Off-Highway Wheels Market Size
| 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
*Disclaimer: Major Players sorted in no particular order |
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.
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’s 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’s 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’s Belt and Road Initiative and India’s 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 “Build, Build, and Build” (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.
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 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’s efforts to streamline its global operations and focus on core markets. The sale included Titan’s 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’s 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
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Accuride Corporation
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Titan International, Inc.
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Maxion Wheels
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Enkei Corporation
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Topy Industries, Limited
*Disclaimer: Major Players sorted in no particular order
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.
- 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’s 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.
Off-highway Wheels Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD)
5.1 By Product Type
5.1.1 Alloy Wheels
5.1.2 Steel Wheels
5.2 By Application Type
5.2.1 Agriculture
5.2.2 Construction (Earth-moving Machinery)
5.2.3 Material Handling (Mobile Cranes and Forklift Trucks)
5.2.4 Mining (Mobile Mining Equipment)
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Titan International Inc.
6.2.2 Moveero Limited
6.2.3 Accuride Corporation
6.2.4 Rimex
6.2.5 Steel Strips Wheels Ltd
6.2.6 Maxion Wheels
6.2.7 OTR Wheel Engineering
6.2.8 Carrier Wheels Private Limited
6.2.9 Bohnenkamp AG
6.2.10 Citic Dicastal Co. Ltd
6.2.11 Trident International
6.2.12 Levypyörä Oy
6.2.13 JS Wheels
6.2.14 Anyang Rarlong Machinery Co. Ltd
6.2.15 STARCO
6.2.16 Sun Tyre and Wheel Systems
6.2.17 Baluchistan Wheels Limited
6.2.18 Topy Industries Ltd
6.2.19 SAF Holland Group
6.2.20 Bhagwati Wheels
6.2.21 Pronar Wheels
6.2.22 Tej Wheels
6.2.23 Camso Wheels
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 | |||||||
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Off-highway Wheels Market Research Faqs
How big is the Off-Highway Wheels Market?
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.
What is the current Off-Highway Wheels Market size?
In 2024, the Off-Highway Wheels Market size is expected to reach USD 1.79 billion.
Who are the key players in Off-Highway Wheels Market?
Accuride Corporation, Titan International, Inc., Maxion Wheels, Enkei Corporation and Topy Industries, Limited are the major companies operating in the Off-Highway Wheels Market.
Which is the fastest growing region in Off-Highway Wheels Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Off-Highway Wheels Market?
In 2024, the Asia-Pacific accounts for the largest market share in Off-Highway Wheels Market.
What years does this Off-Highway Wheels Market cover, and what was the market size in 2023?
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 Mordor Intelligence™ 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.
