Global market witnessing shift in focus from product towards service – Emerging trend across all regions for optimizing customer’s total ownership cost: BRIC Countries Leading Towards Stellar Off Highway Tires Market Growth: Mexico, Brazil, India and China are making heavy investments in the construction sector, which in turn drives the demand and supply of off highway tires. In 2017, under “Belt and Road Initiative”, China had made a heavy investment of nearly US$ 9Bn in the construction projects with European countries. Growing demand from construction and mining industries in BRIC countries is expected to further drive off highway tires market. Growing presence of OEMs in Europe and North America that promote innovations and advancements in tire technology, catering to the surging needs of customers is likely to drive the growth of off highway tires market in both the regions.
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Integration of Value-Added Technologies to Be Focal Point of Manufacturers in Off Highway Tires Market: Manufacturers in off highway tires market are taking immense efforts in working towards developing products with enhanced strength, durability as well as performance characteristics of tires. Integrated value-added technologies and new compounds such as TPMS (tire pressure monitoring systems) has been influencing manufacturers in off highway tires market to develop effective, durable and long-lasting tires. In addition, manufacturers are working towards improving tire features such as load puncture and cut resistance.
Apollo Tyres Ltd: The off highway tires market player lately introduced a new summer tire known as Apollo Aspire XP. This product has been developed considering the latest trend of material and construction technologies. Although these outstanding levels are for on-road comfort, Aspire XP with superior degree of safety, the company sales would eventually be impacting on the sales of off highway tires as well as the company is planning to improve the performance of off highway tires with improved flexibility and shock absorption.
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Bridgestone India: The off highway tires market player recently announced about its partnership with the FICCI FLO of Pune for introducing initiative focusing on the empowerment of women. A substantial amount of approximately 40Lakhs INR has been funded to FICCI FLO Pune by Bridgestone India for offering two-wheeler driving trainings, thereby making them efficient delivery personnel. This in turn creates sales opportunities for off highway tires market manufacturers as well, as there might be considerable amount of individuals interested in learning off highway vehicles.
MICHELIN: The off highway tires market player recently announced that it has plans to shutdown its Dundee factory by 2020. Inspite of numerous efforts and several action plans, the plant seemed unsuitable to the modern transformations and turned out to be economically viable. This in turn is expected to significantly impact on off highway tires market.
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ATVs Notably Trending in Off Highway Tires Market: Increasing usage of off highway tires in the aggregate quarries for material handling and transport purposes is expected to boost the global market. Surging demand for ATVs (All-terrain vehicles) owing to its usage over multiple terrains that is inaccessible by the other vehicles is expected to drive off highway tires market to a larger extent. Off highway tires market is likely to experience development of green tires as a notable trend with increased focus on eliminating petroleum-based fuels. However, high-cost of the synthetic petroleum-based rubber and natural rubber have been significantly affecting the price value of off highway tires, thereby impacting global market growth.