Keywords: ATV-UTV Tire Market, ATV-UTV Tire Market Size